Mortgage calculator · $300,000 loan
$300,000 Mortgage Payment
At this week’s 7.4% average 30-year fixed rate, a $300,000 mortgage costs $2,077 a month in principal and interest. A year ago, at 6.25%, the same loan cost $1,847. Here is the full cost, the income it takes and how the payment has moved with rates.
- 30-year at 7.4% $2,077/mo principal + interest
- 15-year at 6.71% $2,648/mo principal + interest
- Total interest $447,770 30 years, kept to term
- Income needed $89,020 P&I at 28% of gross
Mortgage · monthly payment
Your full payment on a $300,000 loan
Set up as a $375,000 home with 20% down at this week’s 7.4% rate. Property tax and insurance are rough placeholders; change any figure to see your real monthly cost.
What's in the payment
- Loan amount
- —
- Total interest paid
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- Total of payments
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- Payoff
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Amortization schedule year by year — principal, interest & balance
Balance over time
| Year | Principal | Interest | Balance |
|---|
Principal & interest only — taxes, insurance and PMI aren't amortized.
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What a $300,000 loan has cost over the years
The monthly principal and interest on a 30-year $300,000 loan at each year’s average rate. The 18.63% record from 1981 is shown for scale, though its bar is capped.
At the all-time low of 2.65% on January 7, 2021, this loan would have cost $1,209 a month, $868 less than today. See every year on historical mortgage rates.
The same $300,000 loan at different rates
| Rate | Monthly P&I | vs today | Total interest |
|---|---|---|---|
| 5% | $1,610 | −$467 | $279,767 |
| 5.5% | $1,703 | −$374 | $313,212 |
| 6% | $1,799 | −$278 | $347,515 |
| 6.5% | $1,896 | −$181 | $382,633 |
| 7% | $1,996 | −$81 | $418,527 |
| 7.4% (today) | $2,077 | — | $447,770 |
| 7.5% | $2,098 | +$21 | $455,152 |
| 8% | $2,201 | +$124 | $492,466 |
Every full point on the rate moves this payment by roughly $208 a month.
30-year or 15-year?
The 15-year loan costs $571 more each month but saves $271,116 in interest and clears the debt in half the time.
Where the payments go
Early payments are mostly interest. In the first year of the 30-year loan you would pay about $22,106 in interest and only $2,820 toward the balance. After five years you would still owe about $283,569, and after ten years about $259,808. The amortization calculator shows the full schedule, and the early payoff calculator shows what extra payments save.
Income and home price
Keeping principal and interest to 28% of gross pay takes an income of about $89,020. Property tax, insurance and PMI come on top, so the real figure is higher. With 20% down, a $300,000 loan buys a $375,000 home; with 10% down, about $333,333. To work backward from your income, try the home affordability calculator.
$300,000 mortgage — FAQ
What is the monthly payment on a $300,000 mortgage?
At the 7.4% national average 30-year fixed rate for the week of October 15, 2026, principal and interest on a $300,000 loan come to about $2,077 a month. On a 15-year fixed at 6.71%, it is about $2,648. Property tax, homeowners insurance and any PMI are added on top.
How much income do I need for a $300,000 mortgage?
Lenders commonly cap housing costs at 28% of gross monthly income. Principal and interest alone on a 30-year $300,000 loan at 7.4% would need an income of about $89,020 a year. Taxes, insurance and other debts raise that figure.
How much interest will I pay on a $300,000 mortgage?
Over 30 years at 7.4%, you would pay about $447,770 in interest if you keep the loan to term. A 15-year loan at 6.71% cuts that to about $176,654, a saving of $271,116, in exchange for a payment $571 a month higher.
How much does a 1% higher rate add to a $300,000 mortgage payment?
Going from 7.4% to 8.40% on a 30-year $300,000 loan adds about $208 a month, or $75,014 over the full term.
Rates are the national average from the Freddie Mac Primary Mortgage Market Survey® for the week of October 15, 2026. Payments are principal and interest only on a fixed-rate loan. Your rate depends on your credit, down payment and lender.
