$300,000 Mortgage Payment
See exactly what you'd pay monthly on a $300,000 home at different interest rates and down payment amounts.
5% Down Payment ($15,000)
Loan amount: $285,000
30-Year Fixed
| Rate | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 5.5% | $1,618.20 | $297,552 | $582,552 |
| 6% | $1,708.72 | $330,139 | $615,139 |
| 6.5% | $1,801.39 | $363,502 | $648,502 |
| 7% | $1,896.11 | $397,600 | $682,600 |
| 7.5% | $1,992.76 | $432,394 | $717,394 |
15-Year Fixed
| Rate | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 5.5% | $2,328.69 | $134,164 | $419,164 |
| 6% | $2,404.99 | $147,899 | $432,899 |
| 6.5% | $2,482.66 | $161,878 | $446,878 |
| 7% | $2,561.66 | $176,099 | $461,099 |
| 7.5% | $2,641.99 | $190,557 | $475,557 |
10% Down Payment ($30,000)
Loan amount: $270,000
30-Year Fixed
| Rate | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 5.5% | $1,533.03 | $281,891 | $551,891 |
| 6% | $1,618.79 | $312,763 | $582,763 |
| 6.5% | $1,706.58 | $344,370 | $614,370 |
| 7% | $1,796.32 | $376,674 | $646,674 |
| 7.5% | $1,887.88 | $409,637 | $679,637 |
15-Year Fixed
| Rate | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 5.5% | $2,206.13 | $127,103 | $397,103 |
| 6% | $2,278.41 | $140,114 | $410,114 |
| 6.5% | $2,351.99 | $153,358 | $423,358 |
| 7% | $2,426.84 | $166,831 | $436,831 |
| 7.5% | $2,502.93 | $180,528 | $450,528 |
20% Down Payment ($60,000)
Loan amount: $240,000
30-Year Fixed
| Rate | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 5.5% | $1,362.69 | $250,570 | $490,570 |
| 6% | $1,438.92 | $278,012 | $518,012 |
| 6.5% | $1,516.96 | $306,107 | $546,107 |
| 7% | $1,596.73 | $334,821 | $574,821 |
| 7.5% | $1,678.11 | $364,121 | $604,121 |
15-Year Fixed
| Rate | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 5.5% | $1,961.00 | $112,980 | $352,980 |
| 6% | $2,025.26 | $124,546 | $364,546 |
| 6.5% | $2,090.66 | $136,318 | $376,318 |
| 7% | $2,157.19 | $148,294 | $388,294 |
| 7.5% | $2,224.83 | $160,469 | $400,469 |
Key Takeaways for a $300,000 Home
- With 20% down ($60,000), you avoid PMI and get the lowest monthly payment.
- The difference between 5.5% and 7.5% on this home is $113,552 in total interest over 30 years.
- A 15-year mortgage saves massive interest but increases your monthly payment by ~40-50%.
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