$300,000 mortgage payment by rate & term
The table below shows the estimated monthly payment (principal & interest only) for a $300,000 mortgage across common interest rates and loan terms.
| Rate | 10-year | 15-year | 20-year | 25-year | 30-year |
|---|---|---|---|---|---|
| 5.00% | $3,182 | $2,372 | $1,980 | $1,754 | $1,610 |
| 5.50% | $3,256 | $2,451 | $2,064 | $1,842 | $1,703 |
| 6.00% | $3,331 | $2,532 | $2,149 | $1,933 | $1,799 |
| 6.50% | $3,406 | $2,613 | $2,237 | $2,026 | $1,896 |
| 7.00% | $3,483 | $2,696 | $2,326 | $2,120 | $1,996 |
| 7.50% | $3,561 | $2,781 | $2,417 | $2,217 | $2,098 |
| 8.00% | $3,640 | $2,867 | $2,509 | $2,315 | $2,201 |
| 8.50% | $3,720 | $2,954 | $2,603 | $2,416 | $2,307 |
| 9.00% | $3,800 | $3,043 | $2,699 | $2,518 | $2,414 |
| 9.50% | $3,882 | $3,133 | $2,796 | $2,621 | $2,523 |
| 10.00% | $3,965 | $3,224 | $2,895 | $2,726 | $2,633 |
For example, at 6.50% over 30 years, a $300,000 mortgage costs about $1,896/month. That's about $632/month more than a $200,000 mortgage at the same rate and term - about $127,544 more in total interest paid over the full 30 years. Over the full 30 years you'd pay about $682,633 total - meaning roughly $382,633 of that, or 56% of every payment made, is interest on top of the $300,000 borrowed. Within the $100,000-$1,000,000 range this page series covers, $300,000 sits around the 29th percentile.
To comfortably afford a $300,000 home under the standard 28%-of-income guideline (20% down, 6.50% rate, including estimated property tax and insurance), you'd want a gross household income around $80,548/year. See the full income breakdown for a $300,000 house.
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- Interest rate: on this $300,000 loan, a 0.5% rate bump (to 7.00%) adds about $100/month - real money compounded over 30 years.
- Term: switching this $300,000 loan to 15 years raises the payment by about $717/month but cuts total interest dramatically.
- Down payment: a bigger down payment lowers the amount financed and shrinks every number in the table above.
Calculations show principal & interest only and exclude taxes, insurance and fees.