$300,000 Mortgage at 8% for 15 Years
A $300,000 mortgage at 8% over 15 years has a monthly principal + interest payment of $2,867. You'll pay $216,052 in total interest, bringing total loan cost to $516,052.
Estimated monthly payment
$3,367
Principal + interest
$2,867
Property tax
$375
Home insurance
$125
PMI
$0
HOA
$0
Total monthly
$3,367
1st month interest
$2,000
1st month principal
$867
Total interest
$216,052
Balance after 1 year
$289,206
Balance after 5 years
$236,299
Total cost (P+I)
$516,052
Amortization (first 10 years)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $10,794 | $23,610 | $289,206 |
| 2 | $11,689 | $22,714 | $277,517 |
| 3 | $12,660 | $21,744 | $264,857 |
| 4 | $13,710 | $20,693 | $251,147 |
| 5 | $14,848 | $19,555 | $236,299 |
| 6 | $16,081 | $18,323 | $220,218 |
| 7 | $17,415 | $16,988 | $202,803 |
| 8 | $18,861 | $15,543 | $183,942 |
| 9 | $20,426 | $13,977 | $163,515 |
| 10 | $22,122 | $12,282 | $141,394 |
15-year vs 30-year
| Term | Monthly P+I | Total interest | Total cost |
|---|---|---|---|
| 15 years | $2,867 | $216,052 | $516,052 |
| 30 years | $2,201 | $492,466 | $792,466 |
Choosing 15 years over 30 saves about $276,414 in interest at this rate and loan amount.
Extra payments
Payment breakdown
Monthly P+I
$2,867
Total payments
180
Total interest
$216,052
Total cost (P+I only)
$516,052
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Last updated: 2026