How a mortgage payment is made up over 30 years.
A mortgage's monthly payment, its interest over 30 years, and the month more of each payment goes to the loan than to interest, with an example.
By Suraj Kumar3 min read
A 30-year mortgage pays mostly interest for years. Here is when that turns.
An example.
$300,000 at 6.5% for 30 years is $1,896.20 a month, and about $382,637 of interest over the term.
The crossover.
In that example, from month 233, almost 20 years in, more of each payment goes to the loan than to interest. The chart marks it with a dashed line.
What it leaves out.
Property tax, insurance, mortgage insurance and HOA dues depend on the home and the lender, so only the loan's own payment is worked out.
Further reading
Topics: mortgage calculator · mortgage payment · 30 year mortgage · mortgage interest · amortization
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