Home / $300,000 Mortgage
$300,000 Mortgage Calculator
Monthly payment on a $300,000 home: $1,597/month (20% down, 7% rate, 30-year term).
= $60,000
Monthly Payment
$1,597
Loan Amount
$240,000
Total Interest
$334,821
Total Cost
$634,821
Payment Breakdown
Down Payment$60,000 (9.5%)
Principal$240,000 (37.8%)
Total Interest$334,821 (52.7%)
$300,000 Mortgage by Rate & Term
| Rate | 15-Year | 20-Year | 30-Year |
|---|---|---|---|
| 5.5% | $1,961 | $1,651 | $1,363 |
| 6% | $2,025 | $1,719 | $1,439 |
| 6.5% | $2,091 | $1,789 | $1,517 |
| 6.75% | $2,124 | $1,825 | $1,557 |
| 7% | $2,157 | $1,861 | $1,597 |
| 7.25% | $2,191 | $1,897 | $1,637 |
| 7.5% | $2,225 | $1,933 | $1,678 |
| 8% | $2,294 | $2,007 | $1,761 |
Is a $300,000 Home Affordable?
A common rule of thumb is that your home should cost no more than 3× your annual income, and your monthly payment should be no more than 28% of your gross monthly income.
At $1,597/month (30-year, 7%, 20% down), you would need a gross monthly income of at least $5,703 (annual: $68,431) to keep housing costs at 28% of income.
A 15-year mortgage at 6.75% costs $2,124/month but saves $192,540 in total interest over the life of the loan compared to 30 years.