$280,000 Mortgage Payment
Monthly principal & interest by interest rate and loan term.
A $280,000 mortgage at 6.50% over 30 years costs about $1,770 a month in principal and interest, and $357,124 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
- $1,770 a month on a 30-year term, with $357,124 of interest paid in total.
- $2,088 a month on a 20-year term, with $221,024 of interest paid in total.
- $2,439 a month on a 15-year term, with $159,038 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% | $1,503 | $1,848 | $2,214 |
| 5.5% | $1,590 | $1,926 | $2,288 |
| 6% | $1,679 | $2,006 | $2,363 |
| 6.5% | $1,770 | $2,088 | $2,439 |
| 7% | $1,863 | $2,171 | $2,517 |
| 7.5% | $1,958 | $2,256 | $2,596 |
| 8% | $2,055 | $2,342 | $2,676 |
Principal & interest only. Property tax, insurance, PMI and HOA are extra.
At 6.5% over 30 Years
| Loan Amount | $280,000 |
|---|---|
| Monthly Principal & Interest | $1,770 |
| Total Interest (30 yr) | $357,124 |
| Total of Payments | $637,124 |
First-Year Amortization (6.5%, 30 yr)
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $253 | $1,517 | $279,747 |
| 2 | $254 | $1,515 | $279,492 |
| 3 | $256 | $1,514 | $279,237 |
| 4 | $257 | $1,513 | $278,979 |
| 5 | $259 | $1,511 | $278,721 |
| 6 | $260 | $1,510 | $278,461 |
| 7 | $261 | $1,508 | $278,199 |
| 8 | $263 | $1,507 | $277,936 |
| 9 | $264 | $1,505 | $277,672 |
| 10 | $266 | $1,504 | $277,406 |
| 11 | $267 | $1,503 | $277,139 |
| 12 | $269 | $1,501 | $276,870 |
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.