$380,000 Mortgage Payment
Monthly principal & interest by interest rate and loan term.
A $380,000 mortgage at 6.50% over 30 years costs about $2,402 a month in principal and interest, and $484,670 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
- $2,402 a month on a 30-year term, with $484,670 of interest paid in total.
- $2,833 a month on a 20-year term, with $299,963 of interest paid in total.
- $3,310 a month on a 15-year term, with $215,838 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% | $2,040 | $2,508 | $3,005 |
| 5.5% | $2,158 | $2,614 | $3,105 |
| 6% | $2,278 | $2,722 | $3,207 |
| 6.5% | $2,402 | $2,833 | $3,310 |
| 7% | $2,528 | $2,946 | $3,416 |
| 7.5% | $2,657 | $3,061 | $3,523 |
| 8% | $2,788 | $3,178 | $3,631 |
Principal & interest only. Property tax, insurance, PMI and HOA are extra.
At 6.5% over 30 Years
| Loan Amount | $380,000 |
|---|---|
| Monthly Principal & Interest | $2,402 |
| Total Interest (30 yr) | $484,670 |
| Total of Payments | $864,670 |
First-Year Amortization (6.5%, 30 yr)
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $344 | $2,058 | $379,656 |
| 2 | $345 | $2,056 | $379,311 |
| 3 | $347 | $2,055 | $378,964 |
| 4 | $349 | $2,053 | $378,615 |
| 5 | $351 | $2,051 | $378,264 |
| 6 | $353 | $2,049 | $377,911 |
| 7 | $355 | $2,047 | $377,556 |
| 8 | $357 | $2,045 | $377,199 |
| 9 | $359 | $2,043 | $376,840 |
| 10 | $361 | $2,041 | $376,480 |
| 11 | $363 | $2,039 | $376,117 |
| 12 | $365 | $2,037 | $375,753 |
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.