CalculynWhat is the monthly payment on a $500k mortgage?
At a 6.5% interest rate on a 30-year fixed loan, a $500,000 mortgage costs about $3,160 a month in principal and interest. Property tax, insurance and PMI usually add more on top.
Monthly payment by rate
Principal and interest only. Example rates for 2026, not a quote.
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.5% | $2,839 | $3,439 | $4,085 |
| 6% | $2,998 | $3,582 | $4,219 |
| 6.5% | $3,160 | $3,728 | $4,356 |
| 7% | $3,327 | $3,876 | $4,494 |
| 7.5% | $3,496 | $4,028 | $4,635 |
Total interest paid
| Rate | 30-year total interest | 15-year total interest |
|---|---|---|
| 5.5% | $522,020 | $235,375 |
| 6% | $579,191 | $259,471 |
| 6.5% | $637,722 | $283,997 |
| 7% | $697,544 | $308,945 |
| 7.5% | $758,586 | $334,311 |
Income needed
A common guideline keeps housing costs under 28% of gross monthly income. At 6.5% over 30 years, a $500,000 loan suggests an income of roughly $169,304 a year, assuming taxes and insurance add about 25% to the payment.
How it's calculated
Monthly payment = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of monthly payments.
Change the numbers →
Open the Mortgage Calculator with these values filled in.
These figures are educational estimates, not financial advice.
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