Mortgage Payment at 6% on a $300,000 Home
At a 6% fixed rate, the monthly principal and interest payment on a $300,000 home (with 20% down) is $1,439. Total cost over 30 years: $518,012 ($278,012 in interest).
30-Year Fixed at 6%
$1,439
Monthly P&I
$278,012
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 | $1,709 | $330,139 |
| 10% ($30,000) | $270,000 | $1,619 | $312,763 |
| 20% ($60,000) | $240,000 | $1,439 | $278,012 |
| 25% ($75,000) | $225,000 | $1,349 | $260,636 |
| 30% ($90,000) | $210,000 | $1,259 | $243,260 |
30-Year vs 15-Year at 6%
| Term | Rate | Monthly P&I | Total Interest |
|---|---|---|---|
| 30-Year Fixed | 6.0% | $1,439 | $278,012 |
| 15-Year Fixed | 5.5% | $1,964 | $113,439 |