$300,000 Mortgage at 8% for 30 Years
A $300,000 mortgage at 8% over 30 years has a monthly principal + interest payment of $2,201. You'll pay $492,466 in total interest, bringing total loan cost to $792,466.
Estimated monthly payment
$2,701
Principal + interest
$2,201
Property tax
$375
Home insurance
$125
PMI
$0
HOA
$0
Total monthly
$2,701
1st month interest
$2,000
1st month principal
$201
Total interest
$492,466
Balance after 1 year
$297,494
Balance after 5 years
$285,210
Total cost (P+I)
$792,466
Amortization (first 10 years)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $2,506 | $23,909 | $297,494 |
| 2 | $2,714 | $23,701 | $294,780 |
| 3 | $2,939 | $23,476 | $291,840 |
| 4 | $3,183 | $23,232 | $288,657 |
| 5 | $3,448 | $22,968 | $285,210 |
| 6 | $3,734 | $22,682 | $281,476 |
| 7 | $4,044 | $22,372 | $277,432 |
| 8 | $4,379 | $22,036 | $273,053 |
| 9 | $4,743 | $21,673 | $268,310 |
| 10 | $5,136 | $21,279 | $263,174 |
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
$2,201
Total payments
360
Total interest
$492,466
Total cost (P+I only)
$792,466
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Last updated: 2026