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Quickly Estimate & Calculate Your Borrowing Costs

Monthly & Yearly Mortgage Payments per Thousand Financed

This calculator shows how much you pay each month, each year & throughout the duration of the loan — for each $1,000 of mortgage financing. This calculator adds in discount points, loan origination fees and closing costs along with any recurring PMI fees into the loan's original APR to figure out the effective cost of your loan with all these other expenses included.

For your convenience current mortgage rates are published underneath the calculator to help you make accurate calculations reflecting current market conditions.

Home Value & Loan Size Amount
Home Value: ($)
Down Payment: ($)
Loan Amount: ($)
Loan Structure Amount
Mortgage Term: (Years)
Interest Rate: See Current Rates (%)
Annual PMI:
Points & Closing Costs Amount
Discount Points: (%)
Loan Origination Fees: (%)
Other Closing Costs: ($)

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Money Saving Tip: Lock-in 's Low 30-Year Mortgage Rates Today

How much money could you save? Compare lenders serving to find the best loan to fit your needs & lock in low rates today!

By default 30-yr fixed-rate loans are displayed in the table below. Filters enable you to change the loan amount, duration, or loan type.

Calculate The Cost of Borrowing

When you buy a home, you already know that you're going to pay a lot of interest over the life of the loan. However, you may not be prepared for just how much you are going to have to pay. In many cases you could buy your house two or three times over with the amount you end up paying back to your loan.

A good mortgage calculator like the ones we offer at MortgageCalculator.org can help you determine your monthly payment and your total interest payments. However, looking at the total interest you pay may seem too abstract. For instance, if you pay 5 percent on a $250,000 30-year fixed loan, you will end up paying $233,139.46 in interest alone. Since this amount is spread out over 30 years, it may be harder to contextualize the impact of.

Understanding exactly how much you pay in interest each month and each year — rather than cumulatively over several decades — can help make the amount seem more concrete and immediate. Breaking it down further by every thousand dollars of your mortgage can help you how it all adds up.

On that same $250,000 loan with 5 percent interest, you would pay $5.41 in interest each month for every $1,000 of the loan. You would pay $64.91 each year for every $1,000 of the loan.

Is there something else you could or should have invested in which would have offered better returns?

Higher Returning & More Diversified Opportunities

The U.S. equity market has returned about 9.2% per year over the past 140 years. Further, when you invest in a diversified portfolio you can access liquidity by selling portions of it and periodically rebalancing your investments.

From 1963 to 2019 the median home price in the United States rose from $18,000 to $321,500, compounding at 5.28% annually. Over the same time period the average US home price increased from $19,300 to $383,900, for a 5.48% compounded annual rate of return.

The size of homes also increased significantly. In 1973 the average new home was 1,660 square feet and the median new house was 1,525 square feet. By 2015 the average new house was 2,687 square feet and the median new house was 2,467 square feet. Both average and median home sizes were up 62% and that was before the COVID-19 crisis accelerated the work from home movement.

Benefits of Breaking it all Down

Breaking down your interest payments in this way isn't just an exercise in math. Getting this kind of analysis helps you to better understand how just the cost of your home can significantly impact how much you pay over the life of your loan. Of course, getting the best interest rate possible will help you to save money. However, if you aren't able to lower your interest rate any further — either because you haven't been able to put together a larger down payment or because you haven't been able to improve your credit score — then focusing on finding the best price for the home of your dreams can help you save.

By understanding the impact that interest has on your payment every month, you can learn how every $1,000 on the purchase price makes a difference. When you're looking at prices in the tens or hundreds of thousands of dollars, it can be easy to dismiss a few thousand dollars as inconsequential. After all, what's a few more thousand when you're already borrowing so much? Breaking down your interest by every $1,000 spent for every month and year can help you understand just how consequential a few thousand dollars can be.

Stack of Money Wrapped by a Belt.

Use our easy calculator to get the information you need to put you in a stronger position to negotiate with the seller and to create the right budget for you while also buying the home of your dreams. Just plug in the amount of the loan, the interest rate, the length of the loan, and any loan points, origination fees and closing costs. We'll mail you an easy-to-understand analysis of your interest charges by month and year in plain English. You don't need to enter any personal information. Just put in your e-mail and get the results in moments!

Cost Per Thousand Borrowed Table for 2% to 10% APR

The following HTML table shows what significant impact interest rates can have on the total cost of a loan.

Quickly Estimate The Cost of Interest Rate Shifts

For any fixed-rate mortgage, select the closest approximate interest rate to your loan from the left column, then scroll look at the payment-per-thousand column for the respective amount to multiply the number by. Then multiply that number by how many hundreds of thousands your home loan is.

  • A 3% APR 15-year home loan costs $6.9058 per thousand. If you bought a $100,000 home that would mean the monthly payment would be 100 * $6.9058, so move the decimal places 2 spots to the right and you get a monthly payment of $690.58.
  • The total loan cost would be 100 * $1,243.05 Again, move the decimal 2 places to the right & you get $124,305.
  • And then if you wanted to figure out the cost of interest you would subtract the $100,000 from $124,305 to get $24,305.

Another way of thinking of the first thousand from the full cost per thousand category is that it includes the thousand you borrowed, so if you subtracted the first thousand from any of these figures that would represent the portion of spending allocated to interest on the loan.

This table scales by 1/8th of a percent from 2% to 10%. At the lower end 0%, 0.5% & 1.0% are added to highlight how little banks pay depositors relative to what they charge creditors. And at the top end 15%, 20% & 25% were added to show how extreme the spread is between deposits and what a credit card might charge a borrower.

Interest Rate 15 YR Monthly Payment 15 YR Total 15 YR Interest 30 YR Monthly Payment 30 YR Total 30 YR Interest
0.000% $5.5556 $1,000.00 $0.00 $2.7778 $1,000.00 $0.00
0.500% $5.7676 $1,038.18 $38.18 $2.9919 $1,077.08 $77.08
1.000% $5.9849 $1,077.29 $77.29 $3.2164 $1,157.90 $157.90
2.000% $6.4351 $1,158.32 $158.32 $3.6962 $1,330.63 $330.63
2.125% $6.4928 $1,168.71 $168.71 $3.7590 $1,353.25 $353.25
2.250% $6.5508 $1,179.15 $179.15 $3.8225 $1,376.09 $376.09
2.375% $6.6092 $1,189.66 $189.66 $3.8865 $1,399.15 $399.15
2.500% $6.6679 $1,200.22 $200.22 $3.9512 $1,422.44 $422.44
2.625% $6.7269 $1,210.84 $210.84 $4.0165 $1,445.94 $445.94
2.750% $6.7862 $1,221.52 $221.52 $4.0824 $1,469.67 $469.67
2.875% $6.8459 $1,232.25 $232.25 $4.1489 $1,493.61 $493.61
3.000% $6.9058 $1,243.05 $243.05 $4.2160 $1,517.77 $517.77
3.125% $6.9661 $1,253.90 $253.90 $4.2838 $1,542.15 $542.15
3.250% $7.0267 $1,264.80 $264.80 $4.3521 $1,566.74 $566.74
3.375% $7.0876 $1,275.77 $275.77 $4.4210 $1,591.55 $591.55
3.500% $7.1488 $1,286.79 $286.79 $4.4904 $1,616.56 $616.56
3.625% $7.2104 $1,297.87 $297.87 $4.5605 $1,641.78 $641.78
3.750% $7.2722 $1,309.00 $309.00 $4.6312 $1,667.22 $667.22
3.875% $7.3344 $1,320.19 $320.19 $4.7024 $1,692.85 $692.85
4.000% $7.3969 $1,331.44 $331.44 $4.7742 $1,718.70 $718.70
4.125% $7.4597 $1,342.74 $342.74 $4.8465 $1,744.74 $744.74
4.250% $7.5228 $1,354.10 $354.10 $4.9194 $1,770.98 $770.98
4.375% $7.5862 $1,365.52 $365.52 $4.9929 $1,797.43 $797.43
4.500% $7.64.99 $1,376.99 $376.99 $5.0669 $1,824.07 $824.07
4.625% $7.7140 $1,388.51 $388.51 $5.1414 $1,850.90 $850.90
4.750% $7.7783 $1,400.10 $400.10 $5.2165 $1,877.93 $877.93
4.875% $7.8430 $1,411.74 $411.74 $5.2921 $1,905.15 $905.15
5.000% $7.9079 $1,423.43 $423.43 $5.3682 $1,932.56 $932.56
5.125% $7.9732 $1,435.18 $435.18 $5.4449 $1,960.15 $960.15
5.250% $8.0388 $1,446.98 $446.98 $5.5220 $1,987.93 $987.93
5.375% $8.1047 $1,458.84 $458.84 $5.5997 $2,015.90 $1,015.90
5.500% $8.1708 $1,470.75 $470.75 $5.6779 $2,044.04 $1,044.04
5.625% $8.2373 $1,482.72 $482.72 $5.7566 $2,072.36 $1,072.36
5.750% $8.3041 $1,494.74 $494.74 $5.8357 $2,100.86 $1,100.86
5.875% $8.3712 $1,506.81 $506.81 $5.9154 $2,129.54 $1,129.54
6.000% $8.4386 $1,518.94 $518.94 $5.9955 $2,158.38 $1,158.38
6.125% $8.5062 $1,531.12 $531.12 $6.0761 $2,187.40 $1,187.40
6.250% $8.5742 $1,543.36 $543.36 $6.1572 $2,216.58 $1,216.58
6.375% $8.6425 $1,555.65 $555.65 $6.2387 $2,245.93 $1,245.93
6.500% $8.71.11 $1,567.99 $567.99 $6.3207 $2,275.44 $1,275.44
6.625% $8.7799 $1,580.39 $580.39 $6.4031 $2,305.12 $1,305.12
6.750% $8.8491 $1,592.84 $592.84 $6.4860 $2,334.95 $1,334.95
6.875% $8.9185 $1,605.34 $605.34 $6.5693 $2,364.94 $1,364.94
7.000% $8.9883 $1,617.89 $617.89 $6.6530 $2,395.09 $1,395.09
7.125% $9.0583 $1,630.50 $630.50 $6.7372 $2,425.39 $1,425.39
7.250% $9.1286 $1,643.15 $643.15 $6.8218 $2,455.83 $1,455.83
7.375% $9.1992 $1,655.86 $655.86 $6.9068 $2,486.43 $1,486.43
7.500% $9.2701 $1,668.62 $668.62 $6.9921 $2,517.17 $1,517.17
7.625% $9.3413 $1,681.43 $681.43 $7.0779 $2,548.06 $1,548.06
7.750% $9.4128 $1,694.30 $694.30 $7.1641 $2,579.08 $1,579.08
7.875% $9.4845 $1,707.21 $707.21 $7.2507 $2,610.25 $1,610.25
8.000% $9.5565 $1,720.17 $720.17 $7.3376 $2,641.55 $1,641.55
8.125% $9.6288 $1,733.19 $733.19 $7.4250 $2,672.99 $1,672.99
8.250% $9.7014 $1,746.25 $746.25 $7.5127 $2,704.56 $1,704.56
8.375% $9.7743 $1,759.37 $759.37 $7.6007 $2,736.26 $1,736.26
8.500% $9.8474 $1,772.53 $772.53 $7.6891 $2,768.09 $1,768.09
8.625% $9.9208 $1,785.74 $785.74 $7.7779 $2,800.04 $1,800.04
8.750% $9.9945 $1,799.01 $799.01 $7.8670 $2,832.12 $1,832.12
8.875% $10.0684 $1,812.32 $812.32 $7.9564 $2,864.32 $1,864.32
9.000% $10.1427 $1,825.68 $825.68 $8.0462 $2,896.64 $1,896.64
9.125% $10.2172 $1,839.09 $839.09 $8.1363 $2,929.08 $1,929.08
9.250% $10.2919 $1,852.55 $852.55 $8.2268 $2,961.63 $1,961.63
9.375% $10.3670 $1,866.05 $866.05 $8.3175 $2,994.30 $1,994.30
9.500% $10.4422 $1,879.60 $879.60 $8.4085 $3,027.08 $2,027.08
9.625% $10.5178 $1,893.20 $893.20 $8.4999 $3,059.96 $2,059.96
9.750% $10.5936 $1,906.85 $906.85 $8.5915 $3,092.96 $2,092.96
9.875% $10.6697 $1,920.55 $920.55 $8.6835 $3,126.06 $2,126.06
10.000% $10.7461 $1,934.29 $934.29 $8.7757 $3,159.26 $2,159.26
15.000% $13.9959 $2,519.26 $1,519.26 $12.6444 $4,552.00 $3,552.00
20.000% $17.5630 $3,161.33 $2,161.33 $16.7102 $6,015.67 $5,015.67
25.000% $21.3553 $3,843.95 $2,843.95 $20.8458 $7,504.48 $6,504.48

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