What Is the Monthly Payment on a $300,000, $600,000 or $900,000 Loan at 7.18%?

What is my monthly payment at 7.18%?
On a 30-year fixed loan at 7.18%, principal and interest come to about $677.43 a month for every $100,000 you borrow. That is $2,032.30 on a $300,000 loan, $4,064.61 on $600,000, and $6,096.91 on $900,000. These figures leave out taxes, insurance and any condo or HOA fees.

The Mike Webb Team (Mike and Claudia Webb, RE/MAX Allegiance) helps homeowners in Arlington, Northern Virginia, Maryland, and Washington, DC get their homes ready to sell and sold.

Freddie Mac's survey showed the 30-year fixed rate averaging 7.18% for the week of November 5, 2026, down from 7.24% the week before and up from 6.22% a year earlier. Its 15-year fixed rate averaged 6.57%, down from 6.60% the week before. Source: Freddie Mac Primary Mortgage Market Survey. It is a national average. Your rate depends on your credit, down payment, loan type and points.

These are loan amounts, not home prices. Each assumes a 30-year fixed loan at 7.18%, principal and interest only:

• $100,000 loan: about $677.43 a month
• $300,000 loan: about $2,032.30 a month
• $500,000 loan: about $3,387.17 a month
• $600,000 loan: about $4,064.61 a month
• $700,000 loan: about $4,742.04 a month
• $900,000 loan: about $6,096.91 a month

Every extra $10,000 you borrow adds about $67.74 a month at this rate.

Subtract your down payment from the price. On a $750,000 home, a 20% down payment of $150,000 leaves a $600,000 loan, or about $4,064.61 a month. A 10% down payment of $75,000 leaves a $675,000 loan, or about $4,572.69 a month, which is $508.08 more each month. The smaller the down payment, the bigger the loan, and the bigger the payment. Some loans with a smaller down payment also add mortgage insurance, which is not in these figures.

For a local reference point, Bright MLS Industry Watch put Arlington County's median sale price at $800,000 for July through September 2026. With 20% down, that leaves a $640,000 loan, which is about $4,335.58 a month at 7.18%. A median mixes condos, townhomes and houses, so use it only as a reference. Your home, your down payment and your rate will be your own.

Rates have eased for several weeks, and small drops add up over time. On a $600,000 loan, the move from 7.24% to 7.18% lowers principal and interest from about $4,088.99 to $4,064.61, a difference of $24.38 a month. A year ago, Freddie Mac's 30-year average was 6.22%. At that rate, the same $600,000 loan would have cost about $3,682.60 a month, which is $382.01 less than today. Rates move for reasons no one can predict, so plan for the rate you can actually get, not the one you hope for.

Yes, because it shrinks the loan. Start with the $600,000 loan above. If you put an extra $50,000 down, the loan drops to $550,000 and the payment falls by about $339 a month, from about $4,064.61 to about $3,725.87. That is the same math as the $67.74 per $10,000 above, applied five times. Whether an extra $50,000 down fits your plans is a question for you, your lender and your own budget, since cash you put down is cash you no longer have for moving costs, repairs or a rainy day.

Add up every payment and you can see the full cost of borrowing. A $600,000 loan at 7.18% for 30 years has 360 payments of about $4,064.61, or about $1,463,259 in total. That means about $863,259 of it is interest. A 15-year loan at Freddie Mac's 6.57% average would cost about $5,249.76 a month on the same $600,000, which is more per month. But it would add up to about $944,957 in total, with about $344,957 of interest. A shorter loan raises the payment and lowers the total interest. Whether that fits depends on your budget, which is why a lender's quote matters.

Property taxes, homeowners insurance, condo or HOA fees, and mortgage insurance if your loan needs it. Your real monthly cost will be higher than the principal and interest figure. Ask a lender for a full estimate, and compare it line by line with the Loan Estimate. You can also compare rates with the CFPB's rate tool.

Start with the price and subtract your down payment. Then multiply the loan by 0.006774 to get a rough monthly principal and interest at 7.18%. For example, $450,000 times 0.006774 is about $3,048. The standard formula behind these numbers is payment = loan x r / (1 - (1 + r) to the power of minus n), where r is the yearly rate divided by 12 (0.0718 / 12) and n is the number of monthly payments (360 for 30 years).

Will the payment change if rates move?
Yes, until your rate is locked. Read What Is a Mortgage Rate Lock? for how a lock works.

Where can I see how last week's rate affected Arlington?
Read Mortgage Rates Dipped to 7.24%: What It Means in Arlington.

How do I know what I can afford?
Get pre-approved. See How to Get Pre-Approved to Buy in Arlington VA.

Call or text Claudia at 703-350-3884 or visit claudiawebb.com.

The Mike Webb Team, RE/MAX Allegiance. Arlington, Virginia. Equal Housing Opportunity.