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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.
Monthly mortgage payment calculator
See how much you'll pay for your home
Your loan |
|---|
| Loan amount |
$ |
| Loan terms (in years) |
| Interest rate |
% |
Fill out the form and click on “Calculate” to see yourestimated monthly payment.
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You can expect to pay back$per month
Based on your loan terms
| Principal | $ |
|---|---|
| Interest | $ |
| Total Cost | $ |
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- Enter how much you want to borrow under Loan amount.
- Type in your mortgage term in years (not months) under the Loan terms field.
- Enter the loan’s interest rate if it doesn’t come with any fees under Interest rate. Note that your monthly mortgage payments will vary depending on your interest rate, taxes, PMI costs and other related fees. If you have this information available, you can enter the annual percentage rate (APR), which includes interest and fees combined.
- Choose Calculate.
- Review your results.
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
| Interest | Mortgage term | Monthly payments |
|---|---|---|
| 5.75% | 15 years | $2,491 |
| 5.75% | 30 years | $1,751 |
| 6.00% | 15 years | $2,532 |
| 6.00% | 30 years | $1,799 |
| 6.25% | 15 years | $2,572 |
| 6.25% | 30 years | $1,847 |
| 6.50% | 15 years | $2,613 |
| 6.50% | 30 years | $1,896 |
| 6.75% | 15 years | $2,655 |
| 6.75% | 30 years | $1,946 |
| 7.00% | 15 years | $2,696 |
| 7.00% | 30 years | $1,996 |
| 7.25% | 15 years | $2,739 |
| 7.25% | 30 years | $2,047 |
| 7.50% | 15 years | $2,781 |
| 7.50% | 30 years | $2,098 |
| 7.75% | 15 years | $2,824 |
| 7.75% | 30 years | $2,149 |
| 8.00% | 15 years | $2,867 |
| 8.00% | 30 years | $2,201 |
| 8.25% | 15 years | $2,910 |
| 8.25% | 30 years | $2,254 |
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.
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Interest Mortgage term Total interest charged 5.75% 15 years $148,421 5.75% 30 years $330,259 6.00% 15 years $155,683 6.00% 30 years $347,515 6.25% 15 years $163,008 6.25% 30 years $364,975 6.50% 15 years $170,398 6.50% 30 years $382,633 6.75% 15 years $177,851 6.75% 30 years $400,486 7.00% 15 years $185,367 7.00% 30 years $418,527 7.25% 15 years $192,946 7.25% 30 years $436,750 7.50% 15 years $200,587 7.50% 30 years $455,152 7.75% 15 years $208,289 7.75% 30 years $473,725 8.00% 15 years $216,052 8.00% 30 years $492,466 8.25% 15 years $223,876 8.25% 30 years $511,368
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.
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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.
- 30-year loan
- 15-year loan
| 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 |
