In 30 year loan term, $300,000 mortgage with 6% interest rate is$1,798.65per month.
You will pay total interest of $347,514.57 over the 30 year period
Monthly mortgage for $300K dollar
At a 6% fixed interest rate, your monthly mortgage payment on a 25-year mortgage will be total $1,932.9 a month.
While 20-year will cost $2,149.29 a month
❌📉 Without Down Payment
With Zero down payment, the monthly mortgage for $300,000 for 25 years is $1,932.9.
You will pay extra $279,871.26 other than you principal amount ($300,000)
You will have to make total 300 payments with total amount of $579,871.26(93% more than borrowed Amount)
Calculation Summary
| Monthly Mortgage | $1,932.9 |
| Number of Payment | 300 (12x year) |
| Pre Payment (Down payment) | $0.00 |
| additional Payment (Other than borrowed money) | $279,871.26 |
| Total Amount Due | $579,871.26 |
📉 With Down Payment
The monthly mortgage for $300,000 for 25 years with 20% down payment is $1,546.32.
You will pay extra $223,897.01 other than your borrowed amount ($300,000)
You will have to make total 300 payments with total amount of $463,897.01(75% more than borrowed Amount)
Calculation Summary
| Monthly Mortgage | $1,546.32 |
| Number of Payment | 300 (12x year) |
| Pre Payment (Down payment) | $60,000 |
| Extra Payment (Other than Loan Amt) | $223,897.01 |
| Total Amount Due | $463,897.01 |
Also Read:
1. How much Interest Should I Pay For $3M Mortgage?2. How much Interest Should I Pay For $200K Mortgage?Comparision with Different Loan Terms
Here are some Interesting facts about $300K loan
❓ What if the loan Term is 20 years?
If the loan term is 20 years. The monthly mortgage will be $2,149.29 with total 240 installments.
Although you are paying extra $216.39 per month, you only have to pay total interest of $215.8K ($215,830.36)
which is $64.0K ($64,040.9) less interest compared to 25 years loan term
❓ What if the loan Term is 30 years?
If the loan term is 30 years. The monthly mortgage will be $1,798.65 with total 360 installments.
Although you are paying $134.25 less per month, you have to pay total interest of $347.5K ($347,514.57)
which is $67.6K ($67,643.31) more money compared to 25 years loan term