$230,000 Mortgage Payment
Monthly principal & interest by interest rate and loan term.
A $230,000 mortgage at 6.50% over 30 years costs about $1,454 a month in principal and interest, and $293,354 in interest over the life of the loan.
Early payments are mostly interest: in the first year only a small slice of each instalment reduces the balance. That is why a shorter term saves so much — the rate is similar, but the interest has far less time to compound.
Choosing a term
- $1,454 a month on a 30-year term, with $293,354 of interest paid in total.
- $1,715 a month on a 20-year term, with $181,557 of interest paid in total.
- $2,004 a month on a 15-year term, with $130,639 of interest paid in total.
- Property tax, homeowners insurance, PMI and HOA dues are not included — a common reason a real payment lands 20-30% above the figure shown here.
Monthly Payment by Rate & Term
| Interest Rate | 30 years | 20 years | 15 years |
|---|---|---|---|
| 5% | $1,235 | $1,518 | $1,819 |
| 5.5% | $1,306 | $1,582 | $1,879 |
| 6% | $1,379 | $1,648 | $1,941 |
| 6.5% | $1,454 | $1,715 | $2,004 |
| 7% | $1,530 | $1,783 | $2,067 |
| 7.5% | $1,608 | $1,853 | $2,132 |
| 8% | $1,688 | $1,924 | $2,198 |
Principal & interest only. Property tax, insurance, PMI and HOA are extra.
At 6.5% over 30 Years
| Loan Amount | $230,000 |
|---|---|
| Monthly Principal & Interest | $1,454 |
| Total Interest (30 yr) | $293,354 |
| Total of Payments | $523,354 |
First-Year Amortization (6.5%, 30 yr)
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $208 | $1,246 | $229,792 |
| 2 | $209 | $1,245 | $229,583 |
| 3 | $210 | $1,244 | $229,373 |
| 4 | $211 | $1,242 | $229,162 |
| 5 | $212 | $1,241 | $228,949 |
| 6 | $214 | $1,240 | $228,735 |
| 7 | $215 | $1,239 | $228,521 |
| 8 | $216 | $1,238 | $228,305 |
| 9 | $217 | $1,237 | $228,088 |
| 10 | $218 | $1,235 | $227,869 |
| 11 | $219 | $1,234 | $227,650 |
| 12 | $221 | $1,233 | $227,429 |
Early payments are mostly interest; principal builds over time.
Last reviewed: November 2026
Data sources: Standard mortgage amortization formula; Principal & interest only — excludes taxes, insurance, PMI, HOA.
Disclaimer: Payment estimates are for principal and interest at the rates shown. Your actual payment depends on your rate, taxes, insurance and fees. Not financial advice.