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How much would I pay on a $300,000 mortgage?

Calculate repayments, total interest and amortization to borrow with confidence.

Budgeting for your target home cost before you start your house search can really give you an advantage in understanding your true target home cost. And it starts with knowing what kinds of interest rates your local lenders have to offer.
Enter your ZIP code and other information into our calculator to compare rates available near you on the house you want — and see how they will affect your monthly payment.

Monthly mortgage payment calculator

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Monthly payments on a $300,000 mortgage

At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $1,995.91 a month, while a 15-year might cost $2,696.48 a month.

See your monthly payments by interest rate

Your total interest on a $300,000 mortgage

On a 30-year mortgage with a 7.00% fixed interest rate, you’ll pay $418,526.69 in interest over the life of your loan. That’s about two-thirds of what you borrowed in interest.

If you instead opt for a 15-year mortgage, you’ll pay $185,367.27 in interest over the life of your loan — or about half the interest you’d pay on a 30-year mortgage.

Interest rates vary by lender

Even a quarter of a percent difference in your interest rate on a $300,000 loan can add $40 to $50 a month onto your mortgage payment and cost you more than $15,000 in interest over the life of your loan. But many borrowers don’t take the time to shop around for the best rate.

And as government surveys and studies have shown, interest rates offered between lenders can widely vary. Even different branches from a single lender might offer different rates for the same loan and borrower.

The only way to make sure you get the best rate for your mortgage is to compare lenders with your specific financial details for an accurate quote. Start your shopping with the lenders and lender marketplaces below. Select See rates to provide the company with basic property and financial details for personalized rates.

1 - 3 of 3
Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Apply online for free and lock in your rate for 90 days.
LendingTree
(NMLS #1136)
LendingTree
HELOC, Home Equity loans
Available in all states
620
Connect with vetted lenders quickly through this free online marketplace.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
620
Veterans United stands out from other lenders for its focus on serving the military community.
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Compare up to 4 providers

How much do I need to make to afford a $300,000 house?

How much income you need depends on your down payment, loan terms, taxes and insurance. With a 20% down payment on a 30-year mortgage and a 7.00% interest rate, you need a household income of $70,000 yearly or more before tax.

Amortization schedule

When you take out a mortgage, you agree to pay the principal and interest over the life of the loan. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.

Amortization means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your balance.

Estimate your monthly loan repayments on a $300,000 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.

Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $300,000.00 $1,995.91 $20,903.46 $3,047.43 $23,950.89 $296,952.57
2 $296,952.57 $1,995.91 $20,683.16 $3,267.73 $23,950.89 $293,684.84
3 $293,684.84 $1,995.91 $20,446.94 $3,503.95 $23,950.89 $290,180.89
4 $290,180.89 $1,995.91 $20,193.64 $3,757.25 $23,950.89 $286,423.64
5 $286,423.64 $1,995.91 $19,922.02 $4,028.87 $23,950.89 $282,394.77
6 $282,394.77 $1,995.91 $19,630.78 $4,320.11 $23,950.89 $278,074.66
7 $278,074.66 $1,995.91 $19,318.48 $4,632.41 $23,950.89 $273,442.24
8 $273,442.24 $1,995.91 $18,983.60 $4,967.29 $23,950.89 $268,474.95
9 $268,474.95 $1,995.91 $18,624.51 $5,326.38 $23,950.89 $263,148.57
10 $263,148.57 $1,995.91 $18,239.47 $5,711.42 $23,950.89 $257,437.15
11 $257,437.15 $1,995.91 $17,826.59 $6,124.30 $23,950.89 $251,312.85
12 $251,312.85 $1,995.91 $17,383.86 $6,567.03 $23,950.89 $244,745.82
13 $244,745.82 $1,995.91 $16,909.13 $7,041.76 $23,950.89 $237,704.06
14 $237,704.06 $1,995.91 $16,400.08 $7,550.81 $23,950.89 $230,153.25
15 $230,153.25 $1,995.91 $15,854.23 $8,096.66 $23,950.89 $222,056.60
16 $222,056.60 $1,995.91 $15,268.93 $8,681.96 $23,950.89 $213,374.63
17 $213,374.63 $1,995.91 $14,641.31 $9,309.58 $23,950.89 $204,065.05
18 $204,065.05 $1,995.91 $13,968.32 $9,982.57 $23,950.89 $194,082.48
19 $194,082.48 $1,995.91 $13,246.67 $10,704.22 $23,950.89 $183,378.26
20 $183,378.26 $1,995.91 $12,472.87 $11,478.02 $23,950.89 $171,900.23
21 $171,900.23 $1,995.91 $11,643.12 $12,307.77 $23,950.89 $159,592.46
22 $159,592.46 $1,995.91 $10,753.39 $13,197.50 $23,950.89 $146,394.96
23 $146,394.96 $1,995.91 $9,799.34 $14,151.55 $23,950.89 $132,243.41
24 $132,243.41 $1,995.91 $8,776.32 $15,174.57 $23,950.89 $117,068.84
25 $117,068.84 $1,995.91 $7,679.35 $16,271.54 $23,950.89 $100,797.31
26 $100,797.31 $1,995.91 $6,503.08 $17,447.81 $23,950.89 $83,349.50
27 $83,349.50 $1,995.91 $5,241.78 $18,709.11 $23,950.89 $64,640.39
28 $64,640.39 $1,995.91 $3,889.29 $20,061.59 $23,950.89 $44,578.79
29 $44,578.79 $1,995.91 $2,439.04 $21,511.85 $23,950.89 $23,066.94
30 $23,066.94 $1,995.91 $883.95 $23,066.94 $23,950.89 $0.00
Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $300,000.00 $2,696.48 $20,628.42 $11,729.39 $32,357.82 $288,270.61
2 $288,270.61 $2,696.48 $19,780.51 $12,577.31 $32,357.82 $275,693.29
3 $275,693.29 $2,696.48 $18,871.29 $13,486.53 $32,357.82 $262,206.77
4 $262,206.77 $2,696.48 $17,896.35 $14,461.47 $32,357.82 $247,745.30
5 $247,745.30 $2,696.48 $16,850.93 $15,506.89 $32,357.82 $232,238.41
6 $232,238.41 $2,696.48 $15,729.93 $16,627.88 $32,357.82 $215,610.52
7 $215,610.52 $2,696.48 $14,527.90 $17,829.92 $32,357.82 $197,780.60
8 $197,780.60 $2,696.48 $13,238.98 $19,118.84 $32,357.82 $178,661.76
9 $178,661.76 $2,696.48 $11,856.87 $20,500.94 $32,357.82 $158,160.82
10 $158,160.82 $2,696.48 $10,374.86 $21,982.96 $32,357.82 $136,177.86
11 $136,177.86 $2,696.48 $8,785.71 $23,572.11 $32,357.82 $112,605.75
12 $112,605.75 $2,696.48 $7,081.68 $25,276.14 $32,357.82 $87,329.61
13 $87,329.61 $2,696.48 $5,254.46 $27,103.35 $32,357.82 $60,226.26
14 $60,226.26 $2,696.48 $3,295.16 $29,062.66 $32,357.82 $31,163.60
15 $31,163.60 $2,696.48 $1,194.22 $31,163.60 $32,357.82 $0.00

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