$300,000 mortgage at 5%: monthly payment over 30 and 15 years
At 5%, a $300,000 mortgage amortizes at $1,610.46 a month over 30 years and $2,372.38 over 15. This page lays out the consequences of that rate on that balance, all computed: interest paid, equity built, when PMI ends, and the cost of paying late.
| 30-year fixed | 15-year fixed | |
|---|---|---|
| Monthly principal & interest | $1,610.46 | $2,372.38 |
| Total interest over the term | $279,767 | $127,029 |
| Total paid (principal + interest) | $579,767 | $427,029 |
| Interest as a share of total paid | 48% | 30% |
Principal and interest only. Property taxes, homeowners insurance, mortgage insurance and HOA dues are added to the actual payment. Rates shown are for the arithmetic, not an offer; see 30-year vs 15-year for how to choose.
Amortization milestones
In the first year, $14,899 of the $19,326 you pay is interest; only $4,426 reduces the balance. The split reverses slowly: by year 15 most of each payment is principal.
| After | Remaining balance | Paid down |
|---|---|---|
| 5 years | $275,486 | $24,514 |
| 10 years | $244,026 | $55,974 |
| 15 years | $203,652 | $96,348 |
| 20 years | $151,837 | $148,163 |
| 25 years | $85,340 | $214,660 |
PMI tipping points: 80% and 78%
For a borrower who put less than 20% down, the question is when the balance hits 80% and 78% of the original value. Without extra principal or a new appraisal, this loan gets there in:
| Starting LTV | Home value | 80% (request) | 78% (automatic) |
|---|---|---|---|
| 97% | $309,278 | month 115 | month 125 |
| 95% | $315,789 | month 106 | month 117 |
| 90% | $333,333 | month 79 | month 92 |
Extra principal payments or a new appraisal showing appreciation can bring cancellation forward — see PMI removal. FHA mortgage insurance follows different rules.
Late fees and the 30-day line
A payment received after the 15-day grace period typically costs 4% to 5% of the P&I amount — $64.42 to $80.52 here, subject to state limits. Thirty days late is the line that matters for your credit: that is when the delinquency can be reported. If a payment is genuinely at risk, read what to do this month.
How the payment is computed
M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P = $300,000, r = 5% ÷ 12 = 0.4167% per month, n = 360 (30 years) or 180 (15 years).
The balance after k payments is P(1 + r)k − M((1 + r)k − 1) ÷ r; total interest is M × n − P. No rounding beyond the displayed cents.
Frequently asked questions
What is the monthly payment on a $300,000 mortgage at 5%?
$1,610.46 a month for principal and interest on a 30-year fixed loan, or $2,372.38 on a 15-year fixed loan. Property taxes, homeowners insurance, mortgage insurance and any HOA dues are added on top and typically raise the total payment by 25% to 50%.
How much interest will I pay on a $300,000 loan at 5%?
$279,767 over 30 years, or $127,029 over 15 years, if every payment is made as scheduled with no extra principal. In the first year of the 30-year loan, about $14,899 of your $19,326 in payments is interest and $4,426 reduces the balance.
When can I cancel PMI on a $300,000 loan at 5%?
By the regular schedule alone, a loan that started at 95% of the home’s value reaches 80% loan-to-value in month 106 (when you may request cancellation) and 78% in month 117 (automatic cancellation). Extra principal payments or an appraisal showing appreciation can move that earlier.
Same amount, other rates: 6% · 7% · 8%. Same rate, other amounts: $150,000 · $200,000 · $250,000 · $350,000 · $400,000 · $500,000 · $600,000 · $800,000. All tables.