What's the Monthly Payment on a $300K, $400K, or $500K Mortgage?

When you're staring at home listings, the price tag is only half the story. The number that actually decides whether you can buy is the monthly payment — and that depends as much on your interest rate and loan term as on the loan size itself.So let's answer the question directly. Below are the real monthly principal-and-interest payments on a $300,000, $400,000, and $500,000 mortgage at today's rates, followed by the simple formula so you can run your own numbers for any amount. (Rates used here reflect roughly 6.7% for a 30-year and 6.0% for a 15-year fixed loan as of late 2026 — check current rates before you plan, since they move weekly.)

Quick Answer: Monthly Payments at Today's Rates

At a 6.5% interest rate on a 30-year fixed loan, here's roughly what each loan size costs in principal and interest per month:

• $300,000 mortgage: about $1,896 per month
• $400,000 mortgage: about $2,528 per month
• $500,000 mortgage: about $3,160 per month

Those are principal-and-interest only. Your real payment will be higher once property taxes, homeowners insurance, and (if you put down less than 20%) mortgage insurance are added — more on that below.

$300,000 Mortgage Monthly Payment

Here's how a $300K loan's monthly principal-and-interest payment changes with the rate and term:

Over the full 30 years at 6.5%, you'd pay roughly $383,000 in interest alone — more than the loan itself. That's the single best argument for either a larger down payment or a shorter term.

$400,000 Mortgage Monthly Payment

A $400,000 loan is close to the current US median, so this is the number most buyers actually plan around:

Notice the 15-year column. Yes, the monthly payment is roughly $950 higher, but you'd save well over $250,000 in total interest and own the home in half the time. Whether that trade-off is worth it depends entirely on your budget and goals.

$500,000 Mortgage Monthly Payment

At half a million dollars, even a 0.5% difference in your rate swings the 30-year payment by well over $150 a month — about $60,000 over the life of the loan. This is exactly why shopping multiple lenders for even a slightly better rate pays off so heavily on larger loans.

How to Calculate a Mortgage Payment Yourself

Every one of the numbers above comes from a single formula — the standard amortization formula for a fixed-rate loan:M = P × [ r(1 + r)^n ] / [ (1 + r)^n − 1 ]Here's what each piece means:M = your monthly principal-and-interest paymentP = the loan principal (the amount you borrow)r = your monthly interest rate (annual rate ÷ 12; so 6% becomes 0.06 ÷ 12 = 0.005)n = total number of payments (loan years × 12; a 30-year loan is 360)Worked example: on a $400,000 loan at 6% over 30 years, r = 0.005 and n = 360. Plug those in and the formula returns about $2,398 per month — exactly the figure in the table above. The math is fiddly by hand, which is why most people use a calculator, but seeing the formula shows you why bigger loans, higher rates, and longer terms each push the payment in the direction they do.

Why Your Real Payment Is Higher Than These Numbers

Every figure above is principal and interest only. Lenders bundle several other costs into your actual monthly bill, often abbreviated as PITI (principal, interest, taxes, insurance):Property taxes: vary widely by state and county, typically collected monthly through an escrow account.Homeowners insurance: required by your lender, also usually escrowed.Private mortgage insurance (PMI): applies on most conventional loans when you put down less than 20%, and disappears once you build enough equity.HOA dues: if your home is in an association, though these are usually paid separately.Added together, these can raise your true monthly payment by several hundred dollars over the principal-and-interest figure. Always budget for the full PITI number, not just the loan payment.

How to Lower Your Monthly Payment

• Put more down. A larger down payment shrinks the loan (and can remove PMI at 20%), lowering both the payment and total interest.
• Shop your rate. On a $400K–$500K loan, even 0.25%–0.5% off your rate saves tens of thousands over the life of the loan.
• Consider the term. A 30-year term lowers the monthly payment; a 15-year raises it but slashes total interest — pick based on your budget.
• Improve your credit first. A stronger credit score typically qualifies you for a lower rate, which is the cheapest way to cut the payment.
• Buy points (sometimes). Paying discount points upfront lowers your rate; worth it only if you'll stay long enough to break even.

Run Your Own Numbers

The tables above use rounded loan amounts and sample rates. Your real payment depends on your exact loan size, rate, term, and down payment. Use our Mortgage Calculator to plug in your own home price, down payment, rate, and term, and see your estimated monthly payment instantly — then adjust the numbers to find a payment that fits your budget.