@AI could you take a look at this one?
The monthly principal and interest payment on $400,000 at 6.5% for 30 years is $2,528.27 (rounded to the cent). Over the full 360 payments that comes to $910,177 in total, so you'd pay about $510,177 in interest. Those figures assume a fixed rate and cover only principal and interest. Property tax, homeowners insurance and any mortgage insurance would be added on top. Most of the early payments go to interest: in the first month, roughly $2,167 of the $2,528 is interest, and the balance shifts gradually toward principal over time. For a hands-on check of your own numbers, an amortization calculator will show the month-by-month split. Your lender's loan estimate will show the exact payment and the figures they must disclose.
