# $300,000 Mortgage at 6% for 15 Years — Mortgage Calculator

> Monthly payment on a $300,000 mortgage at 6% over a shorter 15-year term, and the interest you save.

- **Answer:** ~$2,532/mo
- **Category:** Finance & Money
- **Interactive calculator:** https://youcalc.com/en/finance-money/mortgage/300k-at-6pct-15yr/
- **Price:** Free, no sign-up required
- **Full calculator:** [Mortgage Calculator](https://youcalc.com/en/finance-money/mortgage/)
- **Pre-filled inputs:** `p=300000&r=6&t=15`

| Metric | Value |
| --- | --- |
| Monthly principal & interest | $2,532 |
| Loan amount | $300,000 |
| Total interest (15 yr) | $155,683 |
| Total of payments | $455,683 |


## Overview

Choosing a 15-year term on a $300,000 loan at 6% raises the monthly principal and interest to about $2,532 — roughly $733 more than the 30-year version. But the payoff is dramatic: total interest drops to around $155,700 instead of the $347,500 you would pay over 30 years, saving close to $192,000. The trade-off is a higher monthly commitment for a much faster, cheaper payoff.

## Method

The principal-and-interest portion is computed using the standard level-payment amortization formula: M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (term in years multiplied by 12). At a 0% rate the formula simplifies to M = P / n. From that fixed P&I payment, a month-by-month amortization schedule is built: each month's interest equals the remaining balance multiplied by the monthly rate, the remainder of the payment reduces the principal, and the final month absorbs any accumulated rounding difference so the balance closes exactly to zero. Property tax and home insurance are divided by 12 and added to P&I each month; PMI and HOA dues are added as their stated monthly amounts. Summing these components produces the PITI total shown in the headline.

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## Sources

- https://www.investopedia.com/mortgage-calculator-5096931
- https://www.consumerfinance.gov/ask-cfpb/what-is-private-mortgage-insurance-en-122/
- https://www.calculator.net/mortgage-calculator.html

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Interactive version: https://youcalc.com/en/finance-money/mortgage/300k-at-6pct-15yr/ · From YouCalc — https://youcalc.com