$300,000 Mortgage Payment
Monthly principal & interest by interest rate and loan term.
A $300,000 mortgage at 6.50% over 30 years costs about $1,896 a month in principal and interest, and $382,632 in interest over the life of the loan.
Early payments are mostly interest: in the first year only a small slice of each instalment reduces the balance. That is why a shorter term saves so much — the rate is similar, but the interest has far less time to compound.
Choosing a term
- $1,896 a month on a 30-year term, with $382,632 of interest paid in total.
- $2,237 a month on a 20-year term, with $236,813 of interest paid in total.
- $2,613 a month on a 15-year term, with $170,398 of interest paid in total.
- Property tax, homeowners insurance, PMI and HOA dues are not included — a common reason a real payment lands 20-30% above the figure shown here.
Monthly Payment by Rate & Term
| Interest Rate | 30 years | 20 years | 15 years |
|---|---|---|---|
| 5% | $1,610 | $1,980 | $2,372 |
| 5.5% | $1,703 | $2,064 | $2,451 |
| 6% | $1,799 | $2,149 | $2,532 |
| 6.5% | $1,896 | $2,237 | $2,613 |
| 7% | $1,996 | $2,326 | $2,696 |
| 7.5% | $2,098 | $2,417 | $2,781 |
| 8% | $2,201 | $2,509 | $2,867 |
Principal & interest only. Property tax, insurance, PMI and HOA are extra.
At 6.5% over 30 Years
| Loan Amount | $300,000 |
|---|---|
| Monthly Principal & Interest | $1,896 |
| Total Interest (30 yr) | $382,632 |
| Total of Payments | $682,632 |
First-Year Amortization (6.5%, 30 yr)
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $271 | $1,625 | $299,729 |
| 2 | $273 | $1,624 | $299,456 |
| 3 | $274 | $1,622 | $299,182 |
| 4 | $276 | $1,621 | $298,906 |
| 5 | $277 | $1,619 | $298,629 |
| 6 | $279 | $1,618 | $298,351 |
| 7 | $280 | $1,616 | $298,070 |
| 8 | $282 | $1,615 | $297,789 |
| 9 | $283 | $1,613 | $297,506 |
| 10 | $285 | $1,611 | $297,221 |
| 11 | $286 | $1,610 | $296,935 |
| 12 | $288 | $1,608 | $296,647 |
Early payments are mostly interest; principal builds over time.
Last reviewed: October 2026
Data sources: Standard mortgage amortization formula; Principal & interest only — excludes taxes, insurance, PMI, HOA.
Disclaimer: Payment estimates are for principal and interest at the rates shown. Your actual payment depends on your rate, taxes, insurance and fees. Not financial advice.