Credible
Get Rates
  • Refinance Student Loans
    • Compare Options
      • Best Refinancing Companies
      • Lender Reviews
      • Refinance Student Loans
      • Student Loan Consolidation
    • Learn the Basics
      • Fixed vs. Variable Rates
      • Forgiveness Programs
      • Consolidation vs Refinancing
      • Repayment Plans
      • More on Student Refi
    • How to
      • Consolidate Your Student Loans
      • Pay Off Your Student Loans
      • Lower Your Interest Rate
    • Tools
      • Current Student Loan Refi Rates
      • Refinancing Calculator
      • Repayment Calculator
      • Student Loan Score Calculator
  • Student Loans
    • Compare Options
      • Private Student Loans
      • Parent Student Loans
      • Law School Loans
      • Medical School Loans
      • Graduate Student Loans
    • Learn the Basics
      • Student Loan Limits
      • Living Expenses
      • Applying for FAFSA
      • Federal Student Loans
      • Student Loan Interest Rates
      • More on Student Loans
    • How To
      • Pay for College
      • Take Out Student Loans
      • Apply Without Cosigner
      • Apply for Student Loans
      • Pay for Grad School
    • Tools
      • Best Private Student Loans
      • Current Student Loan Rates
      • Student Loan Interest Calculator: Estimate Payments
      • Lender Reviews
  • Personal Loans
    • Compare Options
      • Best Personal Loan Lenders
      • Lender Reviews
      • Get Personal Loan Rates
    • Learn the Basics
      • How to Qualify
      • How to Get a Loan
      • Where to Get a Loan
      • Personal Loans with Cosigner
      • Pay Off Credit Card Debt
      • More on Personal Loans
    • Best for
      • Credit Card Consolidation
      • Debt Consolidation Loans
      • Home Improvement Loans
      • Good Credit
      • Fair Credit
      • Bad Credit
    • Tools
      • Current Personal Loan Rates
      • Personal Loan Calculator
  • Mortgages
    • Compare Options
      • Mortgage Refinance
      • Home Loan
      • Best Mortgage Refinance Companies
      • Best Mortgage Lenders
      • Mortgage Preapproval
      • Mortgage Payment Calculator
    • Compare Rates
      • Mortgage Refinance Rates
      • 30-Year Fixed Refinance Rates
      • 15-Year Fixed Refinance Rates
      • Home Loan Rates
      • 15-Year Fixed Mortgage Rates
      • 30-Year Fixed Mortgage Rates
    • Learn the Basics
      • How to Buy a House
      • How to Refinance Your Mortgage
      • How to Get the Best Rate
      • Cash-Out Refinancing
      • More on Home Loans and Refi
    • Pay Off Mortgage
      • Home Equity to Pay Off Debt
      • Paying Off Mortgage Early
      • Mortgage Refinance Cost
  • Insurance
    • Insurance Products
      • Insurance Products
      • Learn more about home insurance
    • Compare Options
      • Compare Insurance Quotes
      • Home Insurance Guide
    • Learn the Basics
      • What Home Insurance Covers
      • How Much Home Insurance You Need
      • Estimate Your Home Replacement Cost
      • How to Change Home Insurance
  • Company
    • About
    • Reviews
    • Blog
    • Lenders
    • Editorial Guidelines
    • FAQs
    • Press
  • Find My Rate
Advertiser Disclosure

How Much a $300,000 Mortgage Will Cost You

A $300,000 mortgage comes with upfront and long-term costs. The total costs of the loan will depend on your interest rate and loan term.

Aly J. Yale Aly J. Yale Edited by Chris Jennings Updated March 16, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. By refinancing your mortgage, total finance charges may be higher over the life of the loan.
Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

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 $72,000 to $155,000 just in interest.

Learn more about how much a $300,000 mortgage will cost you in the long run:

  • Monthly payments for a $300,000 mortgage
  • Where to get a $300,000 mortgage
  • What to consider before applying for a $300,000 mortgage
  • How to get a $300,000 mortgage

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 3% APR, you’d pay $2,071.74 per month on a 15-year loan and $1,264.81 on a 30-year loan, not including escrow. Escrow costs vary depending on your home’s location, insurer, and other details.

Credible is here to help with your pre-approval. Answer a few quick questions below to get started.

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)
3.00%
$2,071.74$1,264.81
3.25%
$2,108.01$1,305.62
3.50%
$2,144.65$1,347.13
3.75%
$2,181.67$1,389.35
4.00%
$2,219.06$1,432.25
4.25%
$2,256.84$1,475.82
4.50%
$2,294.98$1,520.06
4.75%
$2,333.50$1,564.94
5.00%
$2,372.38$1,703.37

Check out: 20- vs 30-Year Mortgage: Is an Unusual Option Right for You?

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 use 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 finding the right mortgage rate easier and more efficient. You can get tailored prequalified rates from our partner lenders simultaneously — all with just one form — and it only takes a few minutes.

Loading widget - purchase-rate-table

Learn More: How to Know If You Should Buy a House

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 3% interest rate, you’d pay $155,332.34 in total interest, and on a 15-year loan with the same rate, it’d be $72,914.08 — a whopping $82,418 less.

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

Enter your loan information to calculate how much you could pay

? Enter the total amount borrowed $
? Enter your annual interest rate %
or
? Enter the amount of time you have to repay your loan years
Total Payment $
Total Interest $
Monthly Payment $

With a $ home loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the mortgage.


Need a home loan?
Credible makes getting a mortgage easy. It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter.

Find Rates Now

Checking rates won’t affect your credit score.

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 3% APR:

YearBeginning balanceMonthly paymentTotal interest paidTotal principal paidRemaining balance
1$300,000.00$1,264.81$8,914.34$6,263.40$293,736.60
2$293,736.60$1,264.81$8,723.84$6,453.91$287,282.69
3$287,282.69$1,264.818,527.54$6,650.21$280,632.48
4$280,632.48$1,264.81$8,325.26$6,852.48$273,780.00
5273,780.00$1,264.81$8,116.84$7,060.91$266,719.09
6$266,719.09$1,264.81$7,902.07$7,275.67$259,443.42
7$259,443.42$1,264.81$7,680.78$7,496.97$251,946.45
8$251,946.45$1,264.81$7,452.75$7,725.00$244,221.45
9$244,221.45$1,264.81$7,217.79$7,959.96$236,261.50
10$236,261.49$1,264.81$6,975.68$8,202.07$228,059.43
11$228,059.42$1,264.81$6,726.20$8,451.54$219,607.88
12$219,607.88$1,264.81$6,469.14$8,708.60$210,899.28
13$210,899.28$1,264.81$6,204.26$8,973.48$201,925.80
14$201,925.80$1,264.81$5,931.32$9,246.42$192,679.37
15$192,679.38$1,264.81$5,650.08$9,527.66$183,151.71
16$183,151.72$1,264.81$5,360.29$9,817.45$173,334.26
17$173,334.27$1,264.81$5,061.68$10,116.06$163,218.20
18$163,218.21$1,264.81$4,753.99$10,423.75$152,794.45
19$152,794.46$1,264.81$4,436.95$10,740.80$142,053.65
20$142,053.66$1,264.81$4,110.25$11,067.49$130,986.16
21$130,986.17$1,264.81$3,773.63$11,404.12$119,582.04
22$119,582.05$1,264.81$3,426.76$11,750.99$107,831.05
23$107,831.06$1,264.81$3,069.34$12,108.40$95,722.65
24$95,722.66$1,264.81$2,701.05$12,476.69$83,245.96
25$83,245.97$1,264.81$2,321.56$12,856.18$70,389.78
26$70,389.79$1,264.81$1,930.53$13,247.22$57,142.56
27$57,142.57$1,264.81$1,527.60$13,650.14$43,492.42
28$43,492.43$1,264.81$1,112.42$14,065.32$29,427.09
29$29,427.11$1,264.81$684.61$14,493.13$14,933.96
30$14,933.96$1,264.81$243.79$14,933.96$0.00

Here’s what an amortization schedule looks like for a 15-year, $300,000 mortgage with a 3% APR:

YearBeginning balanceMonthly paymentTotal interest paidTotal principal paidRemaining balance
1$300,000.00$2,071.75$8,780.08$16,080.85$283,919.15
2$283,919.15$2,071.75$8,290.97$16,569.97$267,349.18
3$267,349.18$2,071.75$7,786.98$17,073.96$250,275.22
4$250,275.22$2,071.75$$7,267.66$17,593.28$232,681.93
5$232,681.94$2,071.75$6,732.54$18,128.40$214,553.54
6$214,553.54$2,071.75$6,181.15$18,679.79$195,873.75
7$195,873.75$2,071.75$5,612.98$19,247.95$176,625.79
8$176,625.80$2,071.75$5,027.54$19,833.40$156,792.39
9$156,792.40$2,071.75$4,424.29$20,436.65$136,355.74
10$136,355.75$2,071.75$3,802.69$21,058.25$115,297.49
11$115,297.50$2,071.75$3,162.18$21,698.76$93,598.73
12$93,598.74$2,071.75$2,502.19$22,358.75$71,239.98
13$71,239.99$2,071.75$1,822.13$23,038.81$48,201.18
14$48,201.18$2,071.75$1,121.38$23,739.56$24,461.62
15$24,461.62$2,071.75$399.32$24,461.62$0.00

How to get a $300,000 mortgage

Applying for a mortgage can be quite simple — especially when using a rate-shopping 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 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. You can use Credible to get a streamlined pre-approval letter for prequalification with multiple lenders at once.
  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 submit 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).

Keep Reading: How Long It Takes to Buy a House

About the author
Aly J. Yale
Aly J. Yale

Aly J. Yale is a mortgage and real estate authority. Her work has appeared in Forbes, Fox Business, The Motley Fool, Bankrate, The Balance, and more.

Read More

Home » All » Mortgages » How Much a $300,000 Mortgage Will Cost You

Homebuying Costs


  • How Much It Costs to Buy a Home
  • Down Payment
  • Mortgage Closing Costs
  • Mortgage Origination Fees
  • Calculator: Monthly Mortgage Payment

Costs by Mortgage Amount

  • Cost of a $100,000 Mortgage
  • Cost of a $150,000 Mortgage
  • Cost of a $200,000 Mortgage
  • Cost of a $250,000 Mortgage
  • Cost of a $300,000 Mortgage
  • Cost of a $350,000 Mortgage
  • Cost of a $400,000 Mortgage
  • Cost of a $450,000 Mortgage

Tools and Resources

  • Get a Home Loan
  • Get Preapproved for a Mortgage
  • Best Mortgage Lenders
  • Today’s Mortgage Rates
  • Lender Reviews

  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to email a link to a friend (Opens in new window)

Related Articles

Mortgages

Don’t Play the Waiting Game: 5 Reasons Why Buying a House Now Is Still a Smart Move

Mortgage Refinance

A Guide to Short Refinancing

Mortgage Refinance

10 Best FHA Streamline Refinance Lenders June 2022

  • Read More
    • Refi Student Loans
    • In School Loans
    • Personal Loans
    • Mortgages
    • Insurance
  • Resources
    • Lender Reviews
    • Loan Calculators
    • Student Loan Score Calculator
    • Data Insights
    • Debt Statistics
    • Sitemap
  • Compare
    • Student Loan Refinance
      • Current Student Loan Refi Rates
    • Student Loan Consolidation
    • Private Student Loans
      • Current Student Loan Rates
    • Personal Loans
      • Current Personal Loan Rates
    • Refinance Mortgage
      • Mortgage Refinance Rates
        • 15-Year Fixed Refinance Rates
        • 30-Year Fixed Refinance Rates
    • Home Loans
      • Home Loan Rates
        • 15-Year Fixed Mortgage Rates
        • 30-Year Fixed Mortgage Rates
    • Insurance
  • Top Lenders
    • Best Student Loan Refi Companies
    • Best Private Student Loans
    • Best Personal Loans
    • Best Mortgage Lenders
    • Best Mortgage Refinance Companies
  • Company
    • About
    • Reviews
    • Blog
    • Editorial Staff
    • Editorial Guidelines
    • News
    • Press
  • Legal
    • Terms of Use
    • Privacy Policy

© 2022 Credible


Credible Operations, Inc. NMLS ID# 1681276 | NMLS Consumer Access | Licenses and Disclosures
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Disclosure

Affiliated Business Arrangement Disclosure

Credible Operations, Inc., (“Credible”) has a business relationship with Young Alfred, Inc., (“Young Alfred”), an insurance broker. Please click here for the full Affiliated Business Arrangement disclosure form. You are not required to use Young Alfred as a condition for settlement of your loan.

Similarly, Young Alfred has a business relationship with Credible, a mortgage broker. Please click here for the full Affiliated Business Arrangement disclosure form. You are not required to use Credible as a condition to obtain access to any settlement services, such as homeowners or other insurance products.

Acknowledgement

By clicking “Accept” below, I/we acknowledge that I/we have read the applicable full disclosure form, and understand that any referrals by Credible for insurance settlement services or any referrals by Young Alfred for mortgage settlement services, may result in Credible, Young Alfred, its parent company, and/or its affiliates receiving a financial or other benefit.