For a $300,000 mortgage at a 6.5% fixed rate over 30 years, the principal-and-interest payment is about $1,896.20 per month. Over the full term you would pay roughly $382,633 in interest on top of the original $300,000. That figure excludes property tax, homeowners insurance, mortgage insurance and HOA dues, which often add several hundred dollars a month.
Monthly payment on a $300,000 mortgage by rate and term
The table shows principal and interest only, using the standard amortization formula with a fixed rate and equal monthly payments. The rates are sample values for comparison, not current market quotes.
| Rate | 30-yr payment | 30-yr total interest | 15-yr payment | 15-yr total interest |
|---|---|---|---|---|
| 5.5% | $1,703.37 | $313,212 | $2,451.25 | $141,225 |
| 6.0% | $1,798.65 | $347,515 | $2,531.57 | $155,683 |
| 6.5% | $1,896.20 | $382,633 | $2,613.32 | $170,398 |
| 7.0% | $1,995.91 | $418,527 | $2,696.48 | $185,367 |
| 7.5% | $2,097.64 | $455,152 | $2,781.04 | $200,587 |
What the table shows
The 15-year loan carries a higher payment but a far smaller interest bill. At 6.5%, the 15-year payment is $2,613.32 against $1,896.20 for 30 years, a difference of about $717 per month, yet total interest drops from $382,633 to $170,398. Lenders also usually price shorter terms at slightly lower rates, which this table does not assume.
Costs the payment does not include
- Property tax: varies widely by county. A 1% effective rate would add about $250 a month on a $300,000 home.
- Homeowners insurance: often $100 to $250 a month depending on location and coverage.
- Mortgage insurance: commonly required on conventional loans with less than 20% down.
- Maintenance: a common planning rule is to set aside 1% of the home value per year.
How to test your own numbers
Open the Mortgage Calculator, enter your own price, down payment, rate and term, and compare scenarios side by side. To see what income supports this payment, use the Mortgage Affordability Calculator.
Worked example: how the first payment is split
On a $300,000 loan at 6.5%, the monthly interest rate is 0.5417%. In month one, interest is about $1,625 and only about $271 of the payment reduces principal. Early payments are mostly interest, which is why paying extra principal early saves so much. By year 15 the split is roughly even, and in the last years nearly all of each payment goes to principal.
Ways to lower the payment
- Larger down payment: every extra $10,000 down reduces the payment by about $63 per month at 6.5% over 30 years.
- Better rate: improving your credit profile and comparing several lenders can move the rate by a half point or more.
- Discount points: paying points upfront lowers the rate; our points break-even guide shows how to test whether it pays off.
- Extra payments: see how they shorten the loan in the extra payments guide.
Common mistakes
Buyers often budget only for principal and interest, then are surprised by escrow. Others compare loans by rate alone and overlook closing costs and APR. Use the APR versus interest rate guide when comparing offers.
Calculate your own mortgage payment
Common questions
What is the monthly payment on a $300,000 mortgage?
At 6.5% over 30 years the principal-and-interest payment is about $1,896.20 per month, before taxes, insurance and other costs.
How much interest do you pay on a $300,000 mortgage?
At 6.5% over 30 years, total interest is about $382,633. A 15-year term at the same rate cuts it to about $170,398.
Does the payment include property tax and insurance?
No. This figure covers principal and interest only. Taxes, insurance, mortgage insurance and HOA dues are additional.
How much income do I need for a $300,000 mortgage?
It depends on the rate, down payment, debts and local taxes. See the guide on affording a home on an $80,000 salary for a worked example.