How much would my payment be on a $300,000 mortgage?

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Loan terms (in years)

Interest rate
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Fill out the form and click on “Calculate” to see yourestimated monthly payment.

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You can expect to pay back$per month

Based on your loan terms

Principal	$
Interest	$
Total Cost	$

1. Enter how much you want to borrow under Loan amount.
2. Type in your mortgage term in years (not months) under the Loan terms field.
3. Enter the loan’s interest rate if it doesn’t come with any fees under Interest rate. Note that your monthly mortgage payments will vary depending on your interest rate, taxes, PMI costs and other related fees. If you have this information available, you can enter the annual percentage rate (APR), which includes interest and fees combined.
4. Choose Calculate.
5. Review your results.

Monthly payments on a $300,000 mortgage

At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $1,996 a month, while a 15-year might cost $2,696 a month.

See your monthly payments by interest rate

Interest	Mortgage term	Monthly payments
5.75%	15 years	$2,491
5.75%	30 years	$1,751
6.00%	15 years	$2,532
6.00%	30 years	$1,799
6.25%	15 years	$2,572
6.25%	30 years	$1,847
6.50%	15 years	$2,613
6.50%	30 years	$1,896
6.75%	15 years	$2,655
6.75%	30 years	$1,946
7.00%	15 years	$2,696
7.00%	30 years	$1,996
7.25%	15 years	$2,739
7.25%	30 years	$2,047
7.50%	15 years	$2,781
7.50%	30 years	$2,098
7.75%	15 years	$2,824
7.75%	30 years	$2,149
8.00%	15 years	$2,867
8.00%	30 years	$2,201
8.25%	15 years	$2,910
8.25%	30 years	$2,254

Your total interest on a $300,000 mortgage

On a 30-year mortgage with a 7.00% fixed interest rate, you’ll pay $418,527 in interest over the loan’s lifetime. That’s about two-thirds of what you borrowed in interest.

If you instead opt for a 15-year mortgage, you’ll pay $185,367 in interest over the loan’s lifetime — or about half the interest you’d pay on a 30-year mortgage.

Interest	Mortgage term	Total interest charged
5.75%	15 years	$148,421
5.75%	30 years	$330,259
6.00%	15 years	$155,683
6.00%	30 years	$347,515
6.25%	15 years	$163,008
6.25%	30 years	$364,975
6.50%	15 years	$170,398
6.50%	30 years	$382,633
6.75%	15 years	$177,851
6.75%	30 years	$400,486
7.00%	15 years	$185,367
7.00%	30 years	$418,527
7.25%	15 years	$192,946
7.25%	30 years	$436,750
7.50%	15 years	$200,587
7.50%	30 years	$455,152
7.75%	15 years	$208,289
7.75%	30 years	$473,725
8.00%	15 years	$216,052
8.00%	30 years	$492,466
8.25%	15 years	$223,876
8.25%	30 years	$511,368

Interest rates vary by lender

Even a quarter of a percent difference in your interest rate on a $300,000 loan can add $40 to $50 a month onto your mortgage payment and cost you more than $15,000 in interest over the loan’s lifetime. But many borrowers don’t take the time to shop around for the best rate.

And as government surveys and studies have shown, interest rates offered between lenders can widely vary. Even different branches from a single lender might offer different rates for the same loan and borrower.

The only way to make sure you get the best rate for your mortgage is to compare lenders with your specific financial details for an accurate quote. Start your shopping with the lenders and lender marketplaces below. Select See rates to provide the company with basic property and financial details for personalized rates.

Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.

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How much do I need to make to afford a $300,000 house?

How much income you need depends on your down payment, loan terms, taxes and insurance. With a 20% down payment on a 30-year mortgage and a 7.00% interest rate, you need a household income of $70,000 yearly or more before tax.

Amortization schedule

When you take out a mortgage, you agree to pay the principal and interest over the loan’s lifetime. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.

Amortization means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your balance.

Estimate your monthly loan repayments on a $300,000 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.

30-year loan
15-year loan

Year	Beginning balance	Monthly payment	Total interest paid	Total principal paid	Total paid throughout the year	Remaining balance
1	$300,000	$1,996	$20,903	$3,047	$23,951	$296,953
2	$296,953	$1,996	$20,683	$3,268	$23,951	$293,685
3	$293,685	$1,996	$20,447	$3,504	$23,951	$290,181
4	$290,181	$1,996	$20,194	$3,757	$23,951	$286,424
5	$286,424	$1,996	$19,922	$4,029	$23,951	$282,395
6	$282,395	$1,996	$19,631	$4,320	$23,951	$278,075
7	$278,075	$1,996	$19,318	$4,632	$23,951	$273,442
8	$273,442	$1,996	$18,984	$4,967	$23,951	$268,475
9	$268,475	$1,996	$18,625	$5,326	$23,951	$263,149
10	$263,149	$1,996	$18,239	$5,711	$23,951	$257,437
11	$257,437	$1,996	$17,827	$6,124	$23,951	$251,313
12	$251,313	$1,996	$17,384	$6,567	$23,951	$244,746
13	$244,746	$1,996	$16,909	$7,042	$23,951	$237,704
14	$237,704	$1,996	$16,400	$7,551	$23,951	$230,153
15	$230,153	$1,996	$15,854	$8,097	$23,951	$222,057
16	$222,057	$1,996	$15,269	$8,682	$23,951	$213,375
17	$213,375	$1,996	$14,641	$9,310	$23,951	$204,065
18	$204,065	$1,996	$13,968	$9,983	$23,951	$194,082
19	$194,082	$1,996	$13,247	$10,704	$23,951	$183,378
20	$183,378	$1,996	$12,473	$11,478	$23,951	$171,900
21	$171,900	$1,996	$11,643	$12,308	$23,951	$159,592
22	$159,592	$1,996	$10,753	$13,198	$23,951	$146,395
23	$146,395	$1,996	$9,799	$14,152	$23,951	$132,243
24	$132,243	$1,996	$8,776	$15,175	$23,951	$117,069
25	$117,069	$1,996	$7,679	$16,272	$23,951	$100,797
26	$100,797	$1,996	$6,503	$17,448	$23,951	$83,349
27	$83,349	$1,996	$5,242	$18,709	$23,951	$64,640
28	$64,640	$1,996	$3,889	$20,062	$23,951	$44,579
29	$44,579	$1,996	$2,439	$21,512	$23,951	$23,067
30	$23,067	$1,996	$884	$23,067	$23,951	$0

Year	Beginning balance	Monthly payment	Total interest paid	Total principal paid	Total paid throughout the year	Remaining balance
1	$300,000	$2,696	$20,628	$11,729	$32,358	$288,271
2	$288,271	$2,696	$19,781	$12,577	$32,358	$275,693
3	$275,693	$2,696	$18,871	$13,487	$32,358	$262,207
4	$262,207	$2,696	$17,896	$14,461	$32,358	$247,745
5	$247,745	$2,696	$16,851	$15,507	$32,358	$232,238
6	$232,238	$2,696	$15,730	$16,628	$32,358	$215,611
7	$215,611	$2,696	$14,528	$17,830	$32,358	$197,781
8	$197,781	$2,696	$13,239	$19,119	$32,358	$178,662
9	$178,662	$2,696	$11,857	$20,501	$32,358	$158,161
10	$158,161	$2,696	$10,375	$21,983	$32,358	$136,178
11	$136,178	$2,696	$8,786	$23,572	$32,358	$112,606
12	$112,606	$2,696	$7,082	$25,276	$32,358	$87,330
13	$87,330	$2,696	$5,254	$27,103	$32,358	$60,226
14	$60,226	$2,696	$3,295	$29,063	$32,358	$31,164
15	$31,164	$2,696	$1,194	$31,164	$32,358	$0

How much would my payment be on a $300,000 mortgage? | finder.com (2024)