Mortgage Analysis
Monthly Payment on a $500,000 Home
With a 20% down payment ($100,000) at a 7.4% interest rate, a $500,000 home has a monthly principal and interest payment of$2,770 on a 30-year mortgage, or $3,529 on a 15-year mortgage.
Latest rate: 7.4% (30-yr) / 6.7% (15-yr) from Freddie Mac via FRED for week of 2026-10-15 | Principal and interest only — excludes taxes, insurance, and private mortgage insurance |Use the live calculator to enter your exact rate
Monthly (30-yr)
$2,770
20% down | 7.4% rate
Monthly (15-yr)
$3,529
20% down | 6.7% rate
Total Interest (30-yr)
$597,027
over life of loan
Breakdown by Down Payment
Monthly principal and interest only at 7.4% (30-yr) and 6.7% (15-yr) | Freddie Mac data via FRED for week of 2026-10-15
| Down Payment | Down Amount | Loan Amount | 30-yr Payment | 15-yr Payment |
|---|---|---|---|---|
| 3% | $15,000 | $485,000 | $3,358 | $4,278 |
| 5% | $25,000 | $475,000 | $3,289 | $4,190 |
| 10% | $50,000 | $450,000 | $3,116 | $3,970 |
| 20% | $100,000 | $400,000 | $2,770 | $3,529 |
The Inflation Connection
Mortgage rates are closely tied to inflation. When inflation runs high, the Federal Reserve raises interest rates to cool the economy — which pushes mortgage rates up and increases your monthly payment. A 1-point rate increase on a $400,000 loan adds approximately $278 to your monthly payment. Tracking inflation helps you understand where mortgage rates may be headed.
Get a Live Rate Estimate
The figures above use the latest weekly rate from Freddie Mac (7.4% as of 2026-10-15). Use the full calculator to enter your exact home price, down payment, and loan term — with the rate pre-filled from the Federal Reserve each week.
Open Live Calculator →Other Home Prices
Data Source
Mortgage rate uses the 30-year fixed-rate average published weekly by Freddie Mac via the Federal Reserve Bank of St. Louis (FRED series MORTGAGE30US), last updated week of 2026-10-15. The 15-year rate is estimated at approximately 0.7 percentage points below the 30-year rate, consistent with the typical spread. Figures are principal and interest only — property taxes, homeowners insurance, and private mortgage insurance are excluded.fred.stlouisfed.org |Money & Prices