$400,000 mortgage payment by rate & term
The table below shows the estimated monthly payment (principal & interest only) for a $400,000 mortgage across common interest rates and loan terms.
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $3,163 | $2,147 |
| 5.50% | $3,268 | $2,271 |
| 6.00% | $3,375 | $2,398 |
| 6.50% | $3,484 | $2,528 |
| 7.00% | $3,595 | $2,661 |
| 7.50% | $3,708 | $2,797 |
| 8.00% | $3,823 | $2,935 |
For example, at 6.50% over 30 years, a $400,000 mortgage costs about $2,528/month.
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- Interest rate: even 0.5% changes the payment noticeably over 30 years.
- Term: 15-year loans have higher payments but far less total interest.
- Down payment: a bigger down payment lowers the financed amount.
Estimates are principal & interest only and exclude taxes, insurance and fees. For educational use, not financial advice.