March 2, 2021
How much would my payment be on a $500,000 mortgage?

How a lot would my fee be on a $500,000 mortgage?

When you’re prepared to purchase a house, you would possibly surprise how you can finances in your goal house value. Right here’s a breakdown of what you would possibly face month-to-month, in curiosity and over the lifetime of a $500,000 mortgage.

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Month-to-month funds on a $500,000 mortgage

At a 4% fastened rate of interest, your month-to-month mortgage fee on a 30-year mortgage would possibly whole $2,387.08 a month, whereas a 15-year may cost a little $3,698.44 a month.

See your month-to-month funds by rate of interest.


Examine mortgage lenders

Examine prime manufacturers by house mortgage kind, state availability and credit score rating. Choose See charges to supply the lender with fundamental property and monetary particulars for customized charges.

Identify Product
Better.com

Standard, Jumbo, FHA, Refinance

Not accessible in: HI, MA, MN, NV, NH, VT, VA

620

On-line preapproval in minutes and no origination charges with this direct lender.

LendingTree

Standard, Jumbo, FHA, VA, USDA, Residence Fairness, HELOC, Reverse, Refinance

Out there in all states

620

Join with vetted house mortgage lenders shortly by this on-line market.

SoFi

Standard, Residence fairness, Refinance

Not accessible in: AK, HI, MO, NH, NM, NY, SD, WV

620

No hidden charges, a number of mortgage phrases, and member reductions accessible.

Axos Bank

Standard, Jumbo, FHA, VA, Residence Fairness/HELOC, Refinance

Out there in all states

620

Buy, refinance, and residential fairness choices accessible with lender charges as little as $0 (restrictions apply).

Alternatively, use the shape beneath to check charges from a number of lenders on LendingTree’s safe website.

Your whole curiosity on a $500,000 mortgage

On a 30-year mortgage with a 4% fastened rate of interest, you’ll pay $359,346.40 in curiosity over the lifetime of your mortgage. That’s about two-thirds of what you borrowed in curiosity.

When you as a substitute go for a 15-year mortgage, you’ll pay $165,719.10 in curiosity over the lifetime of your mortgage — or about half of the curiosity you’d pay on a 30-year mortgage.

Amortization schedule

Whenever you take out a mortgage, you conform to pay the principal and curiosity over the lifetime of the mortgage. Your rate of interest is utilized to your stability, and as you pay down your stability, the quantity you pay in curiosity modifications.

Amortization signifies that originally of your mortgage, an enormous share of your fee is utilized to curiosity. With every subsequent fee, you pay extra towards your stability.

Estimate your month-to-month mortgage repayments on a $500,000 mortgage at 4% fastened curiosity with our amortization schedule over 15 and 30 years.

1 $500,000.00 $2,387.08 $19,839.75 $8,805.21 $28,644.96 $491,194.79
2 $491,194.79 $2,387.08 $19,481.02 $9,163.94 $28,644.96 $482,030.85
3 $482,030.85 $2,387.08 $19,107.66 $9,537.30 $28,644.96 $472,493.55
4 $472,493.55 $2,387.08 $18,719.09 $9,925.87 $28,644.96 $462,567.68
5 $462,567.68 $2,387.08 $18,314.68 $10,330.28 $28,644.96 $452,237.40
6 $452,237.40 $2,387.08 $17,893.81 $10,751.15 $28,644.96 $441,486.25
7 $441,486.25 $2,387.08 $17,455.80 $11,189.16 $28,644.96 $430,297.09
8 $430,297.09 $2,387.08 $16,999.93 $11,645.03 $28,644.96 $418,652.06
9 $418,652.06 $2,387.08 $16,525.50 $12,119.46 $28,644.96 $406,532.60
10 $406,532.60 $2,387.08 $16,031.73 $12,613.23 $28,644.96 $393,919.37
11 $393,919.37 $2,387.08 $15,517.82 $13,127.14 $28,644.96 $380,792.23
12 $380,792.23 $2,387.08 $14,983.00 $13,661.96 $28,644.96 $367,130.27
13 $367,130.27 $2,387.08 $14,426.42 $14,218.54 $28,644.96 $352,911.73
14 $352,911.73 $2,387.08 $13,847.13 $14,797.83 $28,644.96 $338,113.90
15 $338,113.90 $2,387.08 $13,244.25 $15,400.71 $28,644.96 $322,713.19
16 $322,713.19 $2,387.08 $12,616.79 $16,028.17 $28,644.96 $306,685.02
17 $306,685.02 $2,387.08 $11,963.77 $16,681.19 $28,644.96 $290,003.83
18 $290,003.83 $2,387.08 $11,284.16 $17,360.80 $28,644.96 $272,643.03
19 $272,643.03 $2,387.08 $10,576.87 $18,068.09 $28,644.96 $254,574.94
20 $254,574.94 $2,387.08 $9,840.73 $18,804.23 $28,644.96 $235,770.71
21 $235,770.71 $2,387.08 $9,074.63 $19,570.33 $28,644.96 $216,200.38
22 $216,200.38 $2,387.08 $8,277.30 $20,367.66 $28,644.96 $195,832.72
23 $195,832.72 $2,387.08 $7,447.48 $21,197.48 $28,644.96 $174,635.24
24 $174,635.24 $2,387.08 $6,583.87 $22,061.09 $28,644.96 $152,574.15
25 $152,574.15 $2,387.08 $5,685.08 $22,959.88 $28,644.96 $129,614.27
26 $129,614.27 $2,387.08 $4,749.65 $23,895.31 $28,644.96 $105,718.96
27 $105,718.96 $2,387.08 $3,776.12 $24,868.84 $28,644.96 $80,850.12
28 $80,850.12 $2,387.08 $2,762.91 $25,882.05 $28,644.96 $54,968.07
29 $54,968.07 $2,387.08 $1,708.44 $26,936.52 $28,644.96 $28,031.55
30 $28,031.55 $2,387.08 $611.01 $28,031.55 $28,642.56 $0.00
1 $500,000.00 $3,698.44 $19,548.00 $24,833.28 $44,381.28 $475,166.72
2 $475,166.72 $3,698.44 $18,536.25 $25,845.03 $44,381.28 $449,321.69
3 $449,321.69 $3,698.44 $17,483.29 $26,897.99 $44,381.28 $422,423.70
4 $422,423.70 $3,698.44 $16,387.43 $27,993.85 $44,381.28 $394,429.85
5 $394,429.85 $3,698.44 $15,246.90 $29,134.38 $44,381.28 $365,295.47
6 $365,295.47 $3,698.44 $14,059.94 $30,321.34 $44,381.28 $334,974.13
7 $334,974.13 $3,698.44 $12,824.59 $31,556.69 $44,381.28 $303,417.44
8 $303,417.44 $3,698.44 $11,538.93 $32,842.35 $44,381.28 $270,575.09
9 $270,575.09 $3,698.44 $10,200.89 $34,180.39 $44,381.28 $236,394.70
10 $236,394.70 $3,698.44 $8,808.33 $35,572.95 $44,381.28 $200,821.75
11 $200,821.75 $3,698.44 $7,359.02 $37,022.26 $44,381.28 $163,799.49
12 $163,799.49 $3,698.44 $5,850.69 $38,530.59 $44,381.28 $125,268.90
13 $125,268.90 $3,698.44 $4,280.89 $40,100.39 $44,381.28 $85,168.51
14 $85,168.51 $3,698.44 $2,647.13 $41,734.15 $44,381.28 $43,434.36
15 $43,434.36 $3,698.44 $946.82 $43,434.36 $44,381.18 $0.00

Backside line

Shopping for a home is among the many greatest investments you’ll make. Know the way a lot you would possibly pay every month in your $500,000 mortgage — together with how a lot of your fee goes towards your curiosity over the principal — when looking for a lender.

Be taught extra about how house loans work in our complete information to mortgages.