Monthly principal & interest by loan amount
These are principal and interest only, at 6.5% over 15 years. Property taxes, insurance and any HOA dues sit on top.
| Loan amount | Monthly P&I | Total interest | Total paid |
|---|---|---|---|
| $200,000 | $1,742 | $113,599 | $313,599 |
| $350,000 | $3,049 | $198,798 | $548,798 |
| $500,000 | $4,356 | $283,997 | $783,997 |
| $750,000 | $6,533 | $425,995 | $1,175,995 |
| $1,000,000 | $8,711 | $567,993 | $1,567,993 |
Illustrative figures using the standard fixed-rate amortization formula; your lender's closing costs and any points are not included.
Amortization schedule ($350,000 at 6.5%)
Each year's split between interest and principal, and the remaining balance. Early years are interest-heavy; the principal share grows every year.
| Year | Interest paid | Principal paid | Balance |
|---|---|---|---|
| Year 1 | $22,330 | $14,256 | $335,744 |
| Year 2 | $21,375 | $15,211 | $320,533 |
| Year 3 | $20,357 | $16,230 | $304,303 |
| Year 4 | $19,270 | $17,317 | $286,986 |
| Year 5 | $18,110 | $18,476 | $268,510 |
| Year 6 | $16,873 | $19,714 | $248,796 |
| Year 7 | $15,552 | $21,034 | $227,762 |
| Year 8 | $14,144 | $22,443 | $205,319 |
| Year 9 | $12,641 | $23,946 | $181,374 |
| Year 10 | $11,037 | $25,549 | $155,824 |
| Year 11 | $9,326 | $27,261 | $128,563 |
| Year 12 | $7,500 | $29,086 | $99,477 |
| Year 13 | $5,552 | $31,034 | $68,443 |
| Year 14 | $3,474 | $33,113 | $35,330 |
| Year 15 | $1,256 | $35,330 | $0 |
The formula behind the payment
P&I = loan × r ÷ (1 − (1 + r)^−n)
r = 6.5% ÷ 12, n = 15 × 12 = 180 payments
Add taxes, insurance and PMI on the full mortgage calculator, or see what the loan does to a rental's return with the cash-on-cash calculator.
Frequently asked questions
4 answers, no funnel.
What is the monthly payment on a 15-year mortgage at 6.5%?
On a $350,000 loan, principal and interest is $3,049 a month. Scale it linearly for other loan amounts: $2,178 on $250k, or $4,356 on $500k, all at 6.5% over 15 years.
How much interest do you pay on a 15-year loan at 6.5%?
A $350,000 loan at 6.5% for 15 years pays about $198,798 in total interest. A shorter term cuts that sharply, because less time at interest is the whole point.
Is 6.5% a good mortgage rate?
A rate is only good relative to what you can get today and what the payment does to your budget. At 6.5%, every $100,000 borrowed costs about $871 a month; compare that against competing quotes and a shorter term before you commit.
Why does a 15-year term change the total cost?
A longer term lowers the monthly payment by spreading principal over more months, but it keeps the balance outstanding longer, so total interest rises. This page's amortization table shows how much of each year goes to interest versus principal.