$250,000 Mortgage at 8% for 15 Years
A $250,000 mortgage at 8% over 15 years has a monthly principal + interest payment of $2,389. You'll pay $180,043 in total interest, bringing total loan cost to $430,043.
Estimated monthly payment
$2,827
Principal + interest
$2,389
Property tax
$313
Home insurance
$125
PMI
$0
HOA
$0
Total monthly
$2,827
1st month interest
$1,667
1st month principal
$722
Total interest
$180,043
Balance after 1 year
$241,005
Balance after 5 years
$196,916
Total cost (P+I)
$430,043
Amortization (first 10 years)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $8,995 | $19,675 | $241,005 |
| 2 | $9,741 | $18,928 | $231,264 |
| 3 | $10,550 | $18,120 | $220,715 |
| 4 | $11,425 | $17,244 | $209,289 |
| 5 | $12,374 | $16,296 | $196,916 |
| 6 | $13,401 | $15,269 | $183,515 |
| 7 | $14,513 | $14,157 | $169,002 |
| 8 | $15,717 | $12,952 | $153,285 |
| 9 | $17,022 | $11,648 | $136,263 |
| 10 | $18,435 | $10,235 | $117,828 |
15-year vs 30-year
| Term | Monthly P+I | Total interest | Total cost |
|---|---|---|---|
| 15 years | $2,389 | $180,043 | $430,043 |
| 30 years | $1,834 | $410,388 | $660,388 |
Choosing 15 years over 30 saves about $230,345 in interest at this rate and loan amount.
Extra payments
Payment breakdown
Monthly P+I
$2,389
Total payments
180
Total interest
$180,043
Total cost (P+I only)
$430,043
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$2,150/mo
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$250,000 · 7.5% · 15 yr
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$2,536/mo
$250,000 · 8% · 20 yr
$2,091/mo
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$1,834/mo
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Last updated: 2026