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Monthly Payment on a $500,000 Mortgage
A $500,000 mortgage at 6.5% over 30 years costs about $3,160 a month in principal and interest. Compare rates and 15 vs 30 years.
1. The home and loan
2. Monthly costs
Your monthly payment
$3,883.26
Loan amount
$500,000
Down payment
20.0%
Total interest
$637,722
Paid off in
30.0 years
💡 Before you buy
- Lenders like your total monthly debts to stay under about 36% to 43% of your gross income.
- Get quotes from at least 3 lenders: compare the APR, not just the rate.
- Budget 2% to 5% of the price for closing costs.
- First-time buyer? FHA loans allow 3.5% down; VA and USDA loans can need 0% down.
Estimate. Taxes and insurance vary by location and change over time. Rules last checked: October 2026. 🔒 Everything stays on your device.
✅ Rules last checked:
📚 Official sources: CFPB: Owning a home · CFPB: When can I remove PMI?
We build every tool from the official rules and re-check them when they change. Always confirm with the official source before you rely on a result.
🛠️ Spotted a mistake or an out-of-date rule? Tell us
Payments on a $500,000 loan at different rates
A $500,000 mortgage at 6.5% over 30 years costs about $3,160 a month in principal and interest, and $637,722 in total interest. Over 15 years the payment rises to $4,356 but you save $353,726 in interest.
Add property tax, home insurance and, with less than 20% down, PMI: with a 1.1% property tax and $1,800 a year of insurance, the full payment would be about $3,883 a month.
| Rate | 30 years | 15 years | Total interest (30 yrs) |
|---|---|---|---|
| 5.50% | $2,839 | $4,085 | $522,020 |
| 6.00% | $2,998 | $4,219 | $579,191 |
| 6.50% | $3,160 | $4,356 | $637,722 |
| 7.00% | $3,327 | $4,494 | $697,544 |
| 7.50% | $3,496 | $4,635 | $758,586 |
Principal and interest only, monthly interest. Rates are examples.
Questions people ask
What's included in a monthly mortgage payment?+
Usually PITI: principal, interest, property taxes and homeowners insurance, plus PMI if you put down less than 20% and HOA fees if you have them.
When does PMI go away?+
Under the Homeowners Protection Act, PMI on a conventional loan ends automatically when your balance is scheduled to reach 78% of the home's original value. You can ask your lender to cancel it once you reach 80%.
Is a 15-year or 30-year mortgage better?+
A 15-year loan has a higher monthly payment but usually a lower rate and far less total interest. A 30-year loan keeps payments lower; you can still pay extra to finish early.