How much total interest on a $300,000 mortgage at 7%?

30-year: $418,527 in interest (total paid: $718,527). 15-year: $185,367 in interest (total paid: $485,367). The 15-year saves $233,160 but requires $780 more per month.

Does paying points reduce total interest?

Each point (1% of loan) typically reduces the rate by 0.25%. On a $300,000 loan, 1 point costs $3,000 and saves approximately $15,000 over 30 years. Break-even is about 8 years.

Is mortgage interest tax deductible?

For itemizers with mortgages up to $750,000, yes. The 2017 TCJA raised the standard deduction, making itemizing less common. Only about 13% of taxpayers now itemize.

Total Mortgage Interest Calculator

Calculate the total interest paid over the life of a mortgage. Compares different loan terms and rates to show the true cost of homeownership financing.

Principal ($)

Annual Rate (%)

Years

Compounding / Year

$ Finance Disclaimer: These calculators are for educational and illustrative purposes only. Results do not constitute financial advice. Consult a licensed financial advisor before making investment or borrowing decisions.

How to Use

Enter the values for the scenario you are assessing. Calculate the total interest paid over the life of a mortgage. Compares different loan terms and rates to show the true cost of homeownership financing. Use the total mortgage interest result to inform your calculation.

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Frequently Asked Questions

How much total interest on a $300,000 mortgage at 7%?

Does paying points reduce total interest?

Is mortgage interest tax deductible?