The short answer: at a 6.5% rate, a $300,000 30-year fixed mortgage costs $1,896.20 a month in principal and interest; at 7%, $1,995.91. On a 15-year term at 6.5% the payment is $2,613.32. Taxes, insurance, HOA and mortgage insurance (if you put less than 20% down) come on top — open this loan in the full calculator to add them and see the complete amortization schedule.
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.00% | $1,610.46 | $1,979.87 | $2,372.38 |
| 5.25% | $1,656.61 | $2,021.53 | $2,411.63 |
| 5.50% | $1,703.37 | $2,063.66 | $2,451.25 |
| 5.75% | $1,750.72 | $2,106.25 | $2,491.23 |
| 6.00% | $1,798.65 | $2,149.29 | $2,531.57 |
| 6.25% | $1,847.15 | $2,192.78 | $2,572.27 |
| 6.50% | $1,896.20 | $2,236.72 | $2,613.32 |
| 6.75% | $1,945.79 | $2,281.09 | $2,654.73 |
| 7.00% | $1,995.91 | $2,325.90 | $2,696.48 |
| 7.25% | $2,046.53 | $2,371.13 | $2,738.59 |
| 7.50% | $2,097.64 | $2,416.78 | $2,781.04 |
At 6.5%, interest alone on $300,000 runs about $1,625.00 per month — roughly $53.42 every day. That's the number amortization slowly kills: each payment shrinks the balance, so each month a little less goes to interest and a little more to principal. See the month-by-month schedule, or try our daily interest calculator for per-diem closing math.
Principal and interest is the floor, not the payment. A realistic budget adds property taxes, homeowners insurance, HOA dues, and — under 20% down — mortgage insurance, which our full calculator prices the way a lender does: FHA and USDA from the official tables, VA's funding fee, and conventional PMI by credit score.
A common guideline caps total housing costs near 28–36% of gross income, but real qualifying depends on your full debt picture, credit and loan program. Build the complete payment in the calculator, then ask a licensed professional — Phil answers questions free.
With 20% down, a $300,000 loan buys about $375,000 of house; with 5% down, about $315,789. Enter your own down payment in the payment calculator and the price, loan and LTV solve automatically.