Monthly Payment on a $300,000 Mortgage
A $300,000 home loan sits close to the US median, which makes this one of the most-searched mortgage scenarios. Here is the monthly principal-and-interest payment at a 6.5% rate over a standard 30-year term. Everything runs locally in your browser.
Monthly payment
$1,896.20
Total interest
$382,633
Total paid
$682,633
How the rate changes the payment
Even half a percentage point moves the monthly payment on a $300,000 mortgage. At 30 years:
- 5.5% APR$1,703.37/mo
- 6% APR$1,798.65/mo
- 6.5% APR$1,896.20/mo
- 7% APR$1,995.91/mo
- 7.5% APR$2,097.64/mo
FAQ
What is the monthly payment on a $300,000 mortgage at 6.5%?
It is $1,896.20 per month for principal and interest, assuming a fixed 6.5% APR over 30 years (360 payments). Across the full term you would pay about $382,633 in interest on top of the $300,000 borrowed — roughly $682,633 in total.
How is the monthly payment calculated?
It uses the standard amortisation formula: M = P·r / (1 − (1 + r)⁻ⁿ), where P is the amount borrowed, r is the monthly rate (annual rate ÷ 12) and n is the number of months. Every payment is the same, but early payments are mostly interest and later ones mostly principal.
Does this include taxes and insurance?
No. The figure is principal and interest only. A real mortgage may add property taxes, homeowners insurance and (if applicable) PMI, so your actual monthly cost can be higher.
Want an amortisation schedule and a payoff chart? Use the full Loan Calculator. Paying down debt? See snowball vs. avalanche.