If you’re considering buying a home and looking at a $300,000 mortgage with a 6.5% interest rate, you’re probably asking one important question:
How much will my monthly payment be?
The answer depends on more than just the interest rate. Loan term, property taxes, insurance, and other factors all affect your final payment. In this guide, we’ll break everything down clearly so you know exactly what to expect.
$300,000 Mortgage at 6.5% Monthly Payment Explained
Monthly Payment on a $300,000 Mortgage at 6.5%
For a 30-year fixed mortgage at 6.5%, the principal and interest payment on a $300,000 loan is approximately:
$1,896 per month (principal + interest only).
This amount does not include property taxes, homeowners insurance, or PMI (if applicable).
15-Year vs 30-Year Mortgage Comparison
If you choose a 15-year mortgage instead, your monthly payment will be higher — around $2,613 per month — but you will save significantly in total interest paid.
30-Year Loan:
– Lower monthly payment
– Higher total interest paid
15-Year Loan:
– Higher monthly payment
– Much lower total interest over time
What Happens If Interest Rates Increase?
If interest rates rise to 7%, the monthly payment on a $300,000 30-year mortgage increases to approximately $1,996 per month.
A small rate increase can significantly affect your payment and total loan cost.
How Much Total Interest Will You Pay?
At 6.5% over 30 years, you will pay approximately $382,560 in interest alone.
That means your total repayment amount would be around $682,560 on a $300,000 loan.
This is why understanding mortgage calculations is critical before committing.
How Property Taxes and Insurance Affect Your Payment
Most lenders require property taxes and homeowners insurance to be included in your monthly payment.
For example:
– Property taxes: $300/month
– Home insurance: $125/month
This would increase your total monthly payment to approximately $2,321.
Use Our Free Mortgage Calculator
Instead of estimating manually, you can calculate your exact mortgage payment instantly using our free mortgage calculator.
It allows you to:
– Adjust loan amount
– Change interest rates
– Compare 15-year and 30-year options
– Add property taxes and insurance
Try it now and see how different scenarios affect your monthly payment.
Frequently Asked Questions
Is 6.5% a good mortgage rate?
It depends on market conditions, your credit score, and loan type. Compare rates from multiple lenders.
How much income do I need for a $300,000 mortgage?
Lenders typically recommend your total housing payment be no more than 28–31% of your gross monthly income.
Can I lower my monthly payment?
Yes. You can lower your payment by increasing your down payment, improving your credit score, or choosing a longer loan term.
Final Thoughts
A $300,000 mortgage at 6.5% results in a manageable monthly payment for many buyers — but understanding the full financial picture is essential.
Before making a decision, run your numbers carefully and explore different loan scenarios using a reliable mortgage calculator.
Making informed decisions today can save you thousands of dollars over the life of your loan.