$300,000 Mortgage Payment
With a $300,000 home price and 20% down ($60,000), your monthly principal & interest payment is $1,596.73 on a 30-year mortgage at 7%.
30-Year vs 15-Year Comparison
| Term | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 30 years | $1,596.73 | $334,821 | $574,821 |
| 15 years | $2,157.19 | $148,294 | $388,294 |
| You save | +$560.46/mo | $186,528 | $186,528 |
Monthly Payment by Interest Rate (30-Year)
| Rate | Monthly P&I | Total Interest |
|---|---|---|
| 5.5% | $1,362.69 | $250,570 |
| 6% | $1,438.92 | $278,012 |
| 6.5% | $1,516.96 | $306,107 |
| 7% | $1,596.73 | $334,821 |
| 7.5% | $1,678.11 | $364,121 |
| 8% | $1,761.03 | $393,973 |
About This Estimate
This calculation shows principal and interest only. Your actual monthly payment will also include property taxes (typically 0.5-2.5% of home value per year), homeowner's insurance ($1,000-$3,000+ per year), and possibly Private Mortgage Insurance (PMI) if your down payment is less than 20%. Use our full mortgage calculator to see a complete payment breakdown including taxes, insurance, and PMI.
A $300,000 home with 20% down requires a $60,000 down payment and a $240,000 loan. Over 30 years at 7%, you'll pay $334,821 in total interest — bringing the true cost of the home to $634,821. Choosing a 15-year term saves you $186,528 in interest but increases your monthly payment by $560.46.
Similar Mortgage Amounts
Salary Needed for a $300,000 Home
Based on common affordability guidelines (spending 28-36% of gross income on housing).