Mortgage payment on $300,000 at 6.5% for 30 years: how much per month?

A $300,000 loan at a fixed 6.5% annual rate over 30 years has a monthly principal-and-interest payment of $1,896.20. Over the full term you repay about $682,633, of which about $382,633 is interest. Taxes, insurance and mortgage insurance are not included.

This page also gives a reusable table: the monthly payment for every $100,000 borrowed at common rates and terms. Because a fixed-rate payment scales in direct proportion to the loan amount, you can use it for any loan size.

Informational only, not financial advice. Real offers depend on fees, rate type and lender rules.

How was the $1,896.20 figure calculated?

The payment comes from the standard amortization formula used by Mathify's EMI Calculator and Mortgage Calculator:

payment = P x r x (1 + r)^n / ((1 + r)^n - 1)

P is the loan amount: $300,000.
r is the monthly rate: 6.5% / 12 = 0.541667% per month.
n is the number of payments: 30 x 12 = 360.

Both calculators were run for this page and returned the same principal-and-interest figure, $1,896.20. The generating script is scripts/content-data/loan-payment-per-100k.ts in the Mathify repository.

How much of the first payment is interest?

In month one the balance is the full $300,000, so interest is $300,000 x 0.065 / 12 = $1,625.00. Only $271.20 of the first payment reduces the balance. The interest share shrinks every month as the balance falls, which is why extra payments early in the loan save the most.

What is the monthly payment per $100,000 borrowed?

Each line shows the payment for a $100,000 loan. Multiply by the number of hundred-thousands you borrow.

Assumptions: fixed annual rate, interest compounded monthly, equal monthly payments, payments at month end, principal and interest only. Figures are rounded to the cent.

3%: 10 yr $965.61 | 15 yr $690.58 | 20 yr $554.60 | 25 yr $474.21 | 30 yr $421.60
4%: 10 yr $1,012.45 | 15 yr $739.69 | 20 yr $605.98 | 25 yr $527.84 | 30 yr $477.42
5%: 10 yr $1,060.66 | 15 yr $790.79 | 20 yr $659.96 | 25 yr $584.59 | 30 yr $536.82
6%: 10 yr $1,110.21 | 15 yr $843.86 | 20 yr $716.43 | 25 yr $644.30 | 30 yr $599.55
6.5%: 10 yr $1,135.48 | 15 yr $871.11 | 20 yr $745.57 | 25 yr $675.21 | 30 yr $632.07
7%: 10 yr $1,161.08 | 15 yr $898.83 | 20 yr $775.30 | 25 yr $706.78 | 30 yr $665.30
8%: 10 yr $1,213.28 | 15 yr $955.65 | 20 yr $836.44 | 25 yr $771.82 | 30 yr $733.76
9%: 10 yr $1,266.76 | 15 yr $1,014.27 | 20 yr $899.73 | 25 yr $839.20 | 30 yr $804.62
10%: 10 yr $1,321.51 | 15 yr $1,074.61 | 20 yr $965.02 | 25 yr $908.70 | 30 yr $877.57

To use the table: a $250,000 loan at 6.5% for 30 years is 2.5 x $632.07, which is about $1,580.17 computed directly. A $450,000 loan on the same terms is about $2,844.31. Small differences from simple multiplication come only from rounding the per-$100,000 figure to the cent. For example, 3 x $632.07 is $1,896.21, while the unrounded payment is $1,896.20.

How much interest do you pay over 30 years per $100,000?

Total interest on a $100,000 loan over 30 years (360 payments), by rate:

3%: $51,777 interest, $151,777 repaid in total
4%: $71,870 interest, $171,870 repaid in total
5%: $93,256 interest, $193,256 repaid in total
6%: $115,838 interest, $215,838 repaid in total
6.5%: $127,544 interest, $227,544 repaid in total
7%: $139,509 interest, $239,509 repaid in total
8%: $164,155 interest, $264,155 repaid in total
9%: $189,664 interest, $289,664 repaid in total
10%: $215,926 interest, $315,926 repaid in total

Interest does not rise in step with the rate. Going from 5% to 7% lifts the monthly payment from $536.82 to $665.30 per $100,000, and it raises total interest on every $100,000 from $93,256 to about $139,509.

What changes if the term or rate changes?

Using the same $300,000 loan:

At 6.5% over 20 years, the payment is $2,236.72 and total interest is about $236,813, compared with about $382,633 over 30 years.
At 7.5% over 30 years, the payment is $2,097.64, which is $201.44 more per month than at 6.5%.
At 0% interest the payment would simply be the loan divided by the number of months. For $100,000 over 30 years that is $277.78.

Shortening the term raises the payment but cuts total interest sharply. At 5%, a $100,000 loan costs $536.82 a month over 30 years with about $93,256 of interest, or $790.79 a month over 15 years with about $42,343 of interest.

What does this payment leave out?

The figures here are principal and interest only. A real monthly housing cost can also include:

Property tax and homeowners insurance, often paid through escrow.
Mortgage insurance, if the down payment is under a lender's threshold.
Association fees.

Mathify's Mortgage Calculator lets you add these. To compare two offers side by side, use the Loan Calculator. To see what affordability looks like against income, try the Home Affordability Calculator.

Common mistakes

Comparing only the monthly payment and ignoring total interest.
Entering the home price instead of the loan amount (price minus down payment).
Confusing the nominal rate with an APR that includes fees.
Forgetting taxes and insurance when judging affordability.
Assuming an adjustable-rate loan keeps today's payment.

Key takeaways

$300,000 at 6.5% for 30 years: $1,896.20 per month, principal and interest.
Payment scales linearly with the loan amount at a fixed rate and term.
A shorter term raises the payment and lowers total interest.
Check the table, then confirm with the calculator using your exact numbers.

FAQ

How much is a $300,000 mortgage per month at 6.5%?

For a fixed rate over 30 years, principal and interest come to $1,896.20 a month. Over 20 years the payment is $2,236.72.

Does the payment change over the life of a fixed-rate loan?

The principal-and-interest payment stays the same. The split changes: early payments are mostly interest and later payments mostly principal.

How do I estimate payment for a different loan amount?

Take the per-$100,000 figure for your rate and term and multiply it by your loan amount divided by 100,000.

Is the down payment included in the $300,000?

No. The $300,000 is the amount borrowed. With a $60,000 down payment, the home price would be $360,000.

Why might my lender's quote differ?

Lenders may include taxes, insurance, mortgage insurance, fees, or a slightly different rounding or day-count method.

Mortgage payment on $300,000 at 6.5% for 30 years: how much per month?