Question 1

What is the monthly payment on a $300,000 loan at 7.5% for 30 years?

Accepted Answer

The monthly principal + interest payment is $2,098. Total interest paid over the life of the loan is $455,152, for a total cost of $755,152.

Question 2

How much interest will I pay on a $300,000 mortgage at 7.5%?

Accepted Answer

Over 30 years you'll pay roughly $455,152 in interest at a 7.5% rate. Extra principal payments or a shorter term significantly reduce that number.

Question 3

15-year vs 30-year payment for $300,000 at 7.5%?

Accepted Answer

15-year: $2,781/mo with $200,587 total interest. 30-year: $2,098/mo with $455,152 total interest. The 30-year payment is lower but lifetime interest is much higher.

Year	Principal	Interest	Balance
1	$2,766	$22,406	$297,234
2	$2,980	$22,192	$294,254
3	$3,212	$21,960	$291,043
4	$3,461	$21,711	$287,582
5	$3,730	$21,442	$283,852
6	$4,019	$21,153	$279,833
7	$4,331	$20,841	$275,502
8	$4,667	$20,504	$270,835
9	$5,030	$20,142	$265,805
10	$5,420	$19,752	$260,385

$300,000 Mortgage at 7.5% for 30 Years

Amortization (first 10 years)

15-year vs 30-year

Extra payments

Payment breakdown

Nearby scenarios

Related

Frequently asked

Term	Monthly P+I	Total interest	Total cost
15 years	$2,781	$200,587	$500,587
30 years	$2,098	$455,152	$755,152