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

Calculate repayments, total interest and amortization on a $300k home loan to borrow with confidence.

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Budgeting for your target home cost before you start your house search can give you an advantage in understanding your true expected cost. This starts with knowing what kinds of interest rates your local lenders have to offer and what your monthly payment would be. As of August 30, 2024 the national average 30-year mortgage rate is sitting at 6.53% according to Bankrate. However, your rate also depends on your personal financial factors and credit history.

Enter your loan amount, term and interest rate into our calculator to see your monthly payment and your total cost, including principal and interest.

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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 $1,996 a month, while a 15-year might cost $2,696 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 $418,527 in interest over the loan’s lifetime. 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 in interest over the loan’s lifetime — 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 loan’s lifetime. 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.

Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.

Name Product USFHL Loan products offered State availability Min. credit score
Rocket Mortgage
Not rated yet
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Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Apply online for free and lock in your rate for 90 days.
Veterans United
Not rated yet
Veterans United logo
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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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 loan’s lifetime. 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 $1,996 $20,903 $3,047 $23,951 $296,953
2 $296,953 $1,996 $20,683 $3,268 $23,951 $293,685
3 $293,685 $1,996 $20,447 $3,504 $23,951 $290,181
4 $290,181 $1,996 $20,194 $3,757 $23,951 $286,424
5 $286,424 $1,996 $19,922 $4,029 $23,951 $282,395
6 $282,395 $1,996 $19,631 $4,320 $23,951 $278,075
7 $278,075 $1,996 $19,318 $4,632 $23,951 $273,442
8 $273,442 $1,996 $18,984 $4,967 $23,951 $268,475
9 $268,475 $1,996 $18,625 $5,326 $23,951 $263,149
10 $263,149 $1,996 $18,239 $5,711 $23,951 $257,437
11 $257,437 $1,996 $17,827 $6,124 $23,951 $251,313
12 $251,313 $1,996 $17,384 $6,567 $23,951 $244,746
13 $244,746 $1,996 $16,909 $7,042 $23,951 $237,704
14 $237,704 $1,996 $16,400 $7,551 $23,951 $230,153
15 $230,153 $1,996 $15,854 $8,097 $23,951 $222,057
16 $222,057 $1,996 $15,269 $8,682 $23,951 $213,375
17 $213,375 $1,996 $14,641 $9,310 $23,951 $204,065
18 $204,065 $1,996 $13,968 $9,983 $23,951 $194,082
19 $194,082 $1,996 $13,247 $10,704 $23,951 $183,378
20 $183,378 $1,996 $12,473 $11,478 $23,951 $171,900
21 $171,900 $1,996 $11,643 $12,308 $23,951 $159,592
22 $159,592 $1,996 $10,753 $13,198 $23,951 $146,395
23 $146,395 $1,996 $9,799 $14,152 $23,951 $132,243
24 $132,243 $1,996 $8,776 $15,175 $23,951 $117,069
25 $117,069 $1,996 $7,679 $16,272 $23,951 $100,797
26 $100,797 $1,996 $6,503 $17,448 $23,951 $83,349
27 $83,349 $1,996 $5,242 $18,709 $23,951 $64,640
28 $64,640 $1,996 $3,889 $20,062 $23,951 $44,579
29 $44,579 $1,996 $2,439 $21,512 $23,951 $23,067
30 $23,067 $1,996 $884 $23,067 $23,951 $0
Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $300,000 $2,696 $20,628 $11,729 $32,358 $288,271
2 $288,271 $2,696 $19,781 $12,577 $32,358 $275,693
3 $275,693 $2,696 $18,871 $13,487 $32,358 $262,207
4 $262,207 $2,696 $17,896 $14,461 $32,358 $247,745
5 $247,745 $2,696 $16,851 $15,507 $32,358 $232,238
6 $232,238 $2,696 $15,730 $16,628 $32,358 $215,611
7 $215,611 $2,696 $14,528 $17,830 $32,358 $197,781
8 $197,781 $2,696 $13,239 $19,119 $32,358 $178,662
9 $178,662 $2,696 $11,857 $20,501 $32,358 $158,161
10 $158,161 $2,696 $10,375 $21,983 $32,358 $136,178
11 $136,178 $2,696 $8,786 $23,572 $32,358 $112,606
12 $112,606 $2,696 $7,082 $25,276 $32,358 $87,330
13 $87,330 $2,696 $5,254 $27,103 $32,358 $60,226
14 $60,226 $2,696 $3,295 $29,063 $32,358 $31,164
15 $31,164 $2,696 $1,194 $31,164 $32,358 $0
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To make sure you get accurate and helpful information, this guide has been edited by Megan B. Shepherd as part of our fact-checking process.
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Written by

Staff writer

Heather Petty was a personal finance writer at Finder, specializing in home and personal loans. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing and analysis has been featured on MSN, Credit.com and MediaFeed, among other top media. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She earned a BA in English with a minor in journalism from the University of Nevada, Reno. See full bio

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Heather has written 95 Finder guides across topics including:
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