The monthly payment on a home, if one borrowed $390,000 at annual interest rate of 6.89% over 30 years, is $2,565.93.
How the monthly payment is computed:
Using the PMT function or an online finance calculator will compute the monthly payment as follows:
N (# of periods) = 360 months (30 years x 12)
I/Y (Interest per year) = 6.89%
PV (Present Value) = $390,000
FV (Future Value) = $0
Results:
PMT (Monthly Payment) = $2,565.93
Sum of all periodic payments = $923,734.80
Total Interest = $533,734.80
Thus, the monthly payment for $390,000 mortgage over 30 years is $2,565.93.