Monthly payment on $300,000 by rate and term
Principal and interest on the $240,000 borrowed after a 20% deposit of $60,000. The rate is the single biggest lever, which is why it is worth shopping.
| Rate | 30 years | 20 years | 15 years |
|---|---|---|---|
| 5.50% | $1,362.69 | $1,650.93 | $1,961.00 |
| 6.00% | $1,438.92 | $1,719.43 | $2,025.26 |
| 6.50% | $1,516.96 | $1,789.38 | $2,090.66 |
| 7.00% | $1,596.73 | $1,860.72 | $2,157.19 |
| 7.50% | $1,678.11 | $1,933.42 | $2,224.83 |
| 8.00% | $1,761.03 | $2,007.46 | $2,293.57 |
Principal and interest only, before taxes, insurance and any PMI.
How the deposit changes it
| Down payment | Loan | P&I | PMI | PMI ends |
|---|---|---|---|---|
| 5% ($15,000) | $285,000 | $1,801.39 | $130.63 | month 135 |
| 10% ($30,000) | $270,000 | $1,706.58 | $123.75 | month 109 |
| 20% ($60,000) | $240,000 | $1,516.96 | — | not charged |
At 6.5% over 30 years. PMI applies above 80% loan-to-value and is cancelled automatically at 78%.
What $300,000 costs over the life of the loan
At 6.5% over 30 years on a $240,000 loan, the interest alone comes to $306,109 — on top of the amount borrowed. Shortening the term is the single biggest lever on that number:
| Term | Monthly (P&I) | Total interest | Interest saved |
|---|---|---|---|
| 30 years | $1,517 | $306,109 | — |
| 20 years | $1,789 | $189,449 | $116,660 |
| 15 years | $2,091 | $136,318 | $169,791 |
Paying it off over 15 years instead of 30 costs $574 more a month and saves $169,791 in interest.
What one percentage point of rate is worth here
On a $240,000 loan, going from 6.5% to 7.5% adds $161 a month — and $58,014 across the full term. At this size, a rate quote worth shopping for is worth more than most of the fees people negotiate instead.
The income a lender would look for
Lenders commonly cap housing costs at 28% of gross monthly income. On the full payment of $1,942 — principal, interest, tax, insurance — that implies roughly $83,227 a year before tax. It is a rule of thumb, not an underwriting decision: your other debts, credit score and deposit all move it. See what that salary looks like after tax.
Frequently asked questions
What is the monthly payment on a $300,000 house?
With 20% down at 6.5% over 30 years, principal and interest are $1,516.96 a month. Adding property tax and insurance brings the full payment to about $1,941.96.
How much do I need to put down on a $300,000 home?
20% is $60,000, which avoids PMI. At 5% down ($15,000) you would borrow $285,000 and pay an extra $130.63 a month in PMI until month 135.
How much interest does a $300,000 mortgage cost?
On the $240,000 borrowed at 6.5% over 30 years, total interest is $306,109 — about 128% of the amount borrowed. A 15-year term cuts that to $136,318.
Nearby prices
Related tools
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