$30,000 Mortgage Payment
Monthly principal & interest by interest rate and loan term.
A $30,000 mortgage at 6.50% over 30 years costs about $190 a month in principal and interest, and $38,263 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
- $190 a month on a 30-year term, with $38,263 of interest paid in total.
- $224 a month on a 20-year term, with $23,681 of interest paid in total.
- $261 a month on a 15-year term, with $17,039 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% | $161 | $198 | $237 |
| 5.5% | $170 | $206 | $245 |
| 6% | $180 | $215 | $253 |
| 6.5% | $190 | $224 | $261 |
| 7% | $200 | $233 | $270 |
| 7.5% | $210 | $242 | $278 |
| 8% | $220 | $251 | $287 |
Principal & interest only. Property tax, insurance, PMI and HOA are extra.
At 6.5% over 30 Years
| Loan Amount | $30,000 |
|---|---|
| Monthly Principal & Interest | $190 |
| Total Interest (30 yr) | $38,263 |
| Total of Payments | $68,263 |
First-Year Amortization (6.5%, 30 yr)
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $27 | $163 | $29,973 |
| 2 | $27 | $162 | $29,946 |
| 3 | $27 | $162 | $29,918 |
| 4 | $28 | $162 | $29,891 |
| 5 | $28 | $162 | $29,863 |
| 6 | $28 | $162 | $29,835 |
| 7 | $28 | $162 | $29,807 |
| 8 | $28 | $161 | $29,779 |
| 9 | $28 | $161 | $29,751 |
| 10 | $28 | $161 | $29,722 |
| 11 | $29 | $161 | $29,693 |
| 12 | $29 | $161 | $29,665 |
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.