Example 1: 30-year fixed rate mortgage at 7.06% As of January 4, 2024, the national average rate for a 30-year fixed-rate mortgage was 7.06%. This likely will not be the exact rate you get.

Example 2: 15-year fixed-rate mortgage at 6.35% A 15-year fixed-rate loan instead of a 30-year mortgage can save you money on interest in the long run, but you will have a higher monthly payment ...

15-year vs. 30-year mortgage example The cost difference between a 15- and 30-year mortgage can be significant. Below is an example of the options on a $300,000 loan. We’ve assumed 6.90 percent ...

For example, how much you can deduct might depend on when you bought your home and your filing status. Additionally, deducting mortgage interest isn't the right choice for everyone.

As an example, on a $300,000 mortgage with a 6.90 percent interest rate, your monthly payment would total $2,240 for 30 years. You’d spend $411,288 in interest over the course of 360 monthly ...