Mortgage Payment at 8% on a $300,000 Home
At a 8% fixed rate, the monthly principal and interest payment on a $300,000 home (with 20% down) is $1,761. Total cost over 30 years: $633,973 ($393,973 in interest).
30-Year Fixed at 8%
$1,761
Monthly P&I
$393,973
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 | $2,091 | $467,842 |
| 10% ($30,000) | $270,000 | $1,981 | $443,219 |
| 20% ($60,000) | $240,000 | $1,761 | $393,973 |
| 25% ($75,000) | $225,000 | $1,651 | $369,349 |
| 30% ($90,000) | $210,000 | $1,541 | $344,726 |
30-Year vs 15-Year at 8%
| Term | Rate | Monthly P&I | Total Interest |
|---|---|---|---|
| 30-Year Fixed | 8.0% | $1,761 | $393,973 |
| 15-Year Fixed | 7.4% | $2,206 | $157,040 |