What Is the Monthly Mortgage Payment on a $300K House?
The Short Answer
A $300K mortgage at 6.75% for 30 years costs about $1,946/month in principal and interest. With taxes and insurance, expect roughly $2,350/month total.
The Detailed Breakdown
Monthly payment calculated using standard amortization formula at 6.75% fixed for 30 years.
| Calculation | Value | Assumptions |
|---|---|---|
| Principal & Interest | $1,946/mo | $300K loan, 6.75%, 30 years |
| Total Monthly (PITI) | $2,350/mo | Includes taxes ($275/mo) and insurance ($100/mo) |
| Total Interest Paid | $400,560 | Over full 30-year term |
Key Assumptions
- 6.75% fixed rate, 30-year term.
- Property tax at 1.1% of home value.
- Homeowners insurance at $1,200/year.
- No PMI included (assumes 20%+ down).
Adjust for Your Situation
Budget about $2,350/month total for a $300K home after taxes and insurance.
Use the Free CalculatorWhat Affects This Result
Interest Rate
A 0.5% rate drop saves ~$100/month on a $300K loan.
Loan Term
A 15-year term costs $650 more/month but saves $200K+ in interest.
Extra Payments
One extra payment per year shaves ~4 years off a 30-year mortgage.