Question 1

What is the monthly payment on a $400,000 loan at 5.5% for 15 years?

Accepted Answer

The monthly principal + interest payment is $3,268. Total interest paid over the life of the loan is $188,300, for a total cost of $588,300.

Question 2

How much interest will I pay on a $400,000 mortgage at 5.5%?

Accepted Answer

Over 15 years you'll pay roughly $188,300 in interest at a 5.5% rate. Extra principal payments or a shorter term significantly reduce that number.

Question 3

15-year vs 30-year payment for $400,000 at 5.5%?

Accepted Answer

15-year: $3,268/mo with $188,300 total interest. 30-year: $2,271/mo with $417,616 total interest. The 30-year payment is lower but lifetime interest is much higher.

Year	Principal	Interest	Balance
1	$17,661	$21,559	$382,339
2	$18,657	$20,563	$363,682
3	$19,709	$19,511	$343,973
4	$20,821	$18,399	$323,152
5	$21,996	$17,224	$301,156
6	$23,236	$15,984	$277,920
7	$24,547	$14,673	$253,373
8	$25,932	$13,288	$227,441
9	$27,394	$11,826	$200,046
10	$28,940	$10,280	$171,107

$400,000 Mortgage at 5.5% for 15 Years

Amortization (first 10 years)

15-year vs 30-year

Extra payments

Payment breakdown

Nearby scenarios

Related

Frequently asked

Term	Monthly P+I	Total interest	Total cost
15 years	$3,268	$188,300	$588,300
30 years	$2,271	$417,616	$817,616