$300,000 Mortgage at 6.5% for 30 Years
What does a $300k mortgage at 6.5% cost per month? Full breakdown of payment, total interest, and what's not included.
Reviewed Jan 15, 2025
Quick answer
A $300,000 mortgage at 6.5% over 30 years has a principal-and-interest payment of about $1,896/month. Total interest over the life of the loan is roughly $382,633.
≈ $1,896/month P&I, ~$382,633 total interest
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Estimate your monthly mortgage payment, total interest, and amortization.
Result
Principal & interest of $2,023/mo on a $320,000 loan over 30 years at 6.5%.
- Loan amount
- $320,000
- Principal & interest
- $2,023
- Tax + insurance
- $525
- Total interest paid
- $408,142
- Total of payments
- $728,142
- Term
- 30 years
Inputs
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How it works
Each payment covers interest first; what's left chips away at principal. Early in the loan most of your payment is interest.
Formula
M = P · r(1+r)ⁿ ÷ ((1+r)ⁿ − 1)
Common mistakes
- Forgetting taxes, insurance, and HOA — they often add 15–25%.
- Comparing only monthly payments instead of total interest.
Related calculators
Last updated
Reviewed Apr 15, 2026.
Calcxo gives you the answer plus the reasoning behind it.
What's in that $1,896
The figure above is principal and interest only. Property taxes, homeowners insurance, mortgage insurance (if your down payment is under 20%), and HOA dues are all real monthly costs that ride on top.
How much rate matters
- At 6.0%, the payment drops to about $1,799 — saving ~$97/month.
- At 7.0%, the payment rises to about $1,996 — costing ~$100/month more.
- Half a percent on a $300k loan is roughly $36,000 across 30 years.