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$300,000 mortgage at 5% for 20 years
Principal & interest · total interest $175,168 · total paid $475,168
Estimated full monthly cost
| Principal & interest | $1,979.87 |
| Property tax (1.1% of a $375,000 home) | $343.75 |
| Home insurance (0.35%/yr) | $109.38 |
| Total (PITI, 20% down) | $2,432.99 |
Income needed at the 28% rule: about $104,271/year. Tax and insurance vary widely by location – use the mortgage calculator with your own figures.
Pay it off faster
- +$165/month (13 payments a year): paid off in 17 y 7 m, interest saved $24,241
- +$100/month: paid off in 18 y 5 m, interest saved $15,581
Same loan, other rates
Same rate, other terms
Amortization schedule
| Year | Principal | Interest | Total interest | Balance |
|---|---|---|---|---|
| 1 | $8,962 | $14,796 | $14,796 | $291,038 |
| 2 | $9,420 | $14,338 | $29,134 | $281,618 |
| 3 | $9,902 | $13,856 | $42,990 | $271,715 |
| 4 | $10,409 | $13,349 | $56,340 | $261,306 |
| 5 | $10,942 | $12,817 | $69,157 | $250,365 |
| 6 | $11,501 | $12,257 | $81,414 | $238,863 |
| 7 | $12,090 | $11,669 | $93,082 | $226,773 |
| 8 | $12,708 | $11,050 | $104,132 | $214,065 |
| 9 | $13,359 | $10,400 | $114,532 | $200,707 |
| 10 | $14,042 | $9,716 | $124,249 | $186,665 |
| 11 | $14,760 | $8,998 | $133,247 | $171,904 |
| 12 | $15,516 | $8,243 | $141,489 | $156,389 |
| 13 | $16,309 | $7,449 | $148,939 | $140,079 |
| 14 | $17,144 | $6,615 | $155,553 | $122,935 |
| 15 | $18,021 | $5,738 | $161,291 | $104,915 |
| 16 | $18,943 | $4,816 | $166,106 | $85,972 |
| 17 | $19,912 | $3,846 | $169,953 | $66,060 |
| 18 | $20,931 | $2,828 | $172,780 | $45,129 |
| 19 | $22,002 | $1,757 | $174,537 | $23,127 |
| 20 | $23,127 | $631 | $175,168 | $0 |
FAQ
What is the payment on a $300,000 mortgage at 5% for 20 years?
$1,979.87 per month for principal and interest; total interest over 20 years is $175,168.
What income do I need for a $300,000 mortgage at 5%?
Using the 28% front-end rule and estimated taxes and insurance (total housing cost about $2,433/month), a gross income of roughly $104,271 a year.
How much do extra payments save on a $300,000 loan at 5%?
Paying an extra $165 a month (one extra payment a year) clears it in 17 years 7 months and saves about $24,241 in interest. An extra $100 a month saves about $15,581.
Compare all rates for $300,000 over 20 years · Extra payment calculator
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