$300,000 Mortgage at 8% for 20 Years
A $300,000 mortgage at 8% over 20 years has a monthly principal + interest payment of $2,509. You'll pay $302,237 in total interest, bringing total loan cost to $602,237.
Estimated monthly payment
$3,009
Principal + interest
$2,509
Property tax
$375
Home insurance
$125
PMI
$0
HOA
$0
Total monthly
$3,009
1st month interest
$2,000
1st month principal
$509
Total interest
$302,237
Balance after 1 year
$293,659
Balance after 5 years
$262,577
Total cost (P+I)
$602,237
Amortization (first 10 years)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $6,341 | $23,771 | $293,659 |
| 2 | $6,867 | $23,245 | $286,792 |
| 3 | $7,437 | $22,675 | $279,354 |
| 4 | $8,055 | $22,057 | $271,300 |
| 5 | $8,723 | $21,389 | $262,577 |
| 6 | $9,447 | $20,665 | $253,130 |
| 7 | $10,231 | $19,881 | $242,898 |
| 8 | $11,080 | $19,031 | $231,818 |
| 9 | $12,000 | $18,112 | $219,818 |
| 10 | $12,996 | $17,116 | $206,822 |
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
$2,509
Total payments
240
Total interest
$302,237
Total cost (P+I only)
$602,237
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$275,000 · 8% · 20 yr
$2,300/mo
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$2,718/mo
$250,000 · 8% · 20 yr
$2,091/mo
$350,000 · 8% · 20 yr
$2,928/mo
$300,000 · 7.5% · 20 yr
$2,417/mo
$300,000 · 8.5% · 20 yr
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$2,326/mo
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$2,699/mo
$300,000 · 8% · 15 yr
$2,867/mo
$300,000 · 8% · 30 yr
$2,201/mo
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Last updated: 2026