Mortgage Payment at 5% on a $300,000 Home
At a 5% fixed rate, the monthly principal and interest payment on a $300,000 home (with 20% down) is $1,288. Total cost over 30 years: $463,814 ($223,814 in interest).
30-Year Fixed at 5%
$1,288
Monthly P&I
$223,814
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 | $1,530 | $265,779 |
| 10% ($30,000) | $270,000 | $1,449 | $251,791 |
| 20% ($60,000) | $240,000 | $1,288 | $223,814 |
| 25% ($75,000) | $225,000 | $1,208 | $209,826 |
| 30% ($90,000) | $210,000 | $1,127 | $195,837 |
30-Year vs 15-Year at 5%
| Term | Rate | Monthly P&I | Total Interest |
|---|---|---|---|
| 30-Year Fixed | 5.0% | $1,288 | $223,814 |
| 15-Year Fixed | 4.6% | $1,848 | $92,689 |