Mortgage Calculator — $300K, 30 Years, 7% Rate
Monthly payment on a $300,000 mortgage at 7% interest rate, 30-year term.
Quick Answer
Monthly payment: $1,597
Down payment
$60,000
Loan amount
$240,000
Monthly P&I
$1,597
Total interest
$334,821
Total cost
$634,821
- ✓At 7%, you pay $334,821 in interest over 30 years — 140% on top of the loan
- ✓Income needed (28% rule): $68,431/year gross
- ✓20% down avoids PMI — saving ~$100–200/month
- ✓A 15-year mortgage at similar rates roughly halves total interest paid
Monthly P&I
$1,596.73
PMI (if applicable)
None (≥20% down)
Property Tax (est.)
$300.00/mo
Total Monthly Payment
$2,021.73
Total Interest Paid
$334,821.36
Loan Amount
$240,000.00
PMI (~0.5–1%) required for down payments under 20%. Property tax estimated at 1.2% annually.
Frequently Asked Questions
What is the monthly payment on a $300,000 home at 7%?
$1,597 per month for principal and interest on a 30-year fixed mortgage with 20% down ($240,000 loan). This doesn't include property tax, homeowners insurance, or HOA fees, which typically add $300–800/month.
How much total interest do I pay on this mortgage?
$334,821 in interest over 30 years. On a 30-year term at 7%, interest adds up significantly. Choosing a 15-year mortgage at a similar rate would roughly halve total interest paid, though monthly payments would be higher.
What salary do I need to afford a $300,000 home?
Using the 28% front-end rule, you'd need approximately $68,000/year in gross income. Lenders also check total debt-to-income (≤36% guideline), so existing car payments or student loans reduce your maximum home price.
Does 20% down make sense, or should I put more down?
20% down eliminates PMI — a good threshold. Putting more down reduces your monthly payment and total interest, but ties up cash that could be invested elsewhere.
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Results are estimates for informational purposes only and do not constitute financial advice. Tax figures use 2026 US rates. Consult a licensed financial advisor before making financial decisions.Last updated: April 2026