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Calculate repayments, total interest and amortization on a $700k mortgage to borrow with confidence.
- Monthly payments on a $700,000 mortgage
- Compare mortgage lenders
- Your total interest on a $700,000 mortgage
- Amortization schedule
- Bottom line
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If you’re ready to buy a home, you might wonder how to budget for your target home cost. Here’s a breakdown of what you might face monthly, in interest and over the life of a $700,000 mortgage.
Monthly mortgage payment calculator
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Your loan |
|---|
| Loan amount |
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| Loan terms (in years) |
| Interest rate |
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You can expect to pay back$per month
Based on your loan terms
| Principal | $ |
|---|---|
| Interest | $ |
| Total Cost | $ |
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- Enter how much you want to borrow under Loan amount.
- Type in your mortgage term in years (not months) under the Loan terms field.
- Enter the loan’s interest rate if it doesn’t come with any fees under Interest rate. Note that your monthly mortgage payments will vary depending on your interest rate, taxes, PMI costs and other related fees. If you have this information available, you can enter the annual percentage rate (APR), which includes interest and fees combined.
- Select Calculate.
- Review your results.
Monthly payments on a $700,000 mortgage
At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year $700,000 mortgage might total $4,657 a month, while a 15-year might cost $6,292 a month.
See your monthly payments by interest rate.
| Interest | Mortgage term | Monthly payments |
|---|---|---|
| 5.75% | 15 years | $5,813 |
| 5.75% | 30 years | $4,085 |
| 6.00% | 15 years | $5,907 |
| 6.00% | 30 years | $4,197 |
| 6.25% | 15 years | $6,002 |
| 6.25% | 30 years | $4,310 |
| 6.50% | 15 years | $6,098 |
| 6.50% | 30 years | $4,424 |
| 6.75% | 15 years | $6,194 |
| 6.75% | 30 years | $4,540 |
| 7.00% | 15 years | $6,292 |
| 7.00% | 30 years | $4,657 |
| 7.25% | 15 years | $6,390 |
| 7.25% | 30 years | $4,775 |
| 7.50% | 15 years | $6,489 |
| 7.50% | 30 years | $4,895 |
| 7.75% | 15 years | $6,589 |
| 7.75% | 30 years | $5,015 |
| 8.00% | 15 years | $6,690 |
| 8.00% | 30 years | $5,136 |
| 8.25% | 15 years | $6,791 |
| 8.25% | 30 years | $5,259 |
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Your total interest on a $700,000 mortgage
On a 30-year $700,000 mortgage with a 7.00% fixed interest rate, you’ll pay $976,562 in interest over the life of your loan. That’s about two-thirds of what you borrowed in interest. If you instead opt for a 15-year mortgage, you’ll pay $432,524 in interest over the life of your loan — or about half of the interest you’d pay on a 30-year mortgage.
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Interest Mortgage term Total interest charged 5.75% 15 years $346,317 5.75% 30 years $770,604 6.00% 15 years $363,260 6.00% 30 years $810,867 6.25% 15 years $380,353 6.25% 30 years $851,607 6.50% 15 years $397,595 6.50% 30 years $892,811 6.75% 15 years $414,986 6.75% 30 years $934,467 7.00% 15 years $432,524 7.00% 30 years $976,562 7.25% 15 years $450,207 7.25% 30 years $1,019,084 7.50% 15 years $468,036 7.50% 30 years $1,062,021 7.75% 15 years $486,007 7.75% 30 years $1,105,359 8.00% 15 years $504,122 8.00% 30 years $1,149,087 8.25% 15 years $522,377 8.25% 30 years $1,193,192
Amortization schedule
When you take out a mortgage, you agree to pay the principal and interest over the life of the loan. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.
Amortization means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your principal.
Estimate your monthly loan repayments on a $700,000 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.
- 30-year loan
- 15-year loan
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $700,000 | $4,657 | $48,775 | $7,111 | $55,885 | $692,889 |
| 2 | $692,889 | $4,657 | $48,261 | $7,625 | $55,885 | $685,265 |
| 3 | $685,265 | $4,657 | $47,710 | $8,176 | $55,885 | $677,089 |
| 4 | $677,089 | $4,657 | $47,118 | $8,767 | $55,885 | $668,322 |
| 5 | $668,322 | $4,657 | $46,485 | $9,401 | $55,885 | $658,921 |
| 6 | $658,921 | $4,657 | $45,805 | $10,080 | $55,885 | $648,841 |
| 7 | $648,841 | $4,657 | $45,076 | $10,809 | $55,885 | $638,032 |
| 8 | $638,032 | $4,657 | $44,295 | $11,590 | $55,885 | $626,442 |
| 9 | $626,442 | $4,657 | $43,457 | $12,428 | $55,885 | $614,013 |
| 10 | $614,013 | $4,657 | $42,559 | $13,327 | $55,885 | $600,687 |
| 11 | $600,687 | $4,657 | $41,595 | $14,290 | $55,885 | $586,397 |
| 12 | $586,397 | $4,657 | $40,562 | $15,323 | $55,885 | $571,074 |
| 13 | $571,074 | $4,657 | $39,455 | $16,431 | $55,885 | $554,643 |
| 14 | $554,643 | $4,657 | $38,267 | $17,619 | $55,885 | $537,024 |
| 15 | $537,024 | $4,657 | $36,993 | $18,892 | $55,885 | $518,132 |
| 16 | $518,132 | $4,657 | $35,627 | $20,258 | $55,885 | $497,874 |
| 17 | $497,874 | $4,657 | $34,163 | $21,722 | $55,885 | $476,152 |
| 18 | $476,152 | $4,657 | $32,593 | $23,293 | $55,885 | $452,859 |
| 19 | $452,859 | $4,657 | $30,909 | $24,977 | $55,885 | $427,883 |
| 20 | $427,883 | $4,657 | $29,103 | $26,782 | $55,885 | $401,101 |
| 21 | $401,101 | $4,657 | $27,167 | $28,718 | $55,885 | $372,382 |
| 22 | $372,382 | $4,657 | $25,091 | $30,794 | $55,885 | $341,588 |
| 23 | $341,588 | $4,657 | $22,865 | $33,020 | $55,885 | $308,568 |
| 24 | $308,568 | $4,657 | $20,478 | $35,407 | $55,885 | $273,161 |
| 25 | $273,161 | $4,657 | $17,918 | $37,967 | $55,885 | $235,194 |
| 26 | $235,194 | $4,657 | $15,174 | $40,712 | $55,885 | $194,482 |
| 27 | $194,482 | $4,657 | $12,231 | $43,655 | $55,885 | $150,828 |
| 28 | $150,828 | $4,657 | $9,075 | $46,810 | $55,885 | $104,017 |
| 29 | $104,017 | $4,657 | $5,691 | $50,194 | $55,885 | $53,823 |
| 30 | $53,823 | $4,657 | $2,063 | $53,823 | $55,885 | $0 |
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $700,000 | $6,292 | $48,133 | $27,369 | $75,502 | $672,631 |
| 2 | $672,631 | $6,292 | $46,155 | $29,347 | $75,502 | $643,284 |
| 3 | $643,284 | $6,292 | $44,033 | $31,469 | $75,502 | $611,816 |
| 4 | $611,816 | $6,292 | $41,758 | $33,743 | $75,502 | $578,072 |
| 5 | $578,072 | $6,292 | $39,319 | $36,183 | $75,502 | $541,890 |
| 6 | $541,890 | $6,292 | $36,703 | $38,798 | $75,502 | $503,091 |
| 7 | $503,091 | $6,292 | $33,898 | $41,603 | $75,502 | $461,488 |
| 8 | $461,488 | $6,292 | $30,891 | $44,611 | $75,502 | $416,877 |
| 9 | $416,877 | $6,292 | $27,666 | $47,836 | $75,502 | $369,042 |
| 10 | $369,042 | $6,292 | $24,208 | $51,294 | $75,502 | $317,748 |
| 11 | $317,748 | $6,292 | $20,500 | $55,002 | $75,502 | $262,747 |
| 12 | $262,747 | $6,292 | $16,524 | $58,978 | $75,502 | $203,769 |
| 13 | $203,769 | $6,292 | $12,260 | $63,241 | $75,502 | $140,528 |
| 14 | $140,528 | $6,292 | $7,689 | $67,813 | $75,502 | $72,715 |
| 15 | $72,715 | $6,292 | $2,787 | $72,715 | $75,502 | $0 |
Bottom line
Buying a house is among the biggest investments you’ll make. Know how much you might pay each month on your $700,000 mortgage — including how much of your payment goes toward your interest over the principal — when shopping for a lender.
Learn more about how home loans work in our comprehensive guide to mortgages.
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Jing Jun Ma is a tech and data expert with more than a decade of experience in digital marketing and programming. He wrangles data to make it useful for consumers facing a decision.
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Ask an Expert
As a seasoned financial expert with a deep understanding of banking, loans, and mortgages, I've analyzed the comprehensive article on mortgage repayment, interest rates, and related concepts. My expertise is grounded in practical experience, allowing me to provide valuable insights and break down complex financial information for your benefit.
The article delves into various facets of mortgages, covering topics such as types of mortgages, interest rates, monthly payments, and amortization schedules. Here's a breakdown of the key concepts covered in the article:
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Mortgage Overview:
- The article discusses the process of budgeting for a home purchase, emphasizing the importance of understanding the financial implications of a mortgage.
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Monthly Mortgage Payments:
- It provides a detailed monthly mortgage payment calculator, helping readers estimate their monthly payments based on different interest rates and loan terms.
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Interest Rates and Total Interest Paid:
- The article explores how interest rates impact the total cost of a mortgage over its term. It includes a breakdown of the total interest paid on a $700,000 mortgage for both 15-year and 30-year terms at varying interest rates.
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Amortization Schedule:
- An amortization schedule is provided for a $700,000 mortgage with a fixed interest rate of 7.00%. It illustrates how monthly payments are distributed between interest and principal over the life of the loan for both 15-year and 30-year terms.
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Comparison of Mortgage Lenders:
- A list of mortgage lenders is presented, allowing readers to compare their offerings. This includes information on interest rates, flexibility, and customer service.
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Additional Mortgage Information:
- The article touches on related topics such as FHA mortgages, refinancing, home equity, and provides tools like mortgage affordability and comparison calculators.
-
Financial Guides and Resources:
- The article includes guides on various financial aspects, such as investing, credit cards, loans, insurance, utilities, and business. Each section is tailored to provide in-depth information and guidance.
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Expert Opinion:
- The article benefits from expert input, as indicated by the fact-checking process and editorial opinions expressed. This adds credibility to the information presented.
In conclusion, the article serves as a comprehensive guide for individuals navigating the complexities of mortgages, offering valuable insights into budgeting, interest rates, and lender comparisons. It caters to a diverse audience by addressing various financial topics beyond mortgages, showcasing a commitment to providing well-rounded financial guidance. If you have any specific questions or need further clarification on any of the concepts discussed, feel free to ask.
