What a $500,000 Mortgage Really Costs With Today’s Rates (and Why It Shocks Buyers)

A $500,000 mortgage at the current average rate of about 6.25%, per Freddie Mac, costs $3,079 per month for principal and interest. Buyers are often shocked to find out how much interest they’ll pay over the life of the loan, and how slowly they build equity because of it. Also surprising are the additional expenses rolled into their payments that can increase the payments by hundreds of dollars or more per month. How Much a $500,000 Mortgage Loan Really Costs A $500,000 mortgage with a 6.25% interest r ...