$400,000 Mortgage: Monthly Payment

Rate Table: $400,000 at Illustrative Rates

At 4% over 30 years the P&I on a $400,000 loan is roughly $1,910. At 8% it rises to about $2,935. The swing between those two extremes — more than $1,000 per month — shows why even a one-point rate difference matters at this loan size. Over 30 years, the total interest paid at 8% is nearly double what you would pay at 4%.

The 15-year column compresses payments considerably: at an illustrative 6% rate, the monthly P&I is approximately $3,375, but total interest over the life of the loan is roughly $207,000 less than the 30-year version at the same rate. Whether the higher monthly payment is manageable depends on your income and other obligations. These illustrative figures are calculated using the standard amortization formula. Your actual rate will come from your lender's quote based on your credit profile and loan type.

Down Payment and PMI on a $400,000 Loan

On a $400,000 purchase, a 20% down payment is $80,000 — a figure that takes many buyers years to save. Putting down less than 20% triggers private mortgage insurance (PMI), which adds a monthly charge that protects the lender until you reach 80% loan-to-value. The PMI amount varies by lender and credit score, so enter your servicer's figure in the calculator rather than guessing.

Under the Homeowners Protection Act, you can request PMI removal once your LTV reaches 80% based on the original value, and your servicer must cancel it automatically at 78% on the original amortization schedule. On a $400,000 home with 10% down ($360,000 loan), reaching 80% LTV through regular payments alone can take roughly four to five years at typical amortization rates. Extra payments shorten that timeline. The PMI removal calculator linked below projects the specific month for your situation.

All rates shown are illustrative and do not represent current market offers. PMI costs vary by lender and credit score — enter your actual figure for an accurate total.