What is the monthly payment on a $300,000 mortgage at 5.5% for 30 years?
Answer
$1,703/month
Principal & interest onlyTotal interest over 30 years: $313,212Total cost: $613,212
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$300,000, r=5.5%/12=0.4583n=360. M = $1,703
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Calculated using verified formulas. Last updated March 2026.