A $300,000 mortgage at 7% on a 30-year term costs $1,996/month in principal and interest. Over the life of the loan, you pay $418,527 in total interest. A 15-year term at 7% costs $2,696/month but saves you $257,000 in interest.
The monthly payment on a $300,000 mortgage is not a single number — it shifts based on your interest rate, loan term, and how much you put down. But you can nail down the exact figure in seconds with the right inputs.
$300,000 Mortgage Payment by Interest Rate (30-Year)
- •6.0% — $1,799/month | Total interest: $347,515
- •6.5% — $1,896/month | Total interest: $382,633
- •7.0% — $1,996/month | Total interest: $418,527
- •7.5% — $2,098/month | Total interest: $455,089
- •8.0% — $2,201/month | Total interest: $492,290
Calculate Your Exact Payment
30-Year vs. 15-Year: Which Makes Sense at $300,000?
At 7%, a 15-year mortgage on $300,000 costs $2,696/month — $700 more than the 30-year. But total interest drops from $418,527 to $185,367. You save $233,160. The question is whether that $700/month is better deployed elsewhere — like a 401(k) with employer match — or locked into the home.
If your employer matches 401(k) contributions and you have not hit the match limit, max that before making extra mortgage payments. A 50% match is a guaranteed 50% return — no mortgage payoff strategy beats that.
What PITI Actually Adds to Your Payment
Your lender quotes principal and interest (P&I). Your actual monthly bill — PITI — adds property taxes and homeowners insurance. On a $300,000 home, budget an additional $300–$600/month for taxes and insurance depending on your state. In Texas or New Jersey, property taxes alone can add $500+/month.
How a 1% Rate Difference Changes Your Payment
On a $300,000 loan, every 1% change in interest rate shifts your monthly payment by roughly $180–$200 on a 30-year term. Over 30 years, that 1% difference costs or saves you about $65,000 in total interest. This is why shopping lenders and improving your credit score before applying can be worth thousands.
- •Credit score 760+: typically qualifies for the best rates
- •Credit score 700–759: rate may be 0.25–0.5% higher
- •Credit score 650–699: rate may be 0.5–1.5% higher
- •Below 650: consider FHA loan or improving credit first