Monthly Payment on a $300,000 Mortgage at 6.5% Interest
If you’re wondering what the monthly payment on a $300,000 mortgage looks like at 6.5% interest, this example gives a clear starting point. We’ll show the estimated principal-and-interest payment and how to run your own numbers.
Estimated Monthly Payment
How This $1,896 Monthly Payment Is Calculated
This $1,896 monthly payment is based on a 30-year fixed-rate mortgage with a loan amount of $300,000 and an interest rate of 6.5%. The estimate includes only principal and interest, which is how lenders typically present base mortgage payments. It assumes the interest rate remains fixed for the entire loan term. Taxes, homeowners insurance, and HOA fees are not included in this number.
With these assumptions, the estimated monthly principal-and-interest payment is about $1,896 per month.
Your total monthly housing cost can be higher once you include taxes, homeowners insurance, and HOA fees.
Try Your Own Numbers
Instead of guessing, use our free mortgage calculator to test your own scenario with your loan amount, interest rate, and term.
A small change in interest rate can significantly affect your monthly mortgage payment. For example, a 1% increase in rate can add hundreds per month over a 30-year loan. Use the calculator above to compare scenarios and see how rate changes impact your payment.
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