Monthly Payment on a $300,000 Mortgage (Rate Table)
Updated October 6, 2026
On a 30-year fixed mortgage, a $300,000 loan costs about $1,610 a month at 5%, $1,799 at 6% and $1,996 at 7%. These figures cover principal and interest only. Property tax, home insurance and mortgage insurance come on top.
Mortgage rates change often, so this guide shows the payment across a range of rates, explains what else goes into your monthly bill and gives you ways to lower it. To test your own numbers, use our mortgage payment calculator.
$300,000 mortgage payment by interest rate (30 years)
| Interest rate | Monthly principal and interest | Total interest over 30 years |
|---|---|---|
| 4.5% | $1,520 | $247,220 |
| 5% | $1,610 | $279,767 |
| 5.5% | $1,703 | $313,212 |
| 6% | $1,799 | $347,515 |
| 6.5% | $1,896 | $382,633 |
| 7% | $1,996 | $418,527 |
| 7.5% | $2,098 | $455,152 |
Every 0.5 percentage point on the rate adds roughly $95 to $100 a month. At 6.5% you pay about $632 a month for every $100,000 you borrow, which is a quick way to estimate other loan sizes.
How to calculate a mortgage payment
Lenders use a standard formula for principal and interest:
Payment = L x r / (1 – (1 + r)^-n)
L is the loan amount, r is the monthly interest rate (the annual rate divided by 12) and n is the number of monthly payments, which is 360 for a 30-year loan. For $300,000 at 6.5%, r is 0.065 / 12, and the payment works out to about $1,896.
What else is in your monthly payment?
Most buyers pay more than principal and interest. A typical monthly bill, often called PITI, includes:
- Principal: repays the loan.
- Interest: the cost of borrowing.
- Property tax: varies a lot by state and county. Your lender often collects it monthly.
- Homeowners insurance: required by lenders and usually collected monthly too.
- Mortgage insurance (PMI): often required on conventional loans if you put down less than 20%. It is often somewhere around 0.5% to 1.5% of the loan a year, depending on your credit and down payment.
- HOA fees: only if your home is in an association.
Example: on a $300,000 loan at 6.5%, principal and interest is about $1,896. Add $3,600 a year in property tax ($300 a month) and $1,200 a year in insurance ($100 a month), and your payment becomes about $2,296 a month. Replace these with real quotes for your area.
How much house does a $300,000 mortgage buy?
The loan is not the price of the home. It depends on your down payment:
- 20% down: a $300,000 loan buys a home around $375,000.
- 10% down: it buys a home around $333,000.
- 5% down: it buys a home around $316,000.
Our down payment calculator shows how much cash each percentage needs.
30-year versus 15-year versus 20-year
A shorter term costs more each month but saves a great deal of interest. At 6.5% on $300,000:
| Term | Monthly payment | Total interest |
|---|---|---|
| 30 years | $1,896 | $382,633 |
| 20 years | $2,237 | $236,813 |
| 15 years | $2,613 | $170,398 |
Choosing 15 years instead of 30 raises the payment by about $717 a month but cuts the interest by roughly $212,000. If the higher payment strains your budget, a 30-year loan with extra payments when you can afford them keeps your options open.
Can you afford a $300,000 mortgage?
Lenders compare your monthly debts to your gross income. This is your debt-to-income ratio. Try yours with the debt-to-income calculator. Many lenders prefer a ratio around 36% or lower, though limits vary by loan type and lender.
A simple check: add your total estimated payment (about $2,296 in our example) to your other monthly debts, divide by your gross monthly income and see where you land. Also leave room for repairs, savings and everyday costs, which lenders do not count. If you are comparing buying with renting, see what you can afford with the rent affordability calculator.
6 ways to lower your monthly payment
- Raise your credit score before applying. A higher score can lower your rate and your PMI cost.
- Make a bigger down payment. It shrinks the loan and can remove PMI.
- Compare several lenders on the same day. Rates and fees vary.
- Ask about points. Paying a fee upfront can lower the rate. Only do this if you will keep the loan long enough to recover the cost.
- Shop for insurance and appeal your property tax if it looks too high.
- Refinance later if rates fall enough to cover the closing costs.
Is it worth paying extra each month?
Yes, often. Adding $200 a month to a $300,000 loan at 6.5% pays it off in about 23 years instead of 30, saving about 7 years and roughly $103,000 in interest. See your own savings with the mortgage overpayment calculator, which works in dollars too if you pick the currency. Check your loan has no penalty for extra payments first.
Frequently asked questions
How much is a $300,000 mortgage per month?
About $1,610 to $1,996 a month in principal and interest at 5% to 7% over 30 years, before tax and insurance.
What income do I need for a $300,000 mortgage?
It depends on your other debts, your rate and the lender. As a rough guide, your total housing payment is often kept to around 28% to 31% of gross income, and total debts to around 36% to 43%. Use the debt-to-income calculator to check yours.
How much is a $300,000 mortgage at 6.5%?
About $1,896 a month in principal and interest, or roughly $2,296 with the example tax and insurance above.
How much interest will I pay on $300,000?
At 6.5% over 30 years, about $382,633, which is more than the loan itself. A shorter term or extra payments cut this a lot.
This article is for information only and is not mortgage or financial advice. Rates, taxes and insurance vary by lender and location, so get a quote before you decide.