$240,000 Mortgage Payment
Monthly principal & interest by interest rate and loan term.
A $240,000 mortgage at 6.50% over 30 years costs about $1,517 a month in principal and interest, and $306,106 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
- $1,517 a month on a 30-year term, with $306,106 of interest paid in total.
- $1,789 a month on a 20-year term, with $189,451 of interest paid in total.
- $2,091 a month on a 15-year term, with $136,319 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% | $1,288 | $1,584 | $1,898 |
| 5.5% | $1,363 | $1,651 | $1,961 |
| 6% | $1,439 | $1,719 | $2,025 |
| 6.5% | $1,517 | $1,789 | $2,091 |
| 7% | $1,597 | $1,861 | $2,157 |
| 7.5% | $1,678 | $1,933 | $2,225 |
| 8% | $1,761 | $2,007 | $2,294 |
Principal & interest only. Property tax, insurance, PMI and HOA are extra.
At 6.5% over 30 Years
| Loan Amount | $240,000 |
|---|---|
| Monthly Principal & Interest | $1,517 |
| Total Interest (30 yr) | $306,106 |
| Total of Payments | $546,106 |
First-Year Amortization (6.5%, 30 yr)
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $217 | $1,300 | $239,783 |
| 2 | $218 | $1,299 | $239,565 |
| 3 | $219 | $1,298 | $239,346 |
| 4 | $221 | $1,296 | $239,125 |
| 5 | $222 | $1,295 | $238,903 |
| 6 | $223 | $1,294 | $238,680 |
| 7 | $224 | $1,293 | $238,456 |
| 8 | $225 | $1,292 | $238,231 |
| 9 | $227 | $1,290 | $238,004 |
| 10 | $228 | $1,289 | $237,777 |
| 11 | $229 | $1,288 | $237,548 |
| 12 | $230 | $1,287 | $237,317 |
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.