How much is the monthly payment on a $500,000 mortgage?
On a $500,000 30-year mortgage at 6.5%, monthly principal and interest is $3,160. Adding property tax (~1.1%) and insurance, PITI is roughly $3,910/month. Switching to a 15-year mortgage at the same rate raises P&I to $4,355 but slashes lifetime interest by over $300,000.
More context
On a $500,000 30-year mortgage at 6.5%, monthly principal and interest is $3,160. Adding property tax (~1.1%) and insurance, PITI is roughly $3,910/month. Switching to a 15-year mortgage at the same rate raises P&I to $4,355 but slashes lifetime interest by over $300,000. The exact answer depends on your specific situation — the numbers above are a strong starting point, but the right next step is to plug in your actual figures.
For a deeper analysis, use one of the related tools below — they take your specific income, debt, location, and goals as inputs and produce a tailored answer.