Monthly payment on a $300,000 mortgage
The monthly principal and interest payment on a $300,000 mortgage at 6.5% for 30 years is $1,896.20.
- Over the full 30 years you'd pay $382,633 in interest — $682,633 in total, or $1.28 of interest for every $1 borrowed.
- A 15-year loan at the same rate costs $2,613.32 a month — $717 more — but cuts total interest to $170,398, saving $212,235.
- Taxes and insurance come on top: using the Mortgage Calculator's defaults (1.1% property tax on a $375,000 home and $1,800 a year of insurance), the full monthly payment is about $2,389.95.
- On the 30-year schedule, principal first outpaces interest in year 20, and half the loan is repaid by the end of year 22.
- Lenders often cap housing costs at 28% of gross income; keeping principal and interest alone under that line takes about $81,266 a year — more once taxes and insurance are counted.
Educational estimate only, not financial advice. Figures cover principal and interest on a fixed-rate loan; your lender's quote will include taxes, insurance, fees, and terms specific to you.
$75,000 · 20.0% of price
Taxes, insurance & fees
PMI is charged only while your down payment is under 20%, and drops off automatically once you reach 22% equity.
Extra payments (optional)
Loan start date
Estimated monthly payment
$2,389.95
Loan amount
$300,000
Total interest
$382,633
Total cost
$682,633
Payoff
October 2056
Term
30 yr
- Principal & interest$1,896.2079%
- Property tax$343.7514%
- Home insurance$150.006%
Pre-filled for this page. Open the full Mortgage Calculator for every option.
| Rate | 30-year payment | 30-year total interest | 15-year payment | 15-year total interest |
|---|---|---|---|---|
| 5.5% | $1,703.37 | $313,212 | $2,451.25 | $141,225 |
| 6% | $1,798.65 | $347,515 | $2,531.57 | $155,683 |
| 6.5% | $1,896.20 | $382,633 | $2,613.32 | $170,398 |
| 7% | $1,995.91 | $418,527 | $2,696.48 | $185,367 |
| 7.5% | $2,097.64 | $455,152 | $2,781.04 | $200,587 |
| Loan amount | Monthly payment | Total interest |
|---|---|---|
| $250,000 | $1,580.17 | $318,861 |
| $275,000 | $1,738.19 | $350,747 |
| $300,000 | $1,896.20 | $382,633 |
| $325,000 | $2,054.22 | $414,520 |
| $350,000 | $2,212.24 | $446,406 |
| End of year | Principal that year | Interest that year | Remaining balance | Paid off |
|---|---|---|---|---|
| 1 | $3,353 | $19,401 | $296,647 | 1.1% |
| 5 | $4,346 | $18,409 | $280,833 | 6.4% |
| 10 | $6,009 | $16,745 | $254,328 | 15.2% |
| 15 | $8,310 | $14,445 | $217,677 | 27.4% |
| 20 | $11,491 | $11,263 | $166,996 | 44.3% |
| 25 | $15,890 | $6,864 | $96,912 | 67.7% |
| 30 | $21,973 | $781 | $0 | 100% |
| Extra per month | New monthly payment | Paid off in | Interest saved |
|---|---|---|---|
| $100 | $1,996.20 | 26 yr | $60,995 |
| $250 | $2,146.20 | 21 yr 10 mo | $120,337 |
| $500 | $2,396.20 | 17 yr 6 mo | $179,759 |
What this number includes
The $1,896.20 figure is principal and interest only — the part fixed for the life of a fixed-rate loan. It assumes a $300,000 loan, for example a $375,000 home with 20% down, so no private mortgage insurance applies.
$300,000 is under the conforming loan limit in every U.S. county, so it can be a standard conforming loan eligible for sale to Fannie Mae or Freddie Mac.
Frequently asked questions
- What is the monthly payment on a $300,000 mortgage?
- $1,896.20 a month for principal and interest at 6.5% over 30 years. Across rates from 5.5% to 7.5% it ranges from $1,703.37 to $2,097.64, before taxes and insurance.
- How much interest will I pay on a $300,000 mortgage?
- $382,633 over 30 years at 6.5%, or $170,398 on a 15-year loan at the same rate.
- How much does paying $100 extra a month save on a $300,000 mortgage?
- At 6.5% over 30 years, an extra $100 a month saves $60,995 in interest and pays the loan off in 26 years instead of 30 years.