What is the monthly payment on a $300,000 mortgage at 7% for 15 years?
Answer
$2,696/month
Principal & interest onlyTotal interest over 15 years: $185,367Total cost: $485,367
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$300,000, r=7%/12=0.5833n=180. M = $2,696
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Calculated using verified formulas. Last updated March 2026.