$300,000 Mortgage at 6% for 30 Years
Monthly payment breakdown for a fixed-rate 30-year home loan.
Monthly Payment
$1,799
Principal: $300,000 · Rate: 6%
| Item | Amount |
|---|---|
| Loan Principal | $300,000 |
| Total Interest (30 years) | $347,515 |
| Total Paid | $647,515 |
Amortization Schedule (Yearly Summary)
How your payments are split between principal and interest each year.
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| 1 | $3,684 | $17,900 | $296,316 |
| 2 | $3,911 | $17,673 | $292,405 |
| 3 | $4,152 | $17,431 | $288,252 |
| 4 | $4,409 | $17,175 | $283,844 |
| 5 | $4,681 | $16,903 | $279,163 |
| 6 | $4,969 | $16,615 | $274,194 |
| 7 | $5,276 | $16,308 | $268,918 |
| 8 | $5,601 | $15,983 | $263,317 |
| 9 | $5,947 | $15,637 | $257,371 |
| 10 | $6,313 | $15,270 | $251,057 |
| 30 | $20,898 | $685 | $0 |
Rate Comparison — $300K Loan
Understanding a $300K Mortgage at 6%
A $300,000 fixed-rate mortgage at 6% interest over 30 years results in a monthly payment of $1,799. Over the full loan term, you will pay $347,515 in interest — roughly 1.2× the original loan amount.
In the early years, most of your payment goes toward interest. By year 10, approximately $6,313 of your annual payments go to principal and $15,270 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 6%?
The monthly payment on a $300,000 mortgage at 6% interest for 30 years is $1,799. Over the life of the loan, you will pay $347,515 in interest, for a total of $647,515.
How much total interest will I pay on a $300,000 mortgage at 6%?
On a $300,000 mortgage at 6% over 30 years, you will pay $347,515 in total interest. This means you pay roughly 1.2x the original loan amount in interest alone.
How does 6% compare to other mortgage rates?
At 6% on a $300,000 30-year loan, the monthly payment is $1,799. A 0.5% rate decrease would save approximately $95/month, while a 0.5% increase would add about $98/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 = 0.005000 (monthly interest rate = 6% ÷ 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.