$300,000 Mortgage at 5.5% for 30 Years
Monthly payment breakdown for a fixed-rate 30-year home loan.
Monthly Payment
$1,703
Principal: $300,000 · Rate: 5.5%
| Item | Amount |
|---|---|
| Loan Principal | $300,000 |
| Total Interest (30 years) | $313,212 |
| Total Paid | $613,212 |
Amortization Schedule (Yearly Summary)
How your payments are split between principal and interest each year.
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| 1 | $4,041 | $16,399 | $295,959 |
| 2 | $4,269 | $16,171 | $291,690 |
| 3 | $4,510 | $15,930 | $287,179 |
| 4 | $4,764 | $15,676 | $282,415 |
| 5 | $5,033 | $15,407 | $277,382 |
| 6 | $5,317 | $15,123 | $272,065 |
| 7 | $5,617 | $14,823 | $266,448 |
| 8 | $5,934 | $14,507 | $260,514 |
| 9 | $6,269 | $14,172 | $254,245 |
| 10 | $6,622 | $13,818 | $247,623 |
| 30 | $19,844 | $596 | $0 |
Rate Comparison — $300K Loan
Understanding a $300K Mortgage at 5.5%
A $300,000 fixed-rate mortgage at 5.5% interest over 30 years results in a monthly payment of $1,703. Over the full loan term, you will pay $313,212 in interest — roughly 1.0× the original loan amount.
In the early years, most of your payment goes toward interest. By year 10, approximately $6,622 of your annual payments go to principal and $13,818 to interest. Over time, the balance shifts as the principal portion grows.
Frequently Asked Questions
What is the monthly payment on a $300,000 mortgage at 5.5%?
The monthly payment on a $300,000 mortgage at 5.5% interest for 30 years is $1,703. Over the life of the loan, you will pay $313,212 in interest, for a total of $613,212.
How much total interest will I pay on a $300,000 mortgage at 5.5%?
On a $300,000 mortgage at 5.5% over 30 years, you will pay $313,212 in total interest. This means you pay roughly 1.0x the original loan amount in interest alone.
How does 5.5% compare to other mortgage rates?
At 5.5% on a $300,000 30-year loan, the monthly payment is $1,703. A 0.5% rate decrease would save approximately $93/month, while a 0.5% increase would add about $95/month.
How This Is Calculated
This page uses the standard fixed-rate amortization formula to compute the monthly mortgage payment:
M = P × [r(1+r)n] / [(1+r)n − 1]
Where P = $300,000 (loan principal), r = 0.004583 (monthly interest rate = 5.5% ÷ 12), and n = 360 (total payments = 30 years × 12 months).
Standard amortization formula. Assumes fixed-rate loan, no PMI, taxes, or insurance.
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⚠️ Estimates only. Actual mortgage costs may include PMI, property tax, insurance, and HOA fees. Consult a lender for precise figures.