How Much a $300,000 Mortgage Will Cost You (2024)

Taking out a mortgage comes with many costs — some upfront and some paid over long lengths of time. On a $300,000 mortgage, those costs might surprise you.

In fact, on a traditional 15- or 30-year loan of this size you might pay anywhere from $155,683 to $347,515 in total interest.

Monthly payments for a $300,000 mortgage

Monthly mortgage payments always contain two things: principal and interest. In some cases, they might include other costs as well.

Here’s what typically makes up a mortgage payment:

  • Principal: This money is applied straight to your loan balance.
  • Interest: The cost of borrowing the money. How much you’ll pay is indicated by your interest rate.
  • Escrow costs: If you opt to use an escrow account (or your lender requires it), you’ll also have your property taxes, mortgage insurance, and homeowners insurance rolled into your monthly mortgage payment, too.

On a $300,000 mortgage with a 6% APR, you’d pay $2,531.57 per month on a 15-year loan and $1,798.65 on a 30-year loan, not including escrow. Escrow costs vary depending on your home’s location, insurer, and other details.

Here’s a quick look at what the monthly payment (principal and interest) would be for a $300,000 mortgage with varying interest rates:

Annual Percentage Rate (APR)

Monthly payment
(15-year)

Monthly payment
(30-year)

6.00%

$2,531.57

$1,798.65

6.25%

$2,572.27

$1,896.20

6.50%

$2,613.32

$1,896.20

6.75%

$2,654.73

$1,945.79

7.00%

$2,696.48

$1,995.91

7.25%

$2,738.59

$2,046.53

7.50%

$2,781.04

$2,097.64

7.75%

$2,823.83

$2,149.24

8.00%

$2,866.96

$2,201.29

Credible makes finding a mortgage easy

Find My Rate

Compare prequalified mortgage rates from top lenders in just 3 minutes.

Excellent7,245 reviews onTrustpilot

Where to get a $300,000 mortgage

To get a $300,000 home loan, you’ll want to get quotes from at least a few different lenders. Though this can be done by reaching out to each mortgage company directly, you can also compare lender options with an online marketplace like Credible.

Once you receive your quotes, you’ll want to compare them line by line. You should look at the interest rate, total costs on closing day, any origination fees, mortgage points you’re being charged, and more.

After you determine the best offer, you can move forward with that lender’s application and submit any required documentation.

Credible makes the process of comparing lender options easier — and it only takes a few minutes.

What to consider before applying for a $300,000 mortgage

Before taking out a mortgage of this size (or any home loan for that matter), you’ll want to have a good handle on the total costs of the loan. That includes your closing costs, the down payment, the total interest you’ll pay, and the monthly payment the loan comes with.

Total interest paid on a $300,000 mortgage

You’ll always pay more interest on longer-term loans. So, for example, a 30-year loan would cost more in the long haul than a 15-year one would (though the 30-year loan would have a smaller monthly payment).

With a 30-year, $300,000 loan at a 6% interest rate, you’d pay $347,514.57 in total interest, and on a 15-year loan with the same rate, it’d be $155,682.69 — a whopping $191,831.88 less.

Use our mortgage calculator to see how much interest you’ll pay, as well as what your home will cost you every month.

Credible makes getting a mortgage easy

Find Rates Now

Checking rates won’t affect your credit score

Excellent7,245 reviews onTrustpilot

Amortization schedule on a $300,000 mortgage

An amortization schedule breaks down how much you’ll pay in interest and principal for every year of your loan’s term.

At the start of your loan, the bulk of your monthly payments will go toward interest, but as you get further into the loan term, more will be applied to the principal balance.

Here’s what an amortization schedule looks like for a 30-year, $300,000 mortgage with a 6% APR:

Year

Beginning balance

Monthly payment

Total interest paid

Total principal paid

Remaining balance

1

$300,000.00

$1,798.65

$17,899.78

$3,684.04

$296,315.96

2

$296,315.96

$1,798.65

$17,672.56

$3,911.26

$292,404.71

3

$292,404.71

$1,798.65

17,431.32

$4,152.50

$288,252.21

4

$288,252.21

$1,798.65

$17,175.21

$4,408.61

$283,843.60

5

283,843.60

$1,798.65

$16,903.29

$4,680.53

$279,163.07

6

$279,163.07

$1,798.65

$16,614.61

$4,969.21

$274,193.86

7

$274,193.86

$1,798.65

$16,308.12

$5,275.70

$268,918.16

8

$268,918.16

$1,798.65

$15,982.72

$5,601.10

$263,317.06

9

$263,317.06

$1,798.65

$15,637.26

$5,946.56

$257,370.50

10

$257,370.50

$1,798.65

$15,270.49

$6,313.33

$251,057.17

11

$251,057.17

$1,798.65

$14,881.10

$6,702.72

$244,354.45

12

$244,354.45

$1,798.65

$14,467.69

$7,116.13

$237,238.32

13

$237,238.32

$1,798.65

$14,028.78

$7,555.04

$229,683.28

14

$229,683.28

$1,798.65

$13,562.80

$8,021.02

$221,662.27

15

$221,662.27

$1,798.65

$13,068.08

$8,515.74

$213,146.53

16

$213,146.53

$1,798.65

$12,542.85

$9,040.97

$204,105.57

17

$204,105.57

$1,798.65

$11,985.22

$9,598.59

$194,506.97

18

$194,506.97

$1,798.65

$11,393.20

$10,190.61

$184,316.36

19

$184,316.36

$1,798.65

$10,764.67

$10,819.15

$173,497.21

20

$173,497.21

$1,798.65

$10,097.37

$11,486.45

$162,010.76

21

$162,010.76

$1,798.65

$9,388.91

$12,194.91

$149,815.85

22

$149,815.85

$1,798.65

$8,636.75

$12,947.06

$136,868.78

23

$136,868.78

$1,798.65

$7,838.21

$13,745.61

$123,123.17

24

$123,123.17

$1,798.65

$6,990.41

$14,593.41

$108,529.76

25

$108,529.76

$1,798.65

$6,090.32

$15,493.50

$93,036.26

26

$93,036.26

$1,798.65

$5,134.71

$16,449.11

$76,587.16

27

$76,587.16

$1,798.65

$4,120.17

$17,463.65

$59,123.51

28

$59,123.51

$1,798.65

$3,043.05

$18,540.77

$40,582.73

29

$40,582.73

$1,798.65

$1,899.49

$19,684.32

$20,898.41

30

$20,898.41

$1,798.65

$685.41

$20,898.41

$0.00

Here’s what an amortization schedule looks like for a 15-year, $300,000 mortgage with a 6% APR:

Year

Beginning balance

Monthly payment

Total interest paid

Total principal paid

Remaining balance

1

$300,000.00

$2,531.57

$17,653.84

$12,725.00

$287,275.00

2

$287,275.00

$2,531.57

$16,868.99

$13,509.85

$273,765.15

3

$273,765.15

$2,531.57

$16,035.74

$14,343.11

$259,422.04

4

$259,422.04

$2,531.57

$$15,151.08

$15,227.76

$244,194.27

5

$244,194.27

$2,531.57

$14,211.87

$16,166.98

$228,027.30

6

$228,027.30

$2,531.57

$13,214.72

$17,164.12

$210,863.17

7

$210,863.17

$2,531.57

$12,156.08

$18,222.77

$192,640.41

8

$192,640.41

$2,531.57

$11,032.14

$19,346.71

$173,293.70

9

$173,293.70

$2,531.57

$9,838.88

$20,539.97

$152,753.73

10

$152,753.73

$2,531.57

$8,572.02

$21,806.83

$130,946.90

11

$130,946.90

$2,531.57

$7,227.02

$23,151.83

$107,795.08

12

$107,795.08

$2,531.57

$5,799.06

$24,579.78

$83,215.29

13

$83,215.29

$2,531.57

$4,283.04

$26,095.81

$57,119.49

14

$57,119.49

$2,531.57

$2,673.51

$27,705.34

$29,414.15

15

$29,414.15

$2,531.57

$964.70

$29,414.15

$0.00

Personalize My Rate

How to get a $300,000 mortgage

Finding a mortgage can be quite simple — especially when using a tool like Credible.

When filling your mortgage application out, you’ll want to have some financial details on hand, including your income, estimated credit score, homebuying budget, and info regarding your assets and savings.

Here’s a step-by-step guide on how the mortgage process usually goes:

  1. Estimate your homebuying budget. Take a look at your finances, including your earnings, debts, and monthly expenses, and determine what you can afford in terms of home price, down payment, and monthly payments. A good mortgage affordability calculator can help you here.
  2. Do a credit check. Both your credit history and your credit score will play a major part in your loan application, so pull your credit report and evaluate your standing. If you have late payments, collections efforts, or other negative events on your report, you may want to work on addressing those before applying, as they could hurt your chances.
  3. Get pre-approved. Always get pre-approved for a mortgage before searching for a home. A pre-approval letter can give you a good price range to shop in, as well as give sellers more confidence in your offers.
  4. Compare rates and mortgage offers. Next, you’ll want to compare options. Pay close attention to the interest rate and APR you’re being offered, the closing costs, and any fees the lender is charging.
  5. Find and make an offer on a home. When you find that dream home, be sure to include your pre-approval letter in your offer, and work with an experienced real estate agent to get the best deal.
  6. Complete the full mortgage application. After your offer has been accepted, fill out your lender’s full mortgage application and submit the documentation they require. This usually includes things like tax returns, bank statements, pay stubs, and more. You will also need to agree to a credit check.
  7. Await approval. Your loan will then go into underwriting, which is when your lender verifies your income, savings, and other assets and makes sure you can repay the loan. The lender will also order an appraisal to gauge your home’s value (and make sure it’s worth the money you’re requesting to borrow for it).
  8. Get ready for closing. Once your loan is nearing full approval, you’ll get a closing date, which is when you’ll sign the final paperwork and receive your keys. You’ll typically need proof of homeowners insurance by this day, so be sure to shop around for your policy early.
  9. Close on your loan. When closing day rolls around, you’ll attend your appointment, sign the required paperwork, and pay for your down payment and closing costs (usually via cashier’s check or wire transfer).

Let's Get Started

Monthly payments for different mortgage amounts

How Much a $300,000 Mortgage Will Cost You (2)

How Much a $100,000 Mortgage Will Cost You

By Aly J. Yale

How Much a $300,000 Mortgage Will Cost You (3)

How Much a $150,000 Mortgage Will Cost You

By Aly J. Yale

How Much a $300,000 Mortgage Will Cost You (4)

How Much a $200,000 Mortgage Will Cost You

By Aly J. Yale

How Much a $300,000 Mortgage Will Cost You (5)

How Much a $250,000 Mortgage Will Cost You

By Aly J. Yale

How Much a $300,000 Mortgage Will Cost You (6)

How Much a $350,000 Mortgage Will Cost You

By Aly J. Yale

How Much a $300,000 Mortgage Will Cost You (7)

How Much a $400,000 Mortgage Will Cost You

By Aly J. Yale

How Much a $300,000 Mortgage Will Cost You (8)

How Much a $450,000 Mortgage Will Cost You

By Aly J. Yale

How Much a $300,000 Mortgage Will Cost You (9)

How Much a $1,000,000 Mortgage Will Cost You

By Amy Fontinelle

How Much a $300,000 Mortgage Will Cost You (10)

How Much a $100,000 Mortgage Will Cost You

By Aly J. Yale

How Much a $300,000 Mortgage Will Cost You (11)

How Much a $150,000 Mortgage Will Cost You

By Aly J. Yale

How Much a $300,000 Mortgage Will Cost You (12)

How Much a $200,000 Mortgage Will Cost You

By Aly J. Yale

How Much a $300,000 Mortgage Will Cost You (13)

How Much a $250,000 Mortgage Will Cost You

By Aly J. Yale

How Much a $300,000 Mortgage Will Cost You (14)

How Much a $350,000 Mortgage Will Cost You

By Aly J. Yale

See more articles

How Much a $300,000 Mortgage Will Cost You (15)

How Much a $400,000 Mortgage Will Cost You

By Aly J. Yale

How Much a $300,000 Mortgage Will Cost You (16)

How Much a $450,000 Mortgage Will Cost You

By Aly J. Yale

How Much a $300,000 Mortgage Will Cost You (17)

How Much a $1,000,000 Mortgage Will Cost You

By Amy Fontinelle

Meet the expert:

Aly J. Yale

Aly J. Yale is a personal finance journalist with work featured in Forbes, Fox Business, The Motley Fool, Bankrate, The Balance, and more.

How Much a $300,000 Mortgage Will Cost You (2024)

FAQs

How Much a $300,000 Mortgage Will Cost You? ›

What are the average repayments on a £300,000 mortgage? With interest rates at the time of writing (April 2024) hovering around the 5% mark and standard term lengths being 25 years, a mortgage of £300,000 will come with average monthly repayments of £1,754 and borrowers will have repaid £526,131 by the end of the term.

How much would a $300,000 mortgage cost? ›

Monthly payments for a $300,000 mortgage
Annual Percentage Rate (APR)Monthly payment (15-year)Monthly payment (30-year)
6.25%$2,572.27$1,896.20
6.50%$2,613.32$1,896.20
6.75%$2,654.73$1,945.79
7.00%$2,696.48$1,995.91
5 more rows

How much does a $300,000 mortgage cost? ›

What are the average repayments on a £300,000 mortgage? With interest rates at the time of writing (April 2024) hovering around the 5% mark and standard term lengths being 25 years, a mortgage of £300,000 will come with average monthly repayments of £1,754 and borrowers will have repaid £526,131 by the end of the term.

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

How much do I need to make to buy a $300K house? You'll likely need to make about $75,000 a year to buy a $300K house. This is an estimate, but, as a rule of thumb, with a 3 percent down payment on a conventional 30-year mortgage at 7 percent, your monthly mortgage payment will be around $2,250.

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.

How much would I pay on a $300,000 mortgage for 30 years? ›

A mortgage of $300,000 will cost you $3,255.79 per month in interest and principal for a 30-year loan and a fixed 7.2% interest rate. The monthly payment will increase if you include taxes, mortgage insurance, and other fees.

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

Federal Housing Administration (FHA) loans need at least a 580 FICO Score with at least a 3.5% down payment (which amounts to $10,500 on a $300,000 home). Conventional loans require a minimum FICO® Score of 620 along with a 3% down payment (which amounts to $9,000 on a $300,000 home).

How to pay off a 300k mortgage in 5 years? ›

Increasing your monthly payments, making bi-weekly payments, and making extra principal payments can help accelerate mortgage payoff. Cutting expenses, increasing income, and using windfalls to make lump sum payments can help pay off the mortgage faster.

How much is a 250k mortgage per month? ›

On a $250,000 fixed-rate mortgage with an annual percentage rate (APR) of 6%, you'd pay $1,498.88 per month for a 30-year term or $2,109.64 for a 15-year one. It's important to note that these estimates only include principal and interest.

Is $300000 a lot for a house? ›

California is notorious for having high living expenses, especially for housing, so it is no surprise that a $300,000 homebuying budget won't get you far in the Golden State.

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

If you make $70K a year, you can likely afford a home between $290,000 and $310,000*. Depending on your personal finances, that's a monthly house payment between $2,000 and $2,500. Keep in mind that figure will include your monthly mortgage payment, taxes, and insurance.

Can I afford a house on 40K a year? ›

If you have minimal or no existing monthly debt payments, between $103,800 and $236,100 is about how much house you can afford on $40K a year. Exactly how much you spend on a house within that range depends on your financial situation and how much down payment you can afford to invest.

What is the 20% down payment on a $300 000 house? ›

A 20% down payment on a $300,000 mortgage is $60,000. The $60,000 down payment is what most lenders look for especially commercial lenders, because it helps mitigate the risk of default.

What can you afford with a 70k salary? ›

The good news is that if you earn $70,000, most estimates show that you can afford to spend around $2,100 a month on housing expenses so a home should be within reach. Looking for an affordable option for a home mortgage loan?

Is $60,000 a good salary for a single person? ›

Now, you're not going to own a house in San Francisco or anything, but that income (especially after tax) is more than sufficient to live a decent lifestyle, especially if you don't own a car - and when you're living in California, where the weather is almost always nice and many cities are bike-friendly, not owning a ...

What 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.

How much house can $3,500 a month buy? ›

A $3,500 per month mortgage in the United States, based on our calculations, will put you in an above-average price range in many cities, or let you at least get a foot in the door in high cost of living areas. That price point is $550,000.

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

If you make $70K a year, you can likely afford a home between $290,000 and $310,000*. Depending on your personal finances, that's a monthly house payment between $2,000 and $2,500. Keep in mind that figure will include your monthly mortgage payment, taxes, and insurance.

How much is a $1 million dollar mortgage per month? ›

A 30-year, $1,000,000 mortgage with a 6% interest rate costs about $5,996 per month — and you could end up paying over $700,000 in interest over the life of the loan.

Top Articles
Latest Posts
Article information

Author: Laurine Ryan

Last Updated:

Views: 5953

Rating: 4.7 / 5 (77 voted)

Reviews: 92% of readers found this page helpful

Author information

Name: Laurine Ryan

Birthday: 1994-12-23

Address: Suite 751 871 Lissette Throughway, West Kittie, NH 41603

Phone: +2366831109631

Job: Sales Producer

Hobby: Creative writing, Motor sports, Do it yourself, Skateboarding, Coffee roasting, Calligraphy, Stand-up comedy

Introduction: My name is Laurine Ryan, I am a adorable, fair, graceful, spotless, gorgeous, homely, cooperative person who loves writing and wants to share my knowledge and understanding with you.