How much would I pay on a $300,000 mortgage? (2024)

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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

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    1. Enter how much you want to borrow under Loan amount.
    2. Type in your mortgage term in years (not months) under the Loan terms field.
    3. 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.
    4. Choose Calculate.
    5. 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

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.

  • 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.

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
How much would I pay on a $300,000 mortgage? (2024)

FAQs

How much would I pay on a $300,000 mortgage? ›

Read on for a look at what some of the expenses of getting a home mortgage might include. Monthly payments for a $300,000 mortgage can range from about $1,700 to over $2,700, influenced by the interest rate and loan term. Closing costs for this mortgage typically range from 3% to 6% of the loan amount.

What would monthly payment be on a $300,000 mortgage? ›

Read on for a look at what some of the expenses of getting a home mortgage might include. Monthly payments for a $300,000 mortgage can range from about $1,700 to over $2,700, influenced by the interest rate and loan term. Closing costs for this mortgage typically range from 3% to 6% of the loan amount.

How much do I need to afford a 300K mortgage? ›

To purchase a $300K house, you may need to make between $50,000 and $74,500 a year. This is a rule of thumb, and the specific annual salary will vary depending on your credit score, debt-to-income ratio, type of home loan, loan term, and mortgage rate. Homeownership costs like HOA fees can also impact affordability.

What are the repayments on a $300,000 mortgage? ›

Compare Repayments on $300,000 Mortgages

A 30 year mortgage at 2.32% should cost you $1,157 principal and interest repayments per month, with $116,692 in total interest charged. A 30 year mortgage at 2.66% should cost you $1,210 principal and interest repayments per month, with $135,768 in total interest charged.

What is the monthly payment on a 350k mortgage? ›

With a 30-year loan term and 7% interest rate, borrowers can expect to pay around $2,328 a month. Whereas a 15-year term at the same rate would have a monthly payment of approximately $3,146. However, these estimates only account for the loan principal and interest.

What credit score is needed to buy a $300k house? ›

Credit Score

For a $300,000 home, you'll likely need a good credit score: 740+: Best rates and terms. 700-739: Slightly higher rates. 660-699: Higher rates, may require larger down payment.

How much house can I afford for $800 a month? ›

If you have a conventional loan, $800 in monthly debt obligations and a $10,000 down payment, you can afford a home that's around $250,000 in today's interest rate environment.

Can I afford a 300k house on a 70K salary? ›

The house you can afford on a $70K income will likely be between $290,000 to $310,000. Aside from your gross monthly income, lenders look at your credit report, down payment, monthly debt payments (including car payments and personal loans), and your estimated mortgage rate, among other things.

Can I afford a 300k house on a 60k salary? ›

An individual earning $60,000 a year may buy a home worth ranging from $180,000 to over $300,000. That's because your wage isn't the only factor that affects your house purchase budget. Your credit score, existing debts, mortgage rates, and a variety of other considerations must all be taken into account.

Can I buy a house with a 40k salary? ›

On a $40,000 salary, you could potentially afford a house worth between $100,000 to $140,000, depending on your specific financial situation and local market conditions. While this may limit your options in many urban areas, there are still markets where homeownership is achievable at this income level.

How much is a monthly payment on a $300 K house? ›

The monthly payment on a $300,000 mortgage depends on what interest rate you get and the term you choose. On a 30-year loan at a 7% rate, it would be $1,996 per month toward your principal and interest. Keep in mind that you also have to pay for expenses such as homeowners insurance and property taxes each month.

How much house can I afford if I make $70,000 a year? ›

With a $70,000 annual salary and using a 50% DTI, your home buying budget could potentially afford a house priced between $180,000 to $280,000, depending on your financial situation, credit score, and current market conditions. This range is higher than what you might qualify for with more traditional DTI limits.

How much house can I afford with an 80K salary? ›

If you make $80K a year in today's market, you can likely afford a home between $263,000 and $336,000. However, it's important to understand all the factors impacting affordability, such as interest rates, down payments, and other expenses.

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