$315,000 Mortgage Payment
Monthly principal & interest by interest rate and loan term.
A $315,000 mortgage at 6.50% over 30 years costs about $1,991 a month in principal and interest, and $401,764 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
- $1,991 a month on a 30-year term, with $401,764 of interest paid in total.
- $2,349 a month on a 20-year term, with $248,654 of interest paid in total.
- $2,744 a month on a 15-year term, with $178,918 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% | $1,691 | $2,079 | $2,491 |
| 5.5% | $1,789 | $2,167 | $2,574 |
| 6% | $1,889 | $2,257 | $2,658 |
| 6.5% | $1,991 | $2,349 | $2,744 |
| 7% | $2,096 | $2,442 | $2,831 |
| 7.5% | $2,203 | $2,538 | $2,920 |
| 8% | $2,311 | $2,635 | $3,010 |
Principal & interest only. Property tax, insurance, PMI and HOA are extra.
At 6.5% over 30 Years
| Loan Amount | $315,000 |
|---|---|
| Monthly Principal & Interest | $1,991 |
| Total Interest (30 yr) | $401,764 |
| Total of Payments | $716,764 |
First-Year Amortization (6.5%, 30 yr)
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $285 | $1,706 | $314,715 |
| 2 | $286 | $1,705 | $314,429 |
| 3 | $288 | $1,703 | $314,141 |
| 4 | $289 | $1,702 | $313,852 |
| 5 | $291 | $1,700 | $313,561 |
| 6 | $293 | $1,698 | $313,268 |
| 7 | $294 | $1,697 | $312,974 |
| 8 | $296 | $1,695 | $312,678 |
| 9 | $297 | $1,694 | $312,381 |
| 10 | $299 | $1,692 | $312,082 |
| 11 | $301 | $1,690 | $311,781 |
| 12 | $302 | $1,689 | $311,479 |
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.