$300,000 Mortgage at 6% for 20 Years
A $300,000 mortgage at 6% over 20 years has a monthly principal + interest payment of $2,149. You'll pay $215,830 in total interest, bringing total loan cost to $515,830.
Estimated monthly payment
$2,649
Principal + interest
$2,149
Property tax
$375
Home insurance
$125
PMI
$0
HOA
$0
Total monthly
$2,649
1st month interest
$1,500
1st month principal
$649
Total interest
$215,830
Balance after 1 year
$291,991
Balance after 5 years
$254,699
Total cost (P+I)
$515,830
Amortization (first 10 years)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $8,009 | $17,782 | $291,991 |
| 2 | $8,503 | $17,288 | $283,487 |
| 3 | $9,028 | $16,764 | $274,459 |
| 4 | $9,585 | $16,207 | $264,875 |
| 5 | $10,176 | $15,616 | $254,699 |
| 6 | $10,803 | $14,988 | $243,895 |
| 7 | $11,470 | $14,322 | $232,426 |
| 8 | $12,177 | $13,614 | $220,248 |
| 9 | $12,928 | $12,863 | $207,320 |
| 10 | $13,726 | $12,066 | $193,594 |
15-year vs 30-year
| Term | Monthly P+I | Total interest | Total cost |
|---|---|---|---|
| 15 years | $2,532 | $155,683 | $455,683 |
| 30 years | $1,799 | $347,515 | $647,515 |
Choosing 15 years over 30 saves about $191,832 in interest at this rate and loan amount.
Extra payments
Payment breakdown
Monthly P+I
$2,149
Total payments
240
Total interest
$215,830
Total cost (P+I only)
$515,830
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Nearby scenarios
$275,000 · 6% · 20 yr
$1,970/mo
$325,000 · 6% · 20 yr
$2,328/mo
$250,000 · 6% · 20 yr
$1,791/mo
$350,000 · 6% · 20 yr
$2,508/mo
$300,000 · 5.5% · 20 yr
$2,064/mo
$300,000 · 6.5% · 20 yr
$2,237/mo
$300,000 · 5% · 20 yr
$1,980/mo
$300,000 · 7% · 20 yr
$2,326/mo
$300,000 · 6% · 15 yr
$2,532/mo
$300,000 · 6% · 30 yr
$1,799/mo
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Last updated: 2026