Mortgage payment
$300,000 mortgage payment
A $300,000 mortgage at 7% is about $1,996/month over 30 years, or $2,696/month over 15 years — principal and interest only. Taxes, insurance, and PMI are extra.
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$300,000 mortgage payment by rate
| Rate | 30-year (P&I) | 15-year (P&I) |
|---|---|---|
| 5.5% | $1,703 | $2,451 |
| 5.75% | $1,751 | $2,491 |
| 6% | $1,799 | $2,532 |
| 6.25% | $1,847 | $2,572 |
| 6.5% | $1,896 | $2,613 |
| 6.75% | $1,946 | $2,655 |
| 7% | $1,996 | $2,696 |
| 7.25% | $2,047 | $2,739 |
| 7.5% | $2,098 | $2,781 |
| 7.75% | $2,149 | $2,824 |
| 8% | $2,201 | $2,867 |
What drives the payment
Your monthly payment depends on the loan amount, interest rate, and term. This table shows principal and interest; a full housing payment (PITI) also includes property tax, homeowners insurance, and PMI if your down payment is under 20%. To model the complete payment, use the mortgage calculator, compare terms with the 15 vs 30 year calculator, or check whether refinancing pays off with the refinance calculator.
Frequently asked questions
How much is a $300,000 mortgage per month?
At 7%, a $300,000 mortgage runs about $1,996 a month over 30 years or $2,696 over 15 years, for principal and interest. Property tax, insurance, and any PMI are on top.
What income do I need for a $300,000 mortgage?
As a rough guide using the 28% rule, you'd want household income of about $107,000 a year to comfortably afford the payment plus taxes and insurance. Lenders also weigh your other debts and down payment.
How much total interest on a $300,000 mortgage?
Over a 30-year term at 7%, you'd pay about $418,527 in interest — often more than half the loan amount. A 15-year term or a lower rate cuts that sharply.
Other loan amounts
Principal-and-interest estimates using standard amortization at the rates shown. Not a loan offer — your actual rate, taxes, insurance, and PMI determine the real payment.