Payment on a $60,000 loan at today's 15 year rate of approximately 3.5% (this will depend on several factors like credit and down payment) is $428.92. At a rate of 3.625% it is $432.62. At 3.75% it is 436.33. On a small loan the rate is not going to change the payment that much. This does not factor in taxes and insurance. It also does not factor in PMI. If you are putting down less than 20% you will have monthly PMI. This also depends on credit and the amount you are putting down. Some lenders offer Upfront PMI. Rather than pay PMI monthly you pay a lump sum at closing to have the monthly fee waived. If you plan on being in the house more than about 3 years it will work out to your advantage.