Monthly P&I Payment · 6.0% · 30-Year · 20% Down
$1,679
Loan amount: $280,000 · Down payment: $70,000
$70,000
Down (20%)
$324,440
Total Interest
$604,440
Total Paid (30yr)
$72K+
Salary Needed
15-Year vs 30-Year at 6.0%
30-Year Fixed
$1,679/mo
Total: $604,440
Interest: $324,440
15-Year Fixed
$2,363/mo
Total: $425,340
Save: $179,100 in interest
How 6.0% Compares to Other Rates
| Rate | Monthly Payment | Total Interest (30yr) | vs 6.0% |
|---|---|---|---|
| 5.5% | $1,590/mo | $292,331 | $32,109 less |
| → 6.0% | $1,679/mo | $324,347 | ← You are here |
Banker's Take on 6.0%
This rate is close to the 30-year historical average. Not a crisis, not a bargain. At 6.0%, your monthly payment on a $350K home is $1,679. Over 30 years, you'll pay the bank $324,440 in interest alone — 116% of what you borrowed.
To qualify, most lenders want your total monthly debt (including this payment) to stay under 43% of your gross monthly income. That means earning at least $72K/year with no other significant debt.
See Your Full Mortgage Picture
Amortization table, all-in cost, lender comparison