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$300,000 Mortgage Over 10 Years
What does a $300,000 mortgage cost each month over 10 years? The page starts at 5 percent. Edit any box to match the loan you are comparing.
At the start the monthly bill is $3,181.97. All 120 payments together come to $381,836.
How the payment is worked out
The monthly payment comes from one formula. Multiply the loan by the monthly rate, then divide by one minus the following number: one plus the monthly rate, raised to the negative of the number of payments. For $300,000 at 5 percent over 10 years, the monthly rate is 0.4167 percent and there are 120 payments.
Worked example
Run the numbers for a $300,000 mortgage at 5 percent over 10 years. The payment is $3,181.97. Of the first payment, $1,250.00 is interest.
After 5 years you would still owe $168,615. That is 56 percent of the loan. The rest of the payments go mostly to principal.
Questions about this calculator
Does the $3,181.97 payment cover property tax and insurance?
No. The $3,181.97 covers principal and interest only. Tax, insurance and any mortgage insurance would sit on top of it.
Is it better to put extra money toward a $300,000 mortgage over 10 years or save it elsewhere?
The calculator can only show what extra payments do. On this loan an extra $320 a month saves $9,976 of interest and ends the loan 1 year 1 month sooner. Whether that beats saving or investing the money depends on your other goals and on what you could earn elsewhere.
What if the rate on a $300,000 mortgage over 10 years were one point higher?
The payment would rise from $3,181.97 to $3,330.62, which is $148.65 more each month. One point lower would give $3,037.35.
Would paying $320 extra each month shorten a $300,000 mortgage over 10 years?
Yes. On this $300,000 loan an extra $320 each month ends the loan 1 year 1 month sooner and saves $9,976 of interest.
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This page is for education only and is not financial or tax advice.