Quick answer
A $800,000 mortgage costs about $5,057 a month in principal and interest at 6.5% over 30 years, or $6,751 at 6% over 15 years. Taxes, insurance and PMI are extra.
Monthly payment on a $800,000 mortgage by rate and term
Principal and interest only (taxes, insurance and PMI not included):
| Rate \ Term | 10 years | 15 years | 20 years | 30 years |
|---|---|---|---|---|
| 4.5% | $8,291 | $6,120 | $5,061 | $4,053 |
| 5% | $8,485 | $6,326 | $5,280 | $4,295 |
| 5.5% | $8,682 | $6,537 | $5,503 | $4,542 |
| 6% | $8,882 | $6,751 | $5,731 | $4,796 |
| 6.5% | $9,084 | $6,969 | $5,965 | $5,057 |
| 7% | $9,289 | $7,191 | $6,202 | $5,322 |
| 7.5% | $9,496 | $7,416 | $6,445 | $5,594 |
| 8% | $9,706 | $7,645 | $6,692 | $5,870 |
Total interest over the life of the loan
| Rate | 15-year total interest | 30-year total interest | Extra cost of 30 years |
|---|---|---|---|
| 4.5% | $301,590 | $659,254 | $357,663 |
| 5% | $338,743 | $746,046 | $407,303 |
| 5.5% | $376,600 | $835,232 | $458,632 |
| 6% | $415,154 | $926,706 | $511,552 |
| 6.5% | $454,395 | $1,020,356 | $565,961 |
| 7% | $494,313 | $1,116,071 | $621,758 |
| 7.5% | $534,898 | $1,213,738 | $678,840 |
| 8% | $576,139 | $1,313,242 | $737,103 |
Income needed for a $800,000 mortgage
Lenders commonly cap housing costs at 28% of gross monthly income. Including roughly 1.1% property tax and $1,500 a year insurance, a 30-year loan at 6.5% costs about $5,915 a month, which suggests a household income of around $253,495 a year (more if you have other debts — see the DTI calculator).
Ways to reduce the payment
- Put more down — at 20% or more you also avoid PMI.
- Buy points to lower the rate, or shop at least three lenders.
- Make one extra payment a year to cut years off the loan — try it in the mortgage calculator.
- Refinance if rates fall — see the refinance calculator.
Figures are estimates for planning purposes; your lender's quote will differ.
Open $800,000 in the mortgage calculator →
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