$1,996/mo
Est. monthly payment
A $300,000 mortgage costs about $1,996/month at 7% interest over a 30-year loan. This covers principal and interest only — with property taxes and homeowners insurance, your actual payment will be closer to $2,400–$2,700/month depending on location. Down payment assumed at 0%; putting 20% down drops the payment to $1,597/month and eliminates PMI.
Adjust the numbers below to see how your payment changes:
Open Mortgage Calculator →On a $300,000 loan over 30 years, each 1% rate increase adds roughly $200/month — or $70,000+ in total interest.
| Interest Rate | Monthly P&I | Total Interest (30yr) |
|---|---|---|
| 5.0% | $1,610 | $279,767 |
| 6.0% | $1,799 | $347,515 |
| 6.5% | $1,896 | $382,633 |
| 7.0% | $1,996 | $418,560 |
| 7.5% | $2,098 | $455,167 |
| 8.0% | $2,201 | $492,467 |
A larger down payment reduces your loan size, monthly payment, and total cost. At 20%, you also eliminate PMI ($100–$200/month on a $300K home).
| Down Payment | Loan Amount | Monthly P&I | Monthly Savings |
|---|---|---|---|
| 0% ($0) | $300,000 | $1,996 | — |
| 3.5% ($10,500) | $289,500 | $1,926 | $70 |
| 5% ($15,000) | $285,000 | $1,896 | $100 |
| 10% ($30,000) | $270,000 | $1,796 | $200 |
| 20% ($60,000) | $240,000 | $1,597 | $399 + no PMI |
| Loan Term | Monthly P&I | Total Interest | Total Paid |
|---|---|---|---|
| 30 years | $1,996 | $418,560 | $718,560 |
| 15 years | $2,696 | $185,308 | $485,308 |
The 15-year term costs $700/month more but saves $233,252 in total interest.
Principal and interest is only part of your housing payment. Here's a realistic monthly breakdown for a $300,000 mortgage at 7%:
PMI adds $100–$200/month if your down payment is under 20%. HOA fees, if applicable, add more. Use the mortgage calculator to include all costs.
At 7% interest over 30 years, approximately $1,996/month for principal and interest. With taxes and insurance, budget $2,400–$2,700/month total.
Using the 28% DTI rule, roughly $85,000–$90,000/year gross income. Total housing costs should stay under 28% of your gross monthly income.
With 20% down ($60,000), your loan is $240,000. At 7% over 30 years: $1,597/month P&I. You also avoid PMI, saving $100–$200/month.
Each 1% adds ~$200/month. At 5%: $1,610/month. At 7%: $1,996/month. At 8%: $2,201/month. Over 30 years, that 1% difference costs $70,000+ in additional interest.
At 7% over 30 years: $418,560 in interest. Total repayment: $718,560. A 15-year term cuts interest to $185,308.
15-year: $2,696/month, $185,308 total interest. 30-year: $1,996/month, $418,560 total interest. You save $233,252 with the 15-year term but need $700 more per month. Compare both.