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$300,000 mortgage at 3% for 15 years
Fixed-rate amortized payment. Results below are exact for the given inputs.
$2,071.74
monthly payment
Total interest$72,914.09
Total paid$372,914.09
Interest share19.6%
Payments180
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $1,321.74 | $750.00 | $298,678.26 |
| 2 | $1,325.05 | $746.70 | $297,353.21 |
| 3 | $1,328.36 | $743.38 | $296,024.84 |
| 4 | $1,331.68 | $740.06 | $294,693.16 |
| 5 | $1,335.01 | $736.73 | $293,358.15 |
| 6 | $1,338.35 | $733.40 | $292,019.80 |
| 7 | $1,341.70 | $730.05 | $290,678.10 |
| 8 | $1,345.05 | $726.70 | $289,333.05 |
| 9 | $1,348.41 | $723.33 | $287,984.64 |
| 10 | $1,351.78 | $719.96 | $286,632.86 |
| 11 | $1,355.16 | $716.58 | $285,277.70 |
| 12 | $1,358.55 | $713.19 | $283,919.15 |
Frequently asked questions
What is the monthly payment on $300,000 mortgage at 3% for 15 years?
The fixed monthly payment is $2,071.74 (180 payments), assuming standard amortization with no fees, taxes or insurance.
How much interest do I pay in total?
Total interest over 15 years is $72,914.09, so the total of all payments is $372,914.09.
What income is needed for this payment?
Using the common 28% front-end debt-to-income guideline, a gross monthly income of about $7,399 ($88,789 per year) keeps this payment within budget. Lenders may apply different rules.
How much of the first payment is interest?
The first payment includes $750.00 of interest and $1,321.74 of principal — early payments are interest-heavy because the balance is highest.
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Change the numbers yourself
Open the interactive mortgage calculator — every field is editable.