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$300,000 mortgage at 6.5%

Answer
Monthly payment: about $1,896.20 (principal and interest only) on a 30-year fixed mortgage. Total paid is roughly $682,633, of which about $382,633 is interest.

Assumptions

  • Fixed 30-year term (360 monthly payments)
  • Fixed 6.5% APR
  • Principal and interest only — excludes taxes, insurance, HOA, and PMI
  • No extra payments

Calculation

P = 300,000 · r = 6.5%/12 · n = 360
Monthly P&I ≈ $1,896.20
Total ≈ $682,633.47 · Interest ≈ $382,633.47

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Frequently asked

Does this include taxes and insurance?

No — the figure is principal and interest only. Property taxes, homeowners insurance, and PMI are added separately.

What about a 15-year term?

A shorter term means a higher monthly payment but far less total interest. Try the Mortgage Calculator to compare.

How does extra principal help?

Each extra dollar shortens the term and cuts total interest. Try the Extra Mortgage Payment Calculator.

Estimates only. Figures are before taxes and deductions unless noted.