What is the monthly payment on a $300,000 mortgage at 8.00%?
Monthly breakdown
Total interest $302,237 · loan paid off in 20 years
Change the numbers
Monthly breakdown
Total interest $302,237 · total PMI $0 · paid off in 20 years
Compare loan terms
| Term | Monthly (P&I) | Total monthly | Total interest |
|---|---|---|---|
| 10 years | $3,640 | $4,167 | $136,779 |
| 15 years | $2,867 | $3,394 | $216,052 |
| 20 years | $2,509 | $3,036 | $302,237 |
| 30 years | $2,201 | $2,728 | $492,466 |
Amortization schedule
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $23,771 | $6,341 | $293,659 |
| 2 | $23,245 | $6,867 | $286,792 |
| 3 | $22,675 | $7,437 | $279,354 |
| 4 | $22,057 | $8,055 | $271,300 |
| 5 | $21,389 | $8,723 | $262,577 |
| 6 | $20,665 | $9,447 | $253,130 |
| 7 | $19,881 | $10,231 | $242,898 |
| 8 | $19,031 | $11,080 | $231,818 |
| 9 | $18,112 | $12,000 | $219,818 |
| 10 | $17,116 | $12,996 | $206,822 |
| 11 | $16,037 | $14,075 | $192,747 |
| 12 | $14,869 | $15,243 | $177,504 |
| 13 | $13,604 | $16,508 | $160,996 |
| 14 | $12,234 | $17,878 | $143,118 |
| 15 | $10,750 | $19,362 | $123,756 |
| 16 | $9,143 | $20,969 | $102,787 |
| 17 | $7,402 | $22,710 | $80,077 |
| 18 | $5,517 | $24,595 | $55,482 |
| 19 | $3,476 | $26,636 | $28,847 |
| 20 | $1,265 | $28,847 | $0 |
Showing 240 payments. Schedule assumes a fixed rate and constant home value for PMI cancellation.
Payment at nearby interest rates
| Interest rate | Monthly P&I | Difference |
|---|---|---|
| 7.50% | $2,417 | −$93 |
| 7.75% | $2,463 | −$46 |
| 8.00% | $2,509 | — |
| 8.25% | $2,556 | +$47 |
| 8.50% | $2,603 | +$94 |
$300k over different loan terms
| Term | Monthly P&I | With tax & insurance | Total interest |
|---|---|---|---|
| 10 years | $3,640 | $4,167 | $136,779 |
| 15 years | $2,867 | $3,394 | $216,052 |
| 20 years | $2,509 | $3,036 | $302,237 |
| 30 years | $2,201 | $2,728 | $492,466 |
Total monthly cost by state
Same $375,000 home, same 8.00% rate — only property tax and insurance change. This is why two identical loans can differ by hundreds of dollars a month.
| State | Property tax | Insurance | Total monthly |
|---|---|---|---|
| Texas | $525 | $333 | $3,368 |
| Illinois | $641 | $142 | $3,292 |
| Florida | $269 | $500 | $3,278 |
| New York | $513 | $142 | $3,163 |
| Ohio | $478 | $117 | $3,104 |
| Pennsylvania | $466 | $108 | $3,083 |
| Georgia | $272 | $167 | $2,948 |
| Washington | $288 | $117 | $2,913 |
| North Carolina | $244 | $150 | $2,903 |
| Colorado | $163 | $225 | $2,897 |
| California | $234 | $133 | $2,877 |
| Arizona | $194 | $142 | $2,845 |
First 12 months of the amortization schedule
| Month | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $2,000.00 | $509.32 | $299,490.68 |
| 2 | $1,996.60 | $512.72 | $298,977.96 |
| 3 | $1,993.19 | $516.13 | $298,461.83 |
| 4 | $1,989.75 | $519.57 | $297,942.26 |
| 5 | $1,986.28 | $523.04 | $297,419.22 |
| 6 | $1,982.79 | $526.53 | $296,892.69 |
| 7 | $1,979.28 | $530.04 | $296,362.66 |
| 8 | $1,975.75 | $533.57 | $295,829.09 |
| 9 | $1,972.19 | $537.13 | $295,291.96 |
| 10 | $1,968.61 | $540.71 | $294,751.25 |
| 11 | $1,965.01 | $544.31 | $294,206.94 |
| 12 | $1,961.38 | $547.94 | $293,659.00 |
Down payment scenarios on a $375,000 home
| Down | Loan | PMI | Total monthly |
|---|---|---|---|
| 0% ($0) | $375,000 | $172 | $3,836 |
| 5% ($18,750) | $356,250 | $163 | $3,670 |
| 10% ($37,500) | $337,500 | $155 | $3,505 |
| 15% ($56,250) | $318,750 | $146 | $3,339 |
| 20% ($75,000) | $300,000 | $0 | $3,036 |
| 25% ($93,750) | $281,250 | $0 | $2,880 |
| 30% ($112,500) | $262,500 | $0 | $2,723 |
FAQ
What is the monthly payment on a $300,000 mortgage at 8.00% for 20 years?
Principal and interest alone is $2,509 per month. Adding the U.S. average property tax (1.1% of home value) and homeowners insurance ($2,200/year) brings the realistic monthly housing cost to about $3,036 on a $375,000 home with 20% down.
How much interest will I pay on a $300,000 loan at 8.00%?
You will pay about $302,237 in interest over 20 years, on top of the $300,000 principal. Choosing a 15-year term instead cuts total interest to roughly $216,052 but raises the monthly payment.
What salary do I need for a $300,000 mortgage?
Using the 28% rule (housing costs no more than 28% of gross income), a $3,036 monthly payment points to an income of around $130,000 per year, assuming no other debt. Lenders also apply the 36% back-end ratio that includes car loans, student loans and credit cards.
Does a $300,000 loan need PMI?
With 20% down the loan-to-value ratio is 80%, so no private mortgage insurance is required on this scenario.