$500,000 Mortgage at 7% — Monthly Payment: $4,494
Monthly P&I payment
$4,494
Total interest over loan
$308,945
Total amount paid
$808,945
Principal: $500,000
Total interest over loan: $308,945
Monthly mortgage payment for a $500,000 loan at 7% interest for 15 years is $4,494. Total interest paid: $308,945. Free calculator with amortization table.
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Frequently asked questions
How is the monthly mortgage payment calculated?
Using the amortization formula M = P·r(1+r)ⁿ/((1+r)ⁿ-1), where P is the principal, r is the monthly rate, and n is the total number of payments.
What is included in a mortgage payment?
The base payment covers principal and interest (P&I). Your total payment also includes property taxes, homeowners insurance, and PMI if your down payment is below 20%.
How do extra payments reduce my mortgage?
Extra payments go directly to principal, reducing the balance on which interest accrues. Even a small monthly extra can save tens of thousands in interest over the life of the loan.
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⚠ For educational purposes only. Not financial, tax, or legal advice. Always consult a qualified professional before making financial decisions.