CalculateY
Quick Answer
A $300,000 mortgage at 6.5% for 30 years has an estimated monthly payment of approximately $1,896. Total interest paid over the life of the loan is approximately $382,633.
Common Examples
| Input | Result |
|---|---|
| $200,000 at 6% for 30 years | Estimated $1,199/month |
| $300,000 at 6.5% for 30 years | Estimated $1,896/month |
| $400,000 at 7% for 15 years | Estimated $3,595/month |
| $250,000 at 5.5% for 30 years | Estimated $1,419/month |
How It Works
This calculator uses the standard amortization formula to estimate fixed-rate mortgage payments:
M = P × [r(1 + r)^n] / [(1 + r)^n − 1]
Where:
- M = estimated monthly payment
- P = principal (loan amount)
- r = monthly interest rate (annual rate ÷ 12)
- n = total number of payments (years × 12)
The estimated total paid is M × n, and the estimated total interest is the total paid minus the principal.
For a 0% interest rate, the estimated monthly payment is simply the principal divided by the number of months.
Worked Example
For a $300,000 loan at 6.5% annual interest over 30 years: the monthly rate r = 0.065/12 = 0.005417, and n = 360 payments. Plugging into the formula: M = 300000 x [0.005417(1.005417)^360] / [(1.005417)^360 - 1] = 300000 x [0.03678] / [5.792] ≈ $1,896.20 per month. Over 30 years, total payments come to approximately $682,633, meaning roughly $382,633 goes to interest.