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A $320,000, 30-year loan at 7% costs about $2,129 a month in principal and interest. Add your own price, rate, taxes and insurance to see the full payment and amortization schedule.
Quick answer · Updated 2026
On a $400,000 home with 20% down, a 30-year fixed loan of $320,000 at 7% costs about $2,129 a month in principal and interest, or about $2,646 with $5,000 a year of property tax and $1,200 a year of homeowners insurance. Each half point of rate moves the payment by roughly $105 a month and total interest by about $38,000 over the loan.
| Rate (30-year, $320,000) | Principal and interest | Total interest |
|---|---|---|
| 6.0% | $1,919 a month | $370,682 |
| 6.5% | $2,023 a month | $408,142 |
| 7.0% | $2,129 a month | $446,428 |
| 7.5% | $2,237 a month | $485,495 |
Sources: standard fixed-rate amortization formula; Freddie Mac Primary Mortgage Market Survey for current average rates; CFPB guidance on PMI. Researched general information, not financial, tax or legal advice.
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Common questions
What is included in a monthly mortgage payment?
Most payments are PITI: principal, interest, property tax and homeowners insurance, with tax and insurance often collected into an escrow account. Add private mortgage insurance (PMI) if you put down less than 20% on a conventional loan, and HOA dues if the property has them.
When do I have to pay PMI?
Conventional lenders usually require PMI when the down payment is under 20%. Under the federal Homeowners Protection Act you can ask to cancel it once your balance reaches 80% of the original home value, and it ends automatically at 78% if you are current on payments.
How much does a 1% higher rate cost?
On a $320,000, 30-year loan, going from 6% to 7% raises the principal and interest payment from about $1,919 to $2,129 a month, roughly $210 more, and adds about $76,000 of interest over the life of the loan.
