5.5%
Monthly total$2,567
Lifetime interest$334,093
Same-payment home$445,284
Mortgage interest rate calculator How much could a lower mortgage rate save you?
Compare nearby mortgage interest rates to see how each one changes your estimated monthly payment, total interest over the loan, and the home price supported by the same payment. Adjust the home price, down payment, loan term, taxes, insurance, and PMI assumptions to test your own scenario.
Your mortgage details
Loan term
Use a name like 1234 Main St.. It appears on charts and shared links.
PMI assumption
Private mortgage insurance (PMI) is a lender-required cost that commonly applies to conventional loans with less than 20% down.
With your current inputs, we do not estimate PMI.
Mortgage
$2,773
estimated monthly total
$400K home$320K loan6.5% rate30 years20% down
Compare interest rates
6.0%
Monthly total$2,669
Lifetime interest$370,682
Same-payment home$421,695
6.5%Selected
Monthly total$2,773
Lifetime interest$408,142
Same-payment home$400,000
7.0%
Monthly total$2,879
Lifetime interest$446,428
Same-payment home$380,018
7.5%
Monthly total$2,987
Lifetime interest$485,495
Same-payment home$361,587
Beanio's insight
Across the displayed rates, the monthly total changes by $421, lifetime interest changes by $151,402, and the same-payment home price changes by $83,696.
Explore mortgage interest rate tradeoffs
See how different mortgage rates change your monthly cost, lifetime interest, and estimated buying power.
How interest rates affect your monthly mortgage payment
Compare the estimated monthly total across five interest rates.
Mortgage
$400K home$320K loan30 years20% down
Beanio's insight
The estimated monthly total ranges from $2,567 at 5.5% to $2,987 at 7.5%, a difference of $421 per month.
| Rate | Monthly total | Change from selected |
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How interest rates affect lifetime mortgage interest
See how the selected loan’s total interest changes across the same rates.
Mortgage
$400K home$320K loan30 years20% down
Beanio's insight
Lifetime interest ranges from $334,093 at 5.5% to $485,495 at 7.5%, a difference of $151,402. Across this range, each 0.5 percentage point reduction saves around $38K in lifetime interest.
| Rate | Lifetime interest | Change from selected |
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How mortgage rates change home-buying power
Estimate the home price that preserves your selected monthly total at each displayed rate while keeping the down-payment percentage and annual tax and insurance inputs constant.
Mortgage
30 years20% down
Beanio's insight
Keeping the same monthly payment supports an estimated $445,284 home at 5.5% and $361,587 at 7.5%, a buying-power difference of $83,696.
| Rate | Equivalent home price | Buying-power change |
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Understand your mortgage interest rate
Learn what mortgage rates represent, what affects them, and how to compare loan offers.
What’s the difference between a mortgage rate and APR?
The interest rate is used to calculate the principal-and-interest portion of your mortgage payment.
APR attempts to reflect the interest rate plus certain borrowing costs, which can make it useful when comparing loan offers with different fees. Beanios uses the interest rate you enter and does not calculate APR.
What determines the mortgage rate you qualify for?
Beanios compares rates you enter. It does not predict the rate you will qualify for.
Actual rates depend on the lender, market conditions, credit profile, loan program, term, property, and other loan details.
Should you pay points for a lower mortgage rate?
Mortgage points generally involve paying money upfront in exchange for a lower interest rate. Whether that tradeoff produces savings depends partly on the upfront cost and how long you keep the loan.
This calculator does not include a points cost or calculate a break-even period.
Mortgage interest rate terms, explained
Get a plain-language definition of each input and result used in this estimate.
Definitions of terms
- Interest rate
- The annual cost of borrowing the loan amount, expressed as a percentage. This is set by your lender based on market conditions, your credit, and your loan details. This calculator lets you plug in a rate so you can see its effect, but it doesn't estimate what rate you'd actually qualify for.
- Home price
- The price you're paying for the house: the number on the purchase agreement, before any down payment is subtracted. This is the starting point every other number on this page is built from.
- Down payment
- The portion of the home price you pay upfront, in cash, rather than borrowing. You can enter it as a dollar amount or a percentage; they stay in sync. The rest becomes your loan amount. A bigger down payment means a smaller loan, which lowers both your monthly payment and the total interest you'll pay over time.
- Annual property tax
- The yearly tax your local government charges based on your home's assessed value. Lenders typically collect this monthly along with your mortgage payment and hold it in escrow, then pay the tax bill on your behalf. So even though the bill itself is annual, we divide it by 12 to show you the monthly share.
- Annual insurance
- Your homeowners insurance premium for the year, covering things like fire, theft, and storm damage. Like property tax, it's usually collected monthly through escrow, so we divide the annual premium by 12 here too.
- Loan term
- How many years you have to pay off the loan, 15 or 30 here. A 30-year term spreads payments out further, so each monthly payment is smaller, but you pay more in total interest because you're borrowing the money for longer. A 15-year term does the opposite: higher monthly payments, less total interest.
- Principal + interest
- The core loan payment: the portion that pays down what you borrowed (principal) plus the cost of borrowing it (interest). This is calculated with the standard fixed-rate amortization formula and stays the same every month for the life of the loan. What changes month to month is how much of it goes to each piece.
- Private mortgage insurance (PMI)
- An added cost that commonly applies to conventional loans when you put less than 20% down. It protects the lender, not the borrower, if the loan goes into default. The amount shown here is an estimate based on the adjustable PMI rate. Your actual cost and cancellation timing depend on your loan and servicer.
- Estimated monthly total
- Also called: house payment, monthly mortgage payment
- Principal + interest, plus your monthly property tax and insurance shares and estimated PMI when it applies. This gives you a more complete estimate of what the house will cost each month, not just the loan payment alone.
More money questions
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About this interest rate estimate
Review what is included, what stays fixed, and how this comparison is calculated.
What’s included
Principal and interest, property tax, homeowners insurance, and estimated PMI below 20% down.
What stays fixed
The main payment and interest comparison keeps the home price, down-payment percentage, loan term, annual property tax, annual homeowners insurance, and PMI rate fixed. The same-payment metric separately solves for a new home price.
How it works
Results use the same fixed-rate mortgage model and shared assumptions as the other Beanios mortgage calculators.
Updated date and disclaimer
Updated August 11, 2026. This estimate is educational and is not a loan quote, approval, or financial advice. See the full disclaimer.