Question 1

What is the monthly payment on a $400,000 loan at 5.5% for 30 years?

Accepted Answer

The monthly principal + interest payment is $2,271. Total interest paid over the life of the loan is $417,616, for a total cost of $817,616.

Question 2

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

Accepted Answer

Over 30 years you'll pay roughly $417,616 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	$5,388	$21,866	$394,612
2	$5,692	$21,562	$388,919
3	$6,013	$21,240	$382,906
4	$6,353	$20,901	$376,553
5	$6,711	$20,543	$369,842
6	$7,089	$20,164	$362,753
7	$7,489	$19,764	$355,264
8	$7,912	$19,342	$347,352
9	$8,358	$18,896	$338,994
10	$8,830	$18,424	$330,164

$400,000 Mortgage at 5.5% for 30 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