Monthly payment on $375,000 by rate and term
Principal and interest on the $300,000 borrowed after a 20% deposit of $75,000. The rate is the single biggest lever, which is why it is worth shopping.
| Rate | 30 years | 20 years | 15 years |
|---|---|---|---|
| 5.50% | $1,703.37 | $2,063.66 | $2,451.25 |
| 6.00% | $1,798.65 | $2,149.29 | $2,531.57 |
| 6.50% | $1,896.20 | $2,236.72 | $2,613.32 |
| 7.00% | $1,995.91 | $2,325.90 | $2,696.48 |
| 7.50% | $2,097.64 | $2,416.78 | $2,781.04 |
| 8.00% | $2,201.29 | $2,509.32 | $2,866.96 |
Principal and interest only, before taxes, insurance and any PMI.
How the deposit changes it
| Down payment | Loan | P&I | PMI | PMI ends |
|---|---|---|---|---|
| 5% ($18,750) | $356,250 | $2,251.74 | $163.28 | month 135 |
| 10% ($37,500) | $337,500 | $2,133.23 | $154.69 | month 109 |
| 20% ($75,000) | $300,000 | $1,896.20 | — | not charged |
At 6.5% over 30 years. PMI applies above 80% loan-to-value and is cancelled automatically at 78%.
What $375,000 costs over the life of the loan
At 6.5% over 30 years on a $300,000 loan, the interest alone comes to $382,637 — 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 | $1,896 | $382,637 | — |
| 20 years | $2,237 | $236,812 | $145,824 |
| 15 years | $2,613 | $170,398 | $212,238 |
Paying it off over 15 years instead of 30 costs $717 more a month and saves $212,238 in interest.
What one percentage point of rate is worth here
On a $300,000 loan, going from 6.5% to 7.5% adds $201 a month — and $72,518 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 $2,390 — principal, interest, tax, insurance — that implies roughly $102,426 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 $375,000 house?
With 20% down at 6.5% over 30 years, principal and interest are $1,896.20 a month. Adding property tax and insurance brings the full payment to about $2,389.95.
How much do I need to put down on a $375,000 home?
20% is $75,000, which avoids PMI. At 5% down ($18,750) you would borrow $356,250 and pay an extra $163.28 a month in PMI until month 135.
How much interest does a $375,000 mortgage cost?
On the $300,000 borrowed at 6.5% over 30 years, total interest is $382,637 — about 128% of the amount borrowed. A 15-year term cuts that to $170,398.
Nearby prices
Related tools
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