Mortgage Payment at 4% on a $300,000 Home
At a 4% fixed rate, the monthly principal and interest payment on a $300,000 home (with 20% down) is $1,146. Total cost over 30 years: $412,487 ($172,487 in interest).
30-Year Fixed at 4%
$1,146
Monthly P&I
$172,487
Total Interest
$240,000
Loan Amount (20% down)
By Down Payment
| Down Payment | Loan Amount | Monthly P&I | Total Interest |
|---|---|---|---|
| 5% ($15,000) | $285,000 | $1,361 | $204,828 |
| 10% ($30,000) | $270,000 | $1,289 | $194,048 |
| 20% ($60,000) | $240,000 | $1,146 | $172,487 |
| 25% ($75,000) | $225,000 | $1,074 | $161,706 |
| 30% ($90,000) | $210,000 | $1,003 | $150,926 |
30-Year vs 15-Year at 4%
| Term | Rate | Monthly P&I | Total Interest |
|---|---|---|---|
| 30-Year Fixed | 4.0% | $1,146 | $172,487 |
| 15-Year Fixed | 3.7% | $1,737 | $72,662 |