For example, when buying a $400,000 home with 20% down, the monthly mortgage payment (principal and interest only) has gone from about $1,350 at 3% to over $2,100 at 7%.

If the interest rate on our $100,000 mortgage is 6%, the combined principal and interest monthly payment on a 30-year mortgage would be about $599.55—$500 interest + $99.55 principal.

Fixed-Rate Mortgage vs. Adjustable-Rate Mortgage Example Say you get a $400,000 home and put 20% down ($80,000) with a fixed interest rate of 5% and a 30-year term.

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 ...

RG: I’ll give you an example: we funded a HELOC in two days. Most mortgage advisors don’t even have a HELOC to offer, and it’s the most valuable product out there today.

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 ...