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$800,000 mortgage at 8% for 20 years
Principal & interest · total interest $805,965 · total paid $1,605,965
Estimated full monthly cost
| Principal & interest | $6,691.52 |
| Property tax (1.1% of a $1,000,000 home) | $916.67 |
| Home insurance (0.35%/yr) | $291.67 |
| Total (PITI, 20% down) | $7,899.85 |
Income needed at the 28% rule: about $338,565/year. Tax and insurance vary widely by location – use the mortgage calculator with your own figures.
Pay it off faster
- +$558/month (13 payments a year): paid off in 16 y 9 m, interest saved $154,131
- +$100/month: paid off in 19 y 4 m, interest saved $33,447
Same loan, other rates
Same rate, other terms
Amortization schedule
| Year | Principal | Interest | Total interest | Balance |
|---|---|---|---|---|
| 1 | $16,909 | $63,389 | $63,389 | $783,091 |
| 2 | $18,313 | $61,985 | $125,374 | $764,778 |
| 3 | $19,833 | $60,465 | $185,840 | $744,945 |
| 4 | $21,479 | $58,819 | $244,659 | $723,466 |
| 5 | $23,262 | $57,037 | $301,696 | $700,205 |
| 6 | $25,192 | $55,106 | $356,802 | $675,012 |
| 7 | $27,283 | $53,015 | $409,817 | $647,729 |
| 8 | $29,548 | $50,751 | $460,567 | $618,181 |
| 9 | $32,000 | $48,298 | $508,865 | $586,181 |
| 10 | $34,656 | $45,642 | $554,507 | $551,525 |
| 11 | $37,533 | $42,766 | $597,273 | $513,992 |
| 12 | $40,648 | $39,650 | $636,924 | $473,345 |
| 13 | $44,022 | $36,277 | $673,200 | $429,323 |
| 14 | $47,675 | $32,623 | $705,823 | $381,648 |
| 15 | $51,632 | $28,666 | $734,489 | $330,015 |
| 16 | $55,918 | $24,380 | $758,869 | $274,097 |
| 17 | $60,559 | $19,739 | $778,609 | $213,539 |
| 18 | $65,585 | $14,713 | $793,322 | $147,953 |
| 19 | $71,029 | $9,269 | $802,591 | $76,924 |
| 20 | $76,924 | $3,374 | $805,965 | $0 |
FAQ
What is the payment on a $800,000 mortgage at 8% for 20 years?
$6,691.52 per month for principal and interest; total interest over 20 years is $805,965.
What income do I need for a $800,000 mortgage at 8%?
Using the 28% front-end rule and estimated taxes and insurance (total housing cost about $7,900/month), a gross income of roughly $338,565 a year.
How much do extra payments save on a $800,000 loan at 8%?
Paying an extra $558 a month (one extra payment a year) clears it in 16 years 9 months and saves about $154,131 in interest. An extra $100 a month saves about $33,447.
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