$240,000 mortgage payment
- Principal & interest
- $1,517
- Property tax & insurance (est.)
- $363
- Loan amount
- $240,000
- Total interest over 30 years
- $306,107
$240k mortgage payment by interest rate
Monthly principal and interest for a $240,000 loan. Rates change daily — find the row closest to your quote.
| Rate | 15-year | 20-year | 30-year | 30-yr total interest |
|---|---|---|---|---|
| 5.00% | $1,898 | $1,584 | $1,288 | $223,814 |
| 5.25% | $1,929 | $1,617 | $1,325 | $237,104 |
| 5.50% | $1,961 | $1,651 | $1,363 | $250,570 |
| 5.75% | $1,993 | $1,685 | $1,401 | $264,207 |
| 6.00% | $2,025 | $1,719 | $1,439 | $278,012 |
| 6.25% | $2,058 | $1,754 | $1,478 | $291,980 |
| 6.50% | $2,091 | $1,789 | $1,517 | $306,107 |
| 6.75% | $2,124 | $1,825 | $1,557 | $320,389 |
| 7.00% | $2,157 | $1,861 | $1,597 | $334,821 |
| 7.25% | $2,191 | $1,897 | $1,637 | $349,400 |
| 7.50% | $2,225 | $1,933 | $1,678 | $364,121 |
| 7.75% | $2,259 | $1,970 | $1,719 | $378,980 |
| 8.00% | $2,294 | $2,007 | $1,761 | $393,973 |
Amortization schedule (30 years at 6.5%)
Early payments are mostly interest. You will have paid off half of the $240,000 balance after 22 years.
| Year | Interest paid | Principal paid | Remaining balance |
|---|---|---|---|
| Year 1 | $15,521 | $2,683 | $237,317 |
| Year 2 | $15,341 | $2,862 | $234,455 |
| Year 3 | $15,150 | $3,054 | $231,401 |
| Year 4 | $14,945 | $3,258 | $228,143 |
| Year 5 | $14,727 | $3,477 | $224,666 |
| Year 10 | $13,396 | $4,808 | $203,463 |
| Year 15 | $11,556 | $6,648 | $174,142 |
| Year 20 | $9,011 | $9,193 | $133,597 |
| Year 25 | $5,491 | $12,712 | $77,530 |
| Year 30 | $625 | $17,579 | $0 |
Frequently asked questions
What is the monthly payment on a $240,000 mortgage?
At 6.5% fixed, principal and interest is $1,517 per month on a 30-year loan and $2,091 on a 15-year loan. Adding estimated property tax and insurance ($363/month for a $300,000 home) brings the 30-year total to about $1,879.
How much income do I need for a $240,000 mortgage?
Using the common 28% rule (housing costs at most 28% of gross monthly income) and assuming 20% down, you would need roughly $81,000 per year at 6.5%. Other monthly debts lower the amount a lender will approve.
How much interest will I pay on a $240,000 loan?
Over 30 years at 6.5% you would pay $306,107 in interest — 128% of the amount borrowed. A 15-year term cuts that to $136,318, saving $169,788.
What happens if I pay an extra $200 per month?
On a 30-year loan at 6.5%, an extra $200 toward principal every month pays the mortgage off in 21 years 10 months and saves about $96,270 in interest.
Compare nearby loan amounts
Estimates assume a fixed rate, 1.1% annual property tax and 0.35% annual homeowners insurance on a home priced with 20% down. Your lender's figures will differ. This page is for education, not financial advice. Methodology.