{"id":47035,"date":"2021-01-11T09:25:54","date_gmt":"2021-01-11T17:25:54","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=47035"},"modified":"2024-01-24T14:32:57","modified_gmt":"2024-01-24T22:32:57","slug":"how-much-a-300000-mortgage-will-cost-you-2","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/300000-mortgage\/","title":{"rendered":"How Much a $300,000 Mortgage Will Cost You"},"content":{"rendered":"<p><a href=\"https:\/\/www.credible.com\/mortgage\">Taking out a mortgage<\/a> comes with many costs \u2014 some upfront and some paid over long lengths of time. On a $300,000 mortgage, those costs might surprise you.<\/p>\n<p>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.<\/p>\n<p><b>Learn more about how much a $300,000 mortgage will cost you in the long run:<\/b><\/p>\n<ul>\n<li><a href=\"#monthly-payments-300000-mortgage\">Monthly payments for a $300,000 mortgage<\/a><\/li>\n<li><a href=\"#where-get-300000-mortgage\">Where to get a $300,000 mortgage<\/a><\/li>\n<li><a href=\"#consider-applying-300000-mortgage\">What to consider before applying for a $300,000 mortgage<\/a><\/li>\n<li><a href=\"#how-get-300000-mortgage\">How to get a $300,000 mortgage<\/a><\/li>\n<\/ul>\n<p><a name=\"monthly-payments-300000-mortgage\"><\/a><\/p>\n<h2>Monthly payments for a $300,000 mortgage<\/h2>\n<p>Monthly mortgage payments always contain two things: principal and interest. In some cases, they might include other costs as well.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\">Here\u2019s what typically makes up a mortgage payment:<\/p>\n<ul>\n<li><b>Principal:<\/b> This money is applied straight to your loan balance.<\/li>\n<li><b>Interest:<\/b> The cost of borrowing the money. How much you\u2019ll pay is indicated by your interest rate.<\/li>\n<li><b>Escrow costs:<\/b> If you opt to use an <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/what-is-escrow\/\">escrow account<\/a> (or your lender requires it), you\u2019ll also have your property taxes, mortgage insurance, and homeowners insurance rolled into your monthly mortgage payment, too.<\/li>\n<\/ul>\n<\/div><\/div>\n<p>On a $300,000 mortgage with a 6% APR, you\u2019d 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\u2019s location, insurer, and other details.<\/p>\n<p><b>Here\u2019s a quick look at what the monthly payment (principal and interest) would be for a $300,000 mortgage with varying interest rates:<\/b><\/p>\n\n<table id=\"tablepress-520\" class=\"tablepress tablepress-id-520 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><div style=\"text-align: left; padding:0px 25px;\"><strong>Annual Percentage Rate (APR)<\/strong><\/div><\/th><th class=\"column-2\"><strong>Monthly payment<br \/>\n<small>(15 year)<\/small><\/strong><\/th><th class=\"column-3\"><strong>Monthly payment<br \/>\n<small>(30 year)<\/small><\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><div style=\"text-align: left; padding:0px 25px;\">6.00%<\/div><\/td><td class=\"column-2\">$2,531.57<\/td><td class=\"column-3\">$1,798.65<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><div style=\"text-align: left; padding:0px 25px;\">6.25%<\/div><\/td><td class=\"column-2\">$2,572.27<\/td><td class=\"column-3\">$1,896.20<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><div style=\"text-align: left; padding:0px 25px;\">6.50%<\/div><\/td><td class=\"column-2\">$2,613.32<\/td><td class=\"column-3\">$1,896.20<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><div style=\"text-align: left; padding:0px 25px;\">6.75%<\/div><\/td><td class=\"column-2\"> $2,654.73<\/td><td class=\"column-3\">$1,945.79<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\"><div style=\"text-align: left; padding:0px 25px;\">7.00%<\/div><\/td><td class=\"column-2\">$2,696.48<\/td><td class=\"column-3\">$1,995.91<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\"><div style=\"text-align: left; padding:0px 25px;\">7.25%<\/div><\/td><td class=\"column-2\">$2,738.59<\/td><td class=\"column-3\">$2,046.53<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\"><div style=\"text-align: left; padding:0px 25px;\">7.50%<\/div><\/td><td class=\"column-2\">$2,781.04<\/td><td class=\"column-3\">$2,097.64<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\"><div style=\"text-align: left; padding:0px 25px;\">7.75%<\/div><\/td><td class=\"column-2\">$2,823.83<\/td><td class=\"column-3\">$2,149.24<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\"><div style=\"text-align: left; padding:0px 25px;\">8.00%<\/div><\/td><td class=\"column-2\">$2,866.96<\/td><td class=\"column-3\">$2,201.29<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td colspan=\"3\" class=\"column-1\"><p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3 style=\"text-align: center;\"><span style=\"font-size: x-large;\"><strong>Get a prequalified mortgage quote<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\" style=\"text-align: center;\">One form. 3 minutes. No spam calls.<\/h6>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-table-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><!-- TrustBox widget - Micro Combo --><\/p>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p><em><strong>Check out: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/20-vs-30-year-mortgage\/\">20- vs 30-Year Mortgage: Is an Unusual Option Right for You?<\/a><\/strong><\/em><\/p>\n<p><a name=\"where-get-300000-mortgage\"><\/a><\/p>\n<h2>Where to get a $300,000 mortgage<\/h2>\n<p>To get a $300,000 <a href=\"https:\/\/www.credible.com\/mortgage\">home loan<\/a>, you\u2019ll 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.<\/p>\n<p>Once you receive your quotes, you\u2019ll want to compare them line by line. You should look at the interest rate, total costs on closing day, any <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/origination-fees\/\">origination fees<\/a>, <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-points\/\">mortgage points<\/a> you\u2019re being charged, and more.<\/p>\n<p>After you determine the best offer, you can move forward with that lender\u2019s application and submit any required documentation.<\/p>\n<p>Credible makes the process of comparing lender options easier \u2014 and it only takes a few minutes.<\/p>\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n<p><b><i>Learn More: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/when-to-buy-house\/\"><b><i>How to Know If You Should Buy a House<\/i><\/b><\/a><\/p>\n<p><a name=\"consider-applying-300000-mortgage\"><\/a><\/p>\n<h2>What to consider before applying for a $300,000 mortgage<\/h2>\n<p>Before taking out a mortgage of this size (or any home loan for that matter), you\u2019ll 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\u2019ll pay, and the monthly payment the loan comes with.<\/p>\n<h3>Total interest paid on a $300,000 mortgage<\/h3>\n<p>You\u2019ll 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).<\/p>\n<p>With a 30-year, $300,000 loan at a 6% interest rate, you\u2019d pay $347,514.57 in total interest, and on a 15-year loan with the same rate, it\u2019d be $155,682.69 \u2014 a whopping $191,831.88 less.<\/p>\n<p>Use the below calculator to see how much interest you&#8217;ll pay, as well as <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/cost-to-buy-house\/\">what your home will cost you<\/a> every month.<\/p>\n<div class=\"calculator loan\">\n<div class=\"inputs container\">\n\n\t<p>Enter your loan information<span class=\"hidden-md-up\"> to calculate how much you could pay<\/span><\/p>\n\n  <div class=\"row form-groups\">\n  <div class=\"col-xs-8 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-amount\">Loan amount<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the total amount borrowed<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-amount\">\n  \t\t\t<span class=\"input-group-addon\">$<\/span>\n  \t\t\t<input type=\"number\" value=\"250000\" step=\"1000\" name=\"loan-amount\" id=\"loan-amount\" aria-label=\"Loan amount\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t<\/span>\n    <\/div>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"interest-rate\">Interest rate<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter your annual interest rate<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group interest-rate\">\n  \t\t\t<input type=\"number\" value=\"6\" step=\".01\" min=\".01\" max=\"100\" name=\"interest-rate\" id=\"interest-rate\" aria-label=\"Interest rate\" class=\"form-control\">\n  \t\t\t<span class=\"input-group-addon\">%<\/span>\n  \t\t<\/span>\n    <\/div>\n\t\t<span class=\"between\">or<\/span>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-term\">Fixed loan term<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the amount of time you have to repay your loan<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-term\">\n  \t\t\t<input name=\"loan-term\" value=\"30\" step=\"1\" min=\"1\" max=\"50\" id=\"loan-term\" aria-label=\"Loan term\" type=\"number\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t\t<span class=\"input-group-addon\">years<\/span>\n  \t\t<\/span>\n    <\/div>\n\t<\/div>\n\t<\/div>\n\n<\/div>\n<div class=\"outputs container\">\n\n  <div class=\"results row\">\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Payment\n  \t<big>$<span class=\"total-payment\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Interest\n  \t<big>$<span class=\"total-interest\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-12 col-sm-4 col-md-12 col-lg-4\">\n  \tMonthly Payment\n  \t<big>$<span class=\"monthly-payment\"><\/span><\/big>\n  <\/div>\n  <\/div>\n\n  <p class=\"results-sentence\">\n    With a\n    <strong>$<span class=\"output-loan-amount\"><\/span><\/strong>\n    home    loan, you will pay\n    <strong>$<span class=\"monthly-payment\"><\/span><\/strong>\n    monthly and a total of\n    <strong>$<span class=\"total-interest\"><\/span><\/strong>\n    in interest over the life of your loan. You will pay a total of\n    <strong>$<span class=\"total-payment\"><\/span><\/strong>\n    over the life of the\n    mortgage.\n  <\/p>\n\n  \n  <div class=\"cta\">\n    \n  <\/div>\n\n<\/div>\n<\/div>\n\n<h3>Amortization schedule on a $300,000 mortgage<\/h3>\n<p>An <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-amortization\/\">amortization schedule<\/a> breaks down how much you\u2019ll pay in interest and principal for every year of your loan\u2019s term.<\/p>\n<p>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.<\/p>\n<p><b>Here\u2019s what an amortization schedule looks like for a 30-year, $300,000 mortgage with a 6% APR:<\/b><\/p>\n\n<table id=\"tablepress-510\" class=\"tablepress tablepress-id-510 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Year<\/strong<\/th><th class=\"column-2\"><strong>Beginning balance<\/strong><\/th><th class=\"column-3\"><strong>Monthly payment<\/strong><\/th><th class=\"column-4\"><strong>Total interest paid<\/strong><\/th><th class=\"column-5\"><strong>Total principal paid<\/strong><\/th><th class=\"column-6\"><strong>Remaining balance<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">1<\/td><td class=\"column-2\">$300,000.00<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$17,899.78<\/td><td class=\"column-5\">$3,684.04<\/td><td class=\"column-6\">$296,315.96<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">2<\/td><td class=\"column-2\">$296,315.96<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$17,672.56<\/td><td class=\"column-5\">$3,911.26<\/td><td class=\"column-6\">$292,404.71<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">3<\/td><td class=\"column-2\">$292,404.71<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$17,431.32<\/td><td class=\"column-5\">$4,152.50<\/td><td class=\"column-6\">$288,252.21<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">4<\/td><td class=\"column-2\">$288,252.21<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$17,175.21<\/td><td class=\"column-5\">$4,408.61<\/td><td class=\"column-6\">$283,843.60<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">5<\/td><td class=\"column-2\">$283,843.60<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$16,903.29<\/td><td class=\"column-5\">$4,680.53<\/td><td class=\"column-6\">$279,163.07<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">6<\/td><td class=\"column-2\">$279,163.07<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$16,614.61<\/td><td class=\"column-5\">$4,969.21<\/td><td class=\"column-6\">$274,193.86<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">7<\/td><td class=\"column-2\">$274,193.86<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$16,308.12<\/td><td class=\"column-5\">$5,275.70<\/td><td class=\"column-6\">$268,918.16<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">8<\/td><td class=\"column-2\">$268,918.16<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$15,982.72<\/td><td class=\"column-5\">$5,601.10<\/td><td class=\"column-6\">$263,317.06<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">9<\/td><td class=\"column-2\">$263,317.06<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$15,637.26<\/td><td class=\"column-5\">$5,946.56<\/td><td class=\"column-6\">$257,370.50<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">10<\/td><td class=\"column-2\">$257,370.50<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$15,270.49<\/td><td class=\"column-5\">$6,313.33<\/td><td class=\"column-6\">$251,057.17<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">11<\/td><td class=\"column-2\">$251,057.17<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$14,881.10<\/td><td class=\"column-5\">$6,702.72<\/td><td class=\"column-6\">$244,354.45<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">12<\/td><td class=\"column-2\">$244,354.45<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$14,467.69<\/td><td class=\"column-5\">$7,116.13<\/td><td class=\"column-6\">$237,238.32<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">13<\/td><td class=\"column-2\">$237,238.32<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$14,028.78<\/td><td class=\"column-5\">$7,555.04<\/td><td class=\"column-6\">$229,683.28<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">14<\/td><td class=\"column-2\">$229,683.28<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$13,562.80<\/td><td class=\"column-5\">$8,021.02<\/td><td class=\"column-6\">$221,662.27<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">15<\/td><td class=\"column-2\">$221,662.27<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$13,068.08<\/td><td class=\"column-5\">$8,515.74<\/td><td class=\"column-6\">$213,146.53<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">16<\/td><td class=\"column-2\">$213,146.53<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$12,542.85<\/td><td class=\"column-5\">$9,040.97<\/td><td class=\"column-6\">$204,105.57<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">17<\/td><td class=\"column-2\">$204,105.57<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$11,985.22<\/td><td class=\"column-5\">$9,598.59<\/td><td class=\"column-6\">$194,506.97<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">18<\/td><td class=\"column-2\">$194,506.97<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$11,393.20<\/td><td class=\"column-5\">$10,190.61<\/td><td class=\"column-6\">$184,316.36<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">19<\/td><td class=\"column-2\">$184,316.36<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$10,764.67<\/td><td class=\"column-5\">$10,819.15<\/td><td class=\"column-6\">$173,497.21<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">20<\/td><td class=\"column-2\">$173,497.21<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$10,097.37<\/td><td class=\"column-5\">$11,486.45<\/td><td class=\"column-6\">$162,010.76<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">21<\/td><td class=\"column-2\">$162,010.76<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$9,388.91<\/td><td class=\"column-5\">$12,194.91<\/td><td class=\"column-6\">$149,815.85<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">22<\/td><td class=\"column-2\">$149,815.85<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$8,636.75<\/td><td class=\"column-5\">$12,947.06<\/td><td class=\"column-6\">$136,868.78<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">23<\/td><td class=\"column-2\">$136,868.78<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$7,838.21<\/td><td class=\"column-5\">$13,745.61<\/td><td class=\"column-6\">$123,123.17<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">24<\/td><td class=\"column-2\">$123,123.17<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$6,990.41<\/td><td class=\"column-5\">$14,593.41<\/td><td class=\"column-6\">$108,529.76<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">25<\/td><td class=\"column-2\">$108,529.76<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$6,090.32<\/td><td class=\"column-5\">$15,493.50<\/td><td class=\"column-6\">$93,036.26<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">26<\/td><td class=\"column-2\">$93,036.26<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$5,134.71<\/td><td class=\"column-5\">$16,449.11<\/td><td class=\"column-6\">$76,587.16<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">27<\/td><td class=\"column-2\">$76,587.16<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$4,120.17<\/td><td class=\"column-5\">$17,463.65<\/td><td class=\"column-6\">$59,123.51<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">28<\/td><td class=\"column-2\">$59,123.51<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$3,043.05<\/td><td class=\"column-5\">$18,540.77<\/td><td class=\"column-6\">$40,582.73<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">29<\/td><td class=\"column-2\">$40,582.73<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$1,899.49<\/td><td class=\"column-5\">$19,684.32<\/td><td class=\"column-6\">$20,898.41<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">30<\/td><td class=\"column-2\">$20,898.41<\/td><td class=\"column-3\">$1,798.65<\/td><td class=\"column-4\">$685.41<\/td><td class=\"column-5\">$20,898.41<\/td><td class=\"column-6\">$0.00<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td colspan=\"6\" class=\"column-1\"><p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3 style=\"text-align: center;\"><span style=\"font-size: x-large;\"><strong>Get a prequalified mortgage quote<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\" style=\"text-align: center;\">One form. 3 minutes. No spam calls.<\/h6>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-table-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><!-- TrustBox widget - Micro Combo --><\/p>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p><b>Here\u2019s what an amortization schedule looks like for a 15-year, $300,000 mortgage with a 6% APR:<\/b><\/p>\n\n<table id=\"tablepress-511\" class=\"tablepress tablepress-id-511 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Year<\/strong<\/th><th class=\"column-2\"><strong>Beginning balance<\/strong><\/th><th class=\"column-3\"><strong>Monthly payment<\/strong><\/th><th class=\"column-4\"><strong>Total interest paid<\/strong><\/th><th class=\"column-5\"><strong>Total principal paid<\/strong><\/th><th class=\"column-6\"><strong>Remaining balance<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">1<\/td><td class=\"column-2\">$300,000.00<\/td><td class=\"column-3\">$2,531.57<\/td><td class=\"column-4\">$17,653.84<\/td><td class=\"column-5\">$12,725.00<\/td><td class=\"column-6\">$287,275.00<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">2<\/td><td class=\"column-2\">$287,275.00<\/td><td class=\"column-3\">$2,531.57<\/td><td class=\"column-4\">$16,868.99<\/td><td class=\"column-5\">$13,509.85<\/td><td class=\"column-6\">$273,765.15<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">3<\/td><td class=\"column-2\">$273,765.15<\/td><td class=\"column-3\">$2,531.57<\/td><td class=\"column-4\">$16,035.74<\/td><td class=\"column-5\">$14,343.11<\/td><td class=\"column-6\">$259,422.04<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">4<\/td><td class=\"column-2\">$259,422.04<\/td><td class=\"column-3\">$2,531.57<\/td><td class=\"column-4\">$15,151.08<\/td><td class=\"column-5\">$15,227.76<\/td><td class=\"column-6\">$244,194.27<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">5<\/td><td class=\"column-2\">$244,194.27<\/td><td class=\"column-3\">$2,531.57<\/td><td class=\"column-4\">$14,211.87<\/td><td class=\"column-5\">$16,166.98<\/td><td class=\"column-6\">$228,027.30<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">6<\/td><td class=\"column-2\">$228,027.30<\/td><td class=\"column-3\">$2,531.57<\/td><td class=\"column-4\">$13,214.72<\/td><td class=\"column-5\">$17,164.12<\/td><td class=\"column-6\">$210,863.17<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">7<\/td><td class=\"column-2\">$210,863.17<\/td><td class=\"column-3\">$2,531.57<\/td><td class=\"column-4\">$12,156.08<\/td><td class=\"column-5\">$18,222.77<\/td><td class=\"column-6\">$192,640.41<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">8<\/td><td class=\"column-2\">$192,640.41<\/td><td class=\"column-3\">$2,531.57<\/td><td class=\"column-4\">$11,032.14<\/td><td class=\"column-5\">$19,346.71<\/td><td class=\"column-6\">$173,293.70<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">9<\/td><td class=\"column-2\">$173,293.70<\/td><td class=\"column-3\">$2,531.57<\/td><td class=\"column-4\">$9,838.88<\/td><td class=\"column-5\">$20,539.97<\/td><td class=\"column-6\">$152,753.73<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">10<\/td><td class=\"column-2\">$152,753.73<\/td><td class=\"column-3\">$2,531.57<\/td><td class=\"column-4\">$8,572.02<\/td><td class=\"column-5\">$21,806.83<\/td><td class=\"column-6\">$130,946.90<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">11<\/td><td class=\"column-2\">$130,946.90<\/td><td class=\"column-3\">$2,531.57<\/td><td class=\"column-4\">$7,227.02<\/td><td class=\"column-5\">$23,151.83<\/td><td class=\"column-6\">$107,795.08<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">12<\/td><td class=\"column-2\">$107,795.08<\/td><td class=\"column-3\">$2,531.57<\/td><td class=\"column-4\">$5,799.06<\/td><td class=\"column-5\">$24,579.78<\/td><td class=\"column-6\">$83,215.29<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">13<\/td><td class=\"column-2\">$83,215.29<\/td><td class=\"column-3\">$2,531.57<\/td><td class=\"column-4\">$4,283.04<\/td><td class=\"column-5\">$26,095.81<\/td><td class=\"column-6\">$57,119.49<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">14<\/td><td class=\"column-2\">$57,119.49<\/td><td class=\"column-3\">$2,531.57<\/td><td class=\"column-4\">$2,673.51<\/td><td class=\"column-5\">$27,705.34<\/td><td class=\"column-6\">$29,414.15<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">15<\/td><td class=\"column-2\">$29,414.15<\/td><td class=\"column-3\">$2,531.57<\/td><td class=\"column-4\">$964.70<\/td><td class=\"column-5\">$29,414.15<\/td><td class=\"column-6\">$0.00<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td colspan=\"6\" class=\"column-1\"><p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3 style=\"text-align: center;\"><span style=\"font-size: x-large;\"><strong>Get a prequalified mortgage quote<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\" style=\"text-align: center;\">One form. 3 minutes. No spam calls.<\/h6>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-table-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><!-- TrustBox widget - Micro Combo --><\/p>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p><a name=\"how-get-300000-mortgage\"><\/a><\/p>\n<h2>How to get a $300,000 mortgage<\/h2>\n<p>Finding a mortgage can be quite simple \u2014 especially when using a tool like Credible.<\/p>\n<p>When filling your <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-apply-for-mortgage\/\">mortgage application<\/a> out, you\u2019ll want to have some financial details on hand, including your income, estimated credit score, homebuying budget, and info regarding your assets and savings.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-48654 size-full\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/02\/how-to-get-a-mortgage-flowchart-square.png\" alt=\"\" width=\"1200\" height=\"1200\" srcset=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/02\/how-to-get-a-mortgage-flowchart-square.png 1200w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/02\/how-to-get-a-mortgage-flowchart-square-600x600.png 600w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/02\/how-to-get-a-mortgage-flowchart-square-200x200.png 200w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/02\/how-to-get-a-mortgage-flowchart-square-768x768.png 768w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/02\/how-to-get-a-mortgage-flowchart-square-300x300.png 300w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/02\/how-to-get-a-mortgage-flowchart-square-150x150.png 150w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n<p>Here\u2019s a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-buy-a-house\/\">step-by-step guide<\/a> on how the mortgage process usually goes:<\/p>\n<ol>\n<li><b>Estimate your homebuying budget.<\/b> 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.<\/li>\n<li><b>Do a credit check.<\/b> 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.<\/li>\n<li><b>Get pre-approved.<\/b> Always <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/preapproval\/\">get pre-approved for a mortgage<\/a> 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.<\/li>\n<li><b>Compare rates and mortgage offers.<\/b> Next, you\u2019ll want to compare options. Pay close attention to the interest rate and <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-apr\/\">APR<\/a> you\u2019re being offered, the closing costs, and any fees the lender is charging.<\/li>\n<li><b>Find and make an offer on a home.<\/b> 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.<\/li>\n<li><b>Complete the full mortgage application.<\/b> After your offer has been accepted, fill out your lender\u2019s 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.<\/li>\n<li><b>Await approval. <\/b>Your loan will then go into <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/underwriting-process\/\">underwriting<\/a>, 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\u2019s value (and make sure it\u2019s worth the money you\u2019re requesting to borrow for it).<\/li>\n<li><b>Get ready for closing. <\/b>Once your loan is nearing full approval, you\u2019ll get a closing date, which is when you\u2019ll sign the final paperwork and receive your keys. You\u2019ll typically need proof of homeowners insurance by this day, so be sure to shop around for your policy early.<\/li>\n<li><b>Close on your loan.<\/b> When closing day rolls around, you\u2019ll attend your appointment, sign the required paperwork, and pay for your down payment and closing costs (usually via cashier\u2019s check or wire transfer).<\/li>\n<\/ol>\n<p><b><i>Keep Reading: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-long-it-takes-to-buy\/\"><b><i>How Long It Takes to Buy a House<\/i><\/b><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Taking out a mortgage comes with many costs \u2014 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&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/300000-mortgage\/\">Continue reading<\/a><\/p>\n","protected":false},"author":101,"featured_media":47036,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1463],"tags":[1561,1547,1524,1521],"class_list":["post-47035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-cro-test-1","tag-homebuying-costs","tag-mortgage-purchase","tag-mortgage-rates-sidebar","how-much-a-300000-mortgage-will-cost-you-2","post_tag-cro-test-1","post_tag-homebuying-costs","post_tag-mortgage-purchase","post_tag-mortgage-rates-sidebar"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Much a $300,000 Mortgage Will Cost You - Credible<\/title>\n<meta name=\"description\" content=\"If you\u2019re considering a $300,000 mortgage, here\u2019s what you can expect to pay \u2014 both upfront and over the long haul.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.credible.com\/blog\/mortgages\/300000-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Much a $300,000 Mortgage Will Cost You - Credible\" \/>\n<meta property=\"og:description\" content=\"If you\u2019re considering a $300,000 mortgage, here\u2019s what you can expect to pay \u2014 both upfront and over the long haul.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.credible.com\/blog\/mortgages\/300000-mortgage\/\" \/>\n<meta property=\"og:site_name\" content=\"Credible\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/crediblelabs\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-11T17:25:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-24T22:32:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/01\/300000-mortgage.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1476\" \/>\n\t<meta property=\"og:image:height\" content=\"591\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Aly J. 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