Payments by rate and term
| Rate | 15 years | 20 years | 25 years | 30 years |
|---|---|---|---|---|
| 6.32% | $2,756 | $2,352 | $2,125 | $1,985 |
| 6.82% | $2,844 | $2,447 | $2,225 | $2,090 |
| 7.32% | $2,934 | $2,543 | $2,327 | $2,198 |
| 7.82% | $3,025 | $2,641 | $2,432 | $2,308 |
| 8.32% | $3,117 | $2,741 | $2,538 | $2,420 |
How it's calculated
The principal-and-interest payment uses the standard annuity formula:
M = P × r / (1 − (1 + r)^−n)
P is the loan amount, r the monthly rate and n the number of monthly payments. Property tax, home insurance, PMI (when the down payment is under 20%) and HOA fees are added on top.
Official source: Freddie Mac PMMS. Rates checked on Oct 25, 2026.
Questions people ask
How much does each 1% of interest rate add?
On $320,000 over 30 years, the payment at 7.32% is $2,198 and at 8.32% it is $2,420 a month.
Should I choose a 15 or 30-year term?
A shorter term has a higher monthly payment but far less total interest. The table above shows both.
When can I stop paying PMI?
Lenders must cancel PMI automatically when the balance reaches 78% of the original home value, and you can ask to remove it at 80%.
Reviewed by Soufyane S.. Last updated Oct 25, 2026. How we check numbers
Estimates for information only, not tax, legal or financial advice. Check with an adviser or the official tax authority.