How Much is a Monthly Payment on a $300,000 Mortgage?

Taking out a $300,000 mortgage comes with many costs — some upfront and some paid over long periods 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:

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 applying with each mortgage company directly, you can also compare lender options with an online marketplace.

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. The loan’s APR is a more direct method to compare the total cost of the loan. Unlike interest rates alone, the APR also accounts for additional lender fees and other costs.

After you determine the best offer, you can move forward with that lender’s application and submit any required documentation.

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).

Here are the differences between a 30-year and 15-year $300,000 loan with a 6% interest rate.

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:

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:

Here’s what an amortization schedule looks like for a 15-year, $300,000 mortgage with a 6% APR:

How to get a $300,000 mortgage

When filling out your mortgage application, 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 how to get a mortgage:

Step-by-step guide to the mortgage process:

1. Estimate your homebuying budget: To find out how much you can afford to spend on a monthly mortgage payment, review your income, debt payments, and other expenses. Use the remaining amount to determine what you can afford for monthly payments, as well as how much you can save for a down payment. A mortgage affordability calculator can help you set a budget.
2. Do a credit check: Your credit history and credit score will play a major part in your loan application, so request a copy of your credit report and review it ahead of time. If you have late payments, collections efforts, or other negative events on your report, address those before you apply, as they could hurt your chances. Plus, if there are any fraudulent accounts or errors in your report, you can dispute them with the reporting credit bureau.
3. Get pre-approved: It helps to get pre-approved for a mortgage before searching for a home. When you apply for pre-approval, the lender reviews your credit history and borrower profile and gives you a letter describing the loan terms and amounts you’re likely to be approved for later. A pre-approval letter can give you a good price range to shop in and give sellers more confidence when you make offers.
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 a home you want to buy, submit your pre-approval letter with 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 it requires, such as tax returns, bank statements, and pay stubs. You will also need to agree 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 the 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 and sign the required paperwork. You’ll also make your down payment and pay closing costs (usually via cashier’s check or wire transfer).

Monthly payments by mortgage amount

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