If you're shopping for a home and considering a $300,000 mortgage, one of the first questions you'll ask is: what will my monthly payment be? The answer isn't a single number — it depends on your interest rate, loan term, down payment, and what else gets rolled into your monthly payment.
This guide breaks it all down with real numbers so you can walk into a lender's office knowing exactly what to expect.
For a $300,000 mortgage at today's typical interest rates, here's what you can expect for the principal and interest portion of your monthly payment:
| Interest Rate | 30-Year Term | 20-Year Term | 15-Year Term |
|---|---|---|---|
| 6.0% | $1,799 | $2,149 | $2,532 |
| 6.5% | $1,896 | $2,238 | $2,613 |
| 7.0% | $1,996 | $2,329 | $2,696 |
| 7.5% | $2,098 | $2,422 | $2,780 |
| 8.0% | $2,201 | $2,516 | $2,866 |
Important: These numbers are principal and interest only. Your actual monthly payment will be higher once you add property taxes, homeowner's insurance, and possibly PMI.
Your mortgage payment is typically made up of four components, commonly referred to as PITI:
On a $300,000 mortgage, property taxes and insurance typically add $400–$700 per month depending on your location, bringing your total payment to somewhere between $2,200 and $2,800 per month at current rates.
If you're putting less than 20% down, your lender will require Private Mortgage Insurance (PMI), which adds another $100–$200 per month. The $300,000 figure above assumes the loan amount — meaning if the home costs $350,000 and you put $50,000 down, your loan amount is $300,000.
Here's how different down payment amounts affect your monthly payment on a $350,000 home at 7% for 30 years:
| Down Payment | Loan Amount | P&I Payment | PMI Est. |
|---|---|---|---|
| 3.5% ($12,250) | $337,750 | $2,248 | ~$180/mo |
| 5% ($17,500) | $332,500 | $2,213 | ~$165/mo |
| 10% ($35,000) | $315,000 | $2,096 | ~$130/mo |
| 20% ($70,000) | $280,000 | $1,863 | None |
Your monthly payment is only part of the story. The total interest you'll pay over the life of the loan is eye-opening:
| Loan Term | Rate | Monthly P&I | Total Interest |
|---|---|---|---|
| 30 years | 7.0% | $1,996 | $418,527 |
| 20 years | 7.0% | $2,329 | $259,065 |
| 15 years | 7.0% | $2,696 | $185,367 |
Choosing a 15-year mortgage over a 30-year mortgage saves over $233,000 in interest — at the cost of an extra $700 per month. Whether that tradeoff makes sense depends entirely on your financial situation and goals.
A common rule of thumb is that your total housing payment (including taxes and insurance) should not exceed 28% of your gross monthly income. At a total payment of around $2,400 per month, you'd need a gross monthly income of at least $8,571 — or about $103,000 per year.
Many lenders also use the 43% total debt-to-income rule, meaning all your monthly debt payments (including the mortgage, car loans, student loans, and credit cards) should not exceed 43% of your gross monthly income.
Enter your loan amount, rate, and term to see your precise monthly payment, total interest, and full amortization schedule.
Use the Mortgage Calculator →A $300,000 mortgage at 7% for 30 years will run you about $1,996 per month in principal and interest — add taxes and insurance and expect to pay $2,300–$2,600 total. The best way to get your exact number is to use a mortgage calculator with your specific rate, term, and local tax information.
Remember that the interest rate you qualify for depends heavily on your credit score, debt-to-income ratio, and the current market. Shopping multiple lenders before committing can save you tens of thousands of dollars over the life of the loan.
This article is for informational and educational purposes only. It does not constitute financial or mortgage advice. Always consult a licensed mortgage professional before making borrowing decisions.