Taking out a $300,000 mortgage comes with many costs — some upfront and some paid over long lengths of time. The length of your loan’s term will heavily influence your total expenses.
For a traditional 15- or 30-year loan of this size, you might pay anywhere from $155,683 to $347,515 in total interest.
Monthly payments for a $300,000 mortgage
Monthly mortgage payments consist of 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: This is 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.
On a $300,000 mortgage with a 6% annual percentage rate (APR), you’d 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’s location, insurer, and other details.
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) | (15-year) | (30-year) |
|---|---|---|
6.00% | ||
6.25% | ||
6.50% | ||
6.75% | ||
7.00% | ||
7.25% | ||
7.50% | ||
7.75% | ||
8.00% |
Where to get a $300,000 mortgage
To get a $300,000 home loan, you’ll want to get quotes from several 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.
Expert tip:
“Compare offers from different types of mortgage lenders too, such as local or national banks, credit unions and online lenders." — Valerie Morris, Editor, Mortgages
Once you receive your quotes, compare 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 comparing lender options easier — and it only takes a few minutes.
What to consider before applying for a $300,000 mortgage
Before taking out a $300,000 mortgage, 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 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 6% interest rate, you’d pay $347,514.57 in total interest, and on a 15-year loan with the same rate, it’d be $155,682.69 — a whopping $191,831.88 less.
Use our mortgage payment calculator to see how much interest you’ll pay, as well as what your home will cost you every month.
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 6% APR: