Where do these numbers come from?
- Freddie MacPrimary Mortgage Market Survey: 30-yr fixed 7.32%, 15-yr 6.68%week of Oct 22, 2026
- U.S. Census BureauACS 5-year table B25103, property taxes paid by ZIP2020–2024 estimates
- U.S. Census BureauACS 5-year table B25077, median home value2020–2024 estimates
- CFPBWhen PMI must be removed (Homeowners Protection Act, 78% LTV)accessed Oct 23, 2026
- Insurance Information InstituteAverage homeowners (HO-3) premiumaccessed Oct 23, 2026
Checked Oct 23, 2026. $320,000 borrowed at 6.5% for 30 years: this calculator gives $2,022.62 a month in principal and interest, and =PMT(6.5%/12; 360; -320000) in LibreOffice Calc (the same PMT function as Excel and Google Sheets) returns 2,022.62. At this week's Freddie Mac average of 7.32% both give $2,198.18.
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$300,000 loan: monthly payment by rate
| Rate | 30-year | 15-year | Total interest (30y) |
|---|---|---|---|
| 5% | $1,610.46 | $2,372.38 | $279,767 |
| 5.5% | $1,703.37 | $2,451.25 | $313,212 |
| 6% | $1,798.65 | $2,531.57 | $347,515 |
| 6.5% | $1,896.20 | $2,613.32 | $382,633 |
| 7% | $1,995.91 | $2,696.48 | $418,527 |
| 7.5% | $2,097.64 | $2,781.04 | $455,152 |
| 8% | $2,201.29 | $2,866.96 | $492,466 |
Worked example
At 6.5% for 30 years, r = 6.5 ÷ 12 ÷ 100 = 0.0054167 and n = 360, so the payment is $1,896.20 a month and you would pay $382,633 in interest over the loan. A 15-year term raises the payment to $2,613.32 but cuts interest to $170,398, saving $212,235.
Buying a $300,000 house vs borrowing $300,000
If $300,000 is the price and you put 20% down, you borrow $240,000: $1,516.96 a month at 6.5% (30 years). Borrowing $300,000 with 20% down means a home price of about $375,000.
Under the traditional 28% guideline (housing cost ≤ 28% of gross income), a $1,896.20 principal-and-interest payment alone suggests a gross income of about $81,266 a year; taxes and insurance push that higher.
Rates in the tables are a range for comparison, not current market quotes. Payments are principal and interest only unless stated.
Related
Frequently asked questions
What is the monthly payment on a $300,000 mortgage?
$1,896.20 at 6.5% for 30 years, or $2,613.32 for 15 years (principal and interest).
How much interest on a $300,000 mortgage?
About $382,633 over 30 years at 6.5%.
What income do I need for a $300,000 mortgage?
Roughly $81,266+ a year under the 28% guideline, before taxes and insurance.