$300,000 Mortgage Calculator
The exact monthly payment, total interest and income needed for a $300,000 mortgage — at today's typical rates and every common term. Pre-filled below with a $375,000 home and 20% down.
$300,000 mortgage payments by rate and term
| Rate | 30-year P&I | 20-year P&I | 15-year P&I | Total interest (30-yr) |
|---|---|---|---|---|
| 5.5% | $1,703.37 | $2,063.66 | $2,451.25 | $313,212 |
| 6.0% | $1,798.65 | $2,149.29 | $2,531.57 | $347,515 |
| 6.5% | $1,896.20 | $2,236.72 | $2,613.32 | $382,633 |
| 7.0% | $1,995.91 | $2,325.90 | $2,696.48 | $418,527 |
| 7.5% | $2,097.64 | $2,416.78 | $2,781.04 | $455,152 |
Two lessons hide in that table. First, the rate matters enormously: the spread between 5.5% and 7.5% on $300,000 is $394.28 every month. Second, the term is the biggest interest lever you control — the 15-year column pays the loan off in half the time for a fraction of the interest. Compare the two structures in depth with the 15 vs 30 year calculator.
What a $300,000 loan really costs per month
Principal and interest at 6.5%/30yr are $1,896.20. Add property taxes and insurance for a typical property at this price (roughly $337.50 a month combined, varying hugely by state — check yours in the state cluster) and the realistic bill lands near $2,233.70. Budget from that number, not the headline P&I.
Can you afford a $300,000 mortgage?
Lenders will test the full payment against your debt-to-income ratio. As a planning figure, gross income around $95,730 a year supports this loan comfortably under the 28% guideline if other debts are light. Verify with your real income, debts and down payment in the affordability calculator, then plan the cash side — down payment plus closing costs — with the closing cost calculator.