CalculynWhat is the monthly payment on a $300k mortgage?
At a 6.5% interest rate on a 30-year fixed loan, a $300,000 mortgage costs about $1,896 a month in principal and interest. Property tax, insurance and PMI usually add more on top.
Monthly payment by rate
Principal and interest only. Example rates for 2026, not a quote.
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 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 |
Total interest paid
| Rate | 30-year total interest | 15-year total interest |
|---|---|---|
| 5.5% | $313,212 | $141,225 |
| 6% | $347,515 | $155,683 |
| 6.5% | $382,633 | $170,398 |
| 7% | $418,527 | $185,367 |
| 7.5% | $455,152 | $200,587 |
Income needed
A common guideline keeps housing costs under 28% of gross monthly income. At 6.5% over 30 years, a $300,000 loan suggests an income of roughly $101,582 a year, assuming taxes and insurance add about 25% to the payment.
How it's calculated
Monthly payment = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of monthly payments.
Change the numbers →
Open the Mortgage Calculator with these values filled in.
These figures are educational estimates, not financial advice.
Related answers
What is the monthly payment on a $150k mortgage?What is the monthly payment on a $200k mortgage?What is the monthly payment on a $250k mortgage?What is the monthly payment on a $350k mortgage?What is the monthly payment on a $400k mortgage?What is the monthly payment on a $450k mortgage?
All answers →