Estimates only, not financial advice. Your lender’s rate, fees and rounding will differ; ask for an official quote before you sign.
A 30-year fixed mortgage of 300,000 at 6.5% has principal and interest of 1,896.20 a month and 382,633 of interest over the loan. Paying 200 extra each month would finish it in about 23 years and 1 months and save roughly 103,000.
How to use
- Loan: enter the amount, the yearly interest rate and the term in years or months. The monthly payment, total interest and payoff date appear at once.
- Add an extra monthly payment to see how much sooner you finish and how much interest you save.
- Mortgage: enter the home price and down payment (as % or amount), rate and term, then property tax, insurance, PMI and HOA to get the full monthly payment.
- Compound interest: enter a starting amount, a monthly deposit, the rate and years, and pick how often interest compounds. Move over the chart to read any year.
- Open a year in the table to see each month. Tap a row to copy it, or download the whole schedule as CSV.
- Payments use the standard fixed-rate (annuity) formula: P × r ÷ (1 − (1 + r)^−n), with r = yearly rate ÷ 12.
- PMI is added only when the down payment is under 20% and stops when the balance reaches 78% of the home price.
- Compound interest assumes deposits at the end of each month; the rate is converted to an equivalent monthly rate for the chosen compounding.
- Results don’t include origination fees, rate changes, inflation or taxes on interest.
- Rows and totals are rounded for display; the CSV keeps two decimals.
What goes into a mortgage payment
Lenders talk about PITI: principal and interest, which come from the loan formula, plus property taxes and homeowners insurance, often collected in an escrow account. Private mortgage insurance (PMI) is added when the down payment is under 20% and stops once the balance reaches 78% of the home's original value. Condo and HOA fees come on top.
Principal and interest on 300,000 at 6.5% over 30 years come to 1,896.20 a month; taxes and insurance can easily add several hundred more.
15-year vs 30-year
At the same 6.5% rate, a 15-year 300,000 mortgage costs 2,613.32 a month but only 170,398 in total interest, against 1,896.20 a month and 382,633 of interest over 30 years. In practice 15-year loans usually carry a slightly lower rate too. Paying 200 extra a month on the 30-year loan clears it in about 23 years and saves roughly 103,000 of interest.
Frequently asked questions
How much is the payment on a 300,000 mortgage?
At 6.5% over 30 years, principal and interest are 1,896.20 a month. Property tax, insurance and any PMI come on top.
What is PMI and when does it stop?
Private mortgage insurance protects the lender when you put down less than 20%. It is cancelled automatically once the balance reaches 78% of the original home value.
Is a 15-year or 30-year mortgage better?
A 15-year loan has higher payments but far less interest; a 30-year loan keeps payments lower and more flexible. Compare both with your budget.
What does PITI stand for?
Principal, interest, taxes and insurance: the four parts of a typical monthly mortgage payment.
How much do extra payments save on a mortgage?
On a 300,000 30-year loan at 6.5%, an extra 200 a month saves roughly 103,000 of interest and finishes about 7 years early.
Does it include closing costs?
No. Closing costs, points and rate changes on adjustable loans are not included; ask your lender for a Loan Estimate for exact figures.