$800,000 mortgage at 8%: monthly payment over 30 and 15 years
Borrow $800,000 at 8% and the principal-and-interest payment is $5,870.12 a month over 30 years, or $7,645.22 over 15. The rest of this page shows where the money goes: total interest, the balance year by year, the month PMI can end, and what a late payment costs.
| 30-year fixed | 15-year fixed | |
|---|---|---|
| Monthly principal & interest | $5,870.12 | $7,645.22 |
| Total interest over the term | $1,313,242 | $576,139 |
| Total paid (principal + interest) | $2,113,242 | $1,376,139 |
| Interest as a share of total paid | 62% | 42% |
Principal and interest only. Property taxes, homeowners insurance, mortgage insurance and HOA dues are added to the actual payment. Rates shown are for the arithmetic, not an offer; see 30-year vs 15-year for how to choose.
Where the payments go: the 30-year amortization
Year one: $70,441 paid, $63,758 of it interest, $6,683 principal. That ratio is why equity builds slowly at first and why extra principal payments early are worth the most.
| After | Remaining balance | Paid down |
|---|---|---|
| 5 years | $760,559 | $39,441 |
| 10 years | $701,798 | $98,202 |
| 15 years | $614,252 | $185,748 |
| 20 years | $483,824 | $316,176 |
| 25 years | $289,505 | $510,495 |
Mortgage insurance: the months that matter
If this loan was more than 80% of the home’s original value, private mortgage insurance applies until the balance falls to 80% (cancellation on request) and 78% (automatic). By the schedule alone, with no extra payments or appreciation:
| Starting LTV | Home value | 80% (request) | 78% (automatic) |
|---|---|---|---|
| 97% | $824,742 | month 152 | month 163 |
| 95% | $842,105 | month 142 | month 154 |
| 90% | $888,889 | month 112 | month 127 |
Extra principal payments or a new appraisal showing appreciation can bring cancellation forward — see PMI removal. FHA mortgage insurance follows different rules.
What a late payment costs
Most mortgages charge a late fee of 4% to 5% of the principal-and-interest payment after a 15-day grace period (state caps vary): on this loan, about $234.80 to $293.51. The costlier consequence comes at day 30, when the servicer may report the payment late to the credit bureaus — a mark that stays seven years. Behind already? The options are in our mortgage problems hub.
Standard amortization formula
M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P = $800,000, r = 8% ÷ 12 = 0.6667% per month, n = 360 (30 years) or 180 (15 years).
This is the standard fixed-rate amortization — the payment is constant, the interest share falls each month as the balance falls. Balance after k payments: P(1 + r)k − M((1 + r)k − 1) ÷ r.
Frequently asked questions
What is the monthly payment on a $800,000 mortgage at 8%?
$5,870.12 a month for principal and interest on a 30-year fixed loan, or $7,645.22 on a 15-year fixed loan. Property taxes, homeowners insurance, mortgage insurance and any HOA dues are added on top and typically raise the total payment by 25% to 50%.
How much interest will I pay on a $800,000 loan at 8%?
$1,313,242 over 30 years, or $576,139 over 15 years, if every payment is made as scheduled with no extra principal. In the first year of the 30-year loan, about $63,758 of your $70,441 in payments is interest and $6,683 reduces the balance.
When can I cancel PMI on a $800,000 loan at 8%?
By the regular schedule alone, a loan that started at 95% of the home’s value reaches 80% loan-to-value in month 142 (when you may request cancellation) and 78% in month 154 (automatic cancellation). Extra principal payments or an appraisal showing appreciation can move that earlier.
Same amount, other rates: 5% · 6% · 7%. Same rate, other amounts: $150,000 · $200,000 · $250,000 · $300,000 · $350,000 · $400,000 · $500,000 · $600,000. All tables.