· 3 min read
Monthly Payment on a $300,000 Mortgage at 6.5% Interest
See the estimated monthly payment on a $300,000 mortgage at 6.5% interest. Includes a real example and a free calculator to test your own numbers.
Quick Answer
- A $300,000 mortgage at 6.5% interest on a 30-year fixed term has an estimated monthly payment of $1,896 (principal and interest only).
- This figure does not include property taxes, homeowners insurance, or HOA fees.
- Your actual total monthly housing cost will be higher once additional costs are included.
- Use a mortgage calculator to model your specific scenario with your own loan amount and rate.
Estimated Monthly Payment
How This $1,896 Monthly Payment Is Calculated
This $1,896 monthly payment is based on a 30-year fixed-rate mortgage with a loan amount of $300,000 and an interest rate of 6.5%. The estimate includes only principal and interest, which is how lenders typically present base mortgage payments. It assumes the interest rate remains fixed for the entire loan term. Taxes, homeowners insurance, and HOA fees are not included in this number.
With these assumptions, the estimated monthly principal-and-interest payment is about $1,896 per month.
Your total monthly housing cost can be higher once you include taxes, homeowners insurance, and HOA fees.
Try Your Own Numbers
Instead of guessing, use our free mortgage calculator to test your own scenario with your loan amount, interest rate, and term.
A small change in interest rate can significantly affect your monthly mortgage payment. For example, a 1% increase in rate can add hundreds per month over a 30-year loan. Use the calculator to compare scenarios and see how rate changes impact your payment.
Assumptions
- Loan amount: $300,000
- Interest rate: 6.5% fixed
- Loan term: 30 years
- Payment figure includes principal and interest only
- Property taxes, homeowners insurance, and HOA fees are excluded from the $1,896 estimate
- The interest rate is assumed to remain fixed for the full loan term
Frequently Asked Questions
Q: What is the monthly payment on a $300,000 mortgage at 6.5%?
A: The estimated principal and interest payment is approximately $1,896 per month on a 30-year fixed-rate mortgage. Your total payment will be higher when taxes and insurance are added.
Q: Does the $1,896 payment include taxes and insurance?
A: No. The $1,896 covers only principal and interest. Property taxes, homeowners insurance, and any HOA fees are separate costs that will increase your total monthly housing expense.
Q: How does a rate increase affect my mortgage payment?
A: A 1% increase in interest rate on a $300,000 mortgage can add approximately $100 or more to your monthly payment, and tens of thousands of dollars in total interest over a 30-year term.
Q: Can I lower my monthly mortgage payment?
A: Yes. You can lower your payment by making a larger down payment (reducing the loan amount), locking in a lower interest rate, or choosing a longer loan term — though a longer term means more total interest paid.
Q: What credit score do I need for a 6.5% mortgage rate?
A: Rates vary by lender and market conditions, but borrowers with credit scores of 740 or higher generally qualify for the most competitive rates. Scores below 680 may result in a higher rate.
Use our Mortgage Calculator to run your own numbers and compare how different rates and loan amounts affect your monthly payment.
