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These are planning estimates, not lending, tax, legal or investment advice. Compare the result against official lender disclosures, account terms and your own professional advice where needed.
How the loan term changes the cost
For a $320,000 loan at a 6% fixed rate, a shorter term raises the monthly payment but cuts the total interest sharply:
| Term | Monthly principal and interest | Total interest paid |
|---|---|---|
| 10 years | $3,552.66 | $106,319 |
| 15 years | $2,700.34 | $166,062 |
| 20 years | $2,292.58 | $230,219 |
| 30 years | $1,918.56 | $370,682 |
The monthly figure uses the standard amortization formula shown on the mortgage calculator. Taxes, insurance, fees and rate changes are not included; compare these figures with the official loan estimate from a lender before deciding.