What is the monthly payment on a $700,000 mortgage at 7% for 15 years?
Answer
$6,292/month
Principal & interest onlyTotal interest over 15 years: $432,524Total cost: $1,132,524
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$700,000, r=7%/12=0.5833n=180. M = $6,292
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Calculated using verified formulas. Last updated March 2026.