Estimate the monthly payment on a $300,000 home loan. Adjust the rate and term below to match your offer.
Estimated monthly payment
$1,995.91
at 7% APR over 30 years
| APR | Monthly Payment | Total Interest |
|---|---|---|
| 4% | $1,432.25 | $215,608.52 |
| 5% | $1,610.46 | $279,767.35 |
| 6% | $1,798.65 | $347,514.57 |
| 7% | $1,995.91 | $418,526.69 |
| 8% | $2,201.29 | $492,465.74 |
| 9% | $2,413.87 | $568,992.43 |
| 10% | $2,632.71 | $647,777.30 |
| 12% | $3,085.84 | $810,901.60 |
The monthly payment uses the standard amortizing loan formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the $300,000 principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). Each payment covers the interest accrued that month first, with the remainder reducing the principal — so early payments are mostly interest and later payments are mostly principal.