What is the monthly payment at 7%?
The table above shows the monthly principal and interest payment for common home prices at a 7% interest rate with a 30-year term and 20% down payment. Your actual payment will also include property tax, homeowners insurance, and possibly PMI — use our full mortgage calculator to add those in.
How much does 1% in rate change your payment?
On a $300,000 home with 20% down (a $240,000 loan), the difference between 6% and 7% is roughly $140 per month — and over $50,000 in total interest over 30 years. Rate matters enormously over the life of a loan.
Should you lock in at 7%?
Whether 7% is a good rate depends on the current market. Compare offers from at least 3 lenders before locking. Even a 0.25% difference can save thousands. See our guide to good refinance rates for context.
Calculate your exact payment
The table uses a 20% down payment as a baseline. If your situation differs — different down payment, term, or rate — use the mortgage calculator to get a precise number for your scenario.