$500,000 mortgage payment
Monthly payment on $500,000 at 6.5%
$3,160 (30-year)
$4,356 on a 15-year loan · principal and interest only
The monthly principal and interest payment on a $500,000 mortgage depends mostly on the interest rate and the loan term. At 6.5%, a 30-year fixed loan costs $3,160 a month and a 15-year loan $4,356. The table below covers rates from 5% to 8%, so you can find the row closest to the rate you are quoted. Property tax, homeowners insurance, PMI and HOA dues are extra.
Try your own numbers
Monthly payment
$3,160
Total interest
$637,722
Total paid
$1,137,722
Monthly payment on $500,000 by rate and term
| Rate | 10-year | 15-year | 20-year | 30-year |
|---|---|---|---|---|
| 5% | $5,303 | $3,954 | $3,300 | $2,684 |
| 5.5% | $5,426 | $4,085 | $3,439 | $2,839 |
| 6% | $5,551 | $4,219 | $3,582 | $2,998 |
| 6.5% | $5,677 | $4,356 | $3,728 | $3,160 |
| 7% | $5,805 | $4,494 | $3,876 | $3,327 |
| 7.5% | $5,935 | $4,635 | $4,028 | $3,496 |
| 8% | $6,066 | $4,778 | $4,182 | $3,669 |
Principal and interest only, fixed rate, monthly payments.
Total interest on $500,000 at 6.5%
| Term | Monthly | Total interest | Total paid |
|---|---|---|---|
| 10 years | $5,677 | $181,288 | $681,288 |
| 15 years | $4,356 | $283,997 | $783,997 |
| 20 years | $3,728 | $394,688 | $894,688 |
| 30 years | $3,160 | $637,722 | $1,137,722 |
Where your first year of payments goes
On a 30-year loan at 6.5%, the first 12 payments total $37,924. Of that, $32,335 is interest and only $5,589 reduces the balance, because interest is charged on the full amount at the start. Extra payments early in the loan save the most interest.
Lenders often want total housing costs below about 28% of gross monthly income. The principal and interest alone on this loan would call for roughly $135,443 a year in income before taxes and insurance are added.
Home price for a $500,000 loan
| Down payment | Home price | Cash needed |
|---|---|---|
| 3.5% | $518,135 | $18,135 |
| 5% | $526,316 | $26,316 |
| 10% | $555,556 | $55,556 |
| 20% | $625,000 | $125,000 |
Payments on nearby loan amounts
Estimate the full monthly cost
Frequently asked questions
What is the monthly payment on a $500,000 mortgage?
At 6.5%, it is $3,160 a month over 30 years or $4,356 over 15 years for principal and interest. At 6% the 30-year payment is $2,998; at 7% it is $3,327.
How much interest will I pay on a $500,000 mortgage?
Over 30 years at 6.5% you would pay $637,722 in interest. A 15-year term cuts that to $283,997.
How much income do I need for a $500,000 mortgage?
Using the common 28% guideline for housing costs, the $3,160 principal and interest payment alone suggests an income of about $135,443 a year. Taxes, insurance and existing debts raise the figure lenders look for.
Does this payment include taxes and insurance?
No. It covers principal and interest only. Use the US mortgage calculator linked on this page to add property tax and homeowners insurance for the full PITI payment.