$300,000 Mortgage at 8% for 30 Years
Monthly payment breakdown for a fixed-rate 30-year home loan.
Monthly Payment
$2,201
Principal: $300,000 · Rate: 8%
| Item | Amount |
|---|---|
| Loan Principal | $300,000 |
| Total Interest (30 years) | $492,466 |
| Total Paid | $792,466 |
Amortization Schedule (Yearly Summary)
How your payments are split between principal and interest each year.
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| 1 | $2,506 | $23,909 | $297,494 |
| 2 | $2,714 | $23,701 | $294,780 |
| 3 | $2,939 | $23,476 | $291,840 |
| 4 | $3,183 | $23,232 | $288,657 |
| 5 | $3,448 | $22,968 | $285,210 |
| 6 | $3,734 | $22,682 | $281,476 |
| 7 | $4,044 | $22,372 | $277,432 |
| 8 | $4,379 | $22,036 | $273,053 |
| 9 | $4,743 | $21,673 | $268,310 |
| 10 | $5,136 | $21,279 | $263,174 |
| 30 | $25,306 | $1,110 | $0 |
Rate Comparison — $300K Loan
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 7.5% | $2,098 | $455,152 | $755,152 |
| 8% (current) | $2,201 | $492,466 | $792,466 |
Understanding a $300K Mortgage at 8%
A $300,000 fixed-rate mortgage at 8% interest over 30 years results in a monthly payment of $2,201. Over the full loan term, you will pay $492,466 in interest — roughly 1.6× the original loan amount.
In the early years, most of your payment goes toward interest. By year 10, approximately $5,136 of your annual payments go to principal and $21,279 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 8%?
The monthly payment on a $300,000 mortgage at 8% interest for 30 years is $2,201. Over the life of the loan, you will pay $492,466 in interest, for a total of $792,466.
How much total interest will I pay on a $300,000 mortgage at 8%?
On a $300,000 mortgage at 8% over 30 years, you will pay $492,466 in total interest. This means you pay roughly 1.6x the original loan amount in interest alone.
How does 8% compare to other mortgage rates?
At 8% on a $300,000 30-year loan, the monthly payment is $2,201. A 0.5% rate decrease would save approximately $104/month, while a 0.5% increase would add about $105/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 = 0.006667 (monthly interest rate = 8% ÷ 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.