Mortgage Payment on a $550,000 Home
See the monthly payment on a $550,000 house at different interest rates and down payments.
The 6.5% rate and 1.0% property tax are placeholders. Enter your own numbers, since rates and taxes vary by lender and location.
| Item | Amount |
|---|---|
| Loan amount | |
| Principal & interest (monthly) | |
| Property tax (monthly) | |
| Home insurance (monthly) | |
| HOA (monthly) | |
| Total interest over the loan | |
| Total principal + interest paid |
Yearly amortization schedule
| Year | Principal paid | Interest paid | Remaining balance |
|---|
$550,000 home: quick numbers
With 20% down ($$110,000), your loan is $440,000. At a 6.5% rate on a 30-year loan, principal and interest is about $2,781 per month. Adding property tax at 1% a year and $1,500 a year in insurance brings the estimate to about $3,364 per month.
Over 30 years you would pay about $561,196 in interest on that loan. A common rule of thumb is that housing costs should stay under about 28% of gross income, which would mean roughly $144,190 a year in income for this payment. Lenders use their own rules, so treat that as a rough guide.
Principal and interest by rate ($550,000 home)
| Rate | 30-yr, 20% down | 15-yr, 20% down | 30-yr, 10% down |
|---|---|---|---|
| 5.5% | $2,498 | $3,595 | $2,811 |
| 6% | $2,638 | $3,713 | $2,968 |
| 6.5% | $2,781 | $3,833 | $3,129 |
| 7% | $2,927 | $3,955 | $3,293 |
| 7.5% | $3,077 | $4,079 | $3,461 |
| 8% | $3,229 | $4,205 | $3,632 |
Principal and interest only, per month. Excludes property tax, insurance, HOA and PMI.
Frequently asked questions
What is included in a monthly mortgage payment?
Most payments include principal and interest, plus property tax and homeowners insurance. Some also include HOA fees and private mortgage insurance (PMI) if your down payment is under 20%. This calculator does not include PMI.
How does the down payment change my payment?
A larger down payment lowers the loan amount, which lowers the monthly payment and the total interest you pay.
Is a 15-year or 30-year loan better?
A 15-year loan has a higher monthly payment but far less total interest. A 30-year loan has a lower monthly payment but costs more over time. Compare both in the calculator with your own numbers.
Estimates only. Not financial advice.