How Much a $300,000 Mortgage Will Cost You - Credible News

A $300,000 mortgage comes with upfront and long-term costs. The total costs of the loan will depend on your interest rate and loan term.
Aly J. Yale

Aly J. Yale is a mortgage and real estate authority. Her work has appeared in Forbes, Fox Business, The Motley Fool, Bankrate, The Balance, and more.

Read more” > Aly J. Yale Edited by <a href="https://www.credible.com/blog/author/cjennings/" class="entry-meta__tooltip" data-tooltipjs="" data-tooltipjs-hover="true" data-tooltipjs-placement="top" data-tooltipjs-close-on-outside-click="true" data-tooltipjs-title="Credible’s editing process includes rigorous fact-checking by experts to ensure that all content is accurate and up-to-date. This article has been reviewed, edited, and fact-checked by Chris Jennings. As a Credible authority on mortgages, Chris covers topics including home loans and mortgage refinancing. His work has appeared in Fox Business and GOBankingRates.Read more” > Chris Jennings Updated December 1, 2021
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Taking out a mortgage comes with many costs — some upfront and some paid over long lengths of time. On a $300,000 mortgage, those costs might surprise you.
In fact, on a traditional 15- or 30-year loan of this size you might pay anywhere from $72,000 to $155,000 just in interest.
Learn more about how much a $300,000 mortgage will cost you in the long run:

Monthly mortgage payments always contain two things: principal and interest. In some cases, they might include other costs as well.
On a $300,000 mortgage with a 3% APR, you’d pay $2,071.74 per month on a 15-year loan and $1,264.81 on a 30-year loan, not including escrow. Escrow costs vary depending on your home’s location, insurer, and other details.
Credible is here to help with your pre-approval. Answer a few quick questions below to get started.
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Here’s a quick look at what the monthly payment (principal and interest) would be for a $300,000 mortgage with varying interest rates:
Check out: 20- vs 30-Year Mortgage: Is an Unusual Option Right for You?

To get a $300,000 home loan, you’ll want to get quotes from at least a few different lenders. Though this can be done by reaching out to each mortgage company directly, you can also use an online marketplace like Credible.
Once you receive your quotes, you’ll want to compare them line by line. You should look at the interest rate, total costs on closing day, any origination fees, mortgage points you’re being charged, and more.
After you determine the best offer, you can move forward with that lender’s application and submit any required documentation.
Credible makes the process of finding the right mortgage rate easier and more efficient. You can get tailored prequalified rates from our partner lenders simultaneously — all with just one form — and it only takes a few minutes.
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Learn More: How to Know If You Should Buy a House

Before taking out a mortgage of this size (or any home loan for that matter), you’ll want to have a good handle on the total costs of the loan. That includes your closing costs, the down payment, the total interest you’ll pay, and the monthly payment the loan comes with.
You’ll always pay more interest on longer-term loans. So, for example, a 30-year loan would cost more in the long haul than a 15-year one would (though the 30-year loan would have a smaller monthly payment).
With a 30-year, $300,000 loan at a 3% interest rate, you’d pay $155,332.34 in total interest, and on a 15-year loan with the same rate, it’d be $72,914.08 — a whopping $82,418 less.
Use the below calculator to see how much interest you’ll pay, as well as what your home will cost you every month.
Enter your loan information to calculate how much you could pay
With a $ home loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the mortgage.
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An amortization schedule breaks down how much you’ll pay in interest and principal for every year of your loan’s term.
At the start of your loan, the bulk of your monthly payments will go toward interest, but as you get further into the loan term, more will be applied to the principal balance.
Here’s what an amortization schedule looks like for a 30-year, $300,000 mortgage with a 3% APR:
Here’s what an amortization schedule looks like for a 15-year, $300,000 mortgage with a 3% APR:

Applying for a mortgage can be quite simple — especially when using a rate-shopping tool like Credible.
When filling your mortgage application out, you’ll want to have some financial details on hand, including your income, estimated credit score, homebuying budget, and info regarding your assets and savings.
How Much a 0,000 Mortgage Will Cost You - Credible News
Here’s a step-by-step guide on how the mortgage process usually goes:
Keep Reading: How Long It Takes to Buy a House
Aly J. Yale is a mortgage and real estate authority. Her work has appeared in Forbes, Fox Business, The Motley Fool, Bankrate, The Balance, and more.
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