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Mortgage on $300,000 at 5.5%
Monthly payment on a $300,000 home at 5.5% interest (20% down, 30-year fixed) is $1362.69. Total interest: $250,570.
Answer
$1362.69/month
📐 Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]🧮 Step-by-Step
- Home price: $300,000 | Down payment (20%): $60,000
- Loan amount: $240,000 | Interest rate: 5.5% | Term: 30 years
- Monthly rate: 5.5% ÷ 12 = 0.4583%
- Monthly payment: $1362.69
- Total paid over 30 years: $490,570
- Total interest: $250,570
❓ Frequently Asked Questions
What is the monthly payment on a $300,000 mortgage at 5.5%?
With 20% down ($60,000), a 30-year fixed mortgage at 5.5% has a monthly payment of $1362.69.
How much interest on a $300,000 home?
Over 30 years at 5.5%, you'll pay approximately $250,570 in total interest.
How is mortgage payment calculated?
The formula is M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is loan amount, r is monthly interest rate, and n is total number of payments.
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