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The median salary for a truck driver is $49,920 per year, according to the Bureau of Labor Statistics. If you love life on the road and to work independently, a career as a professional truck driver might suit you. What’s more, you may be able to earn significantly more than the average: Truck drivers in the United States can make between $40,000 and $95,000 a year, and possibly even more.

How much a truck driver makes depends on several factors, including what kind of truck you drive, where you work, and your driving experience. Read on to learn more about this. Also, before you decide to hit the gas, it’s wise to investigate the benefits and drawbacks of the trucker lifestyle, which are also reviewed below.

What Are Truck Drivers?

Truck drivers are certified professionals trained to operate large commercial vehicles. They typically deliver large quantities of goods from one location to another.

A truck driver can spend long hours alone on the road, meaning it can be a good fit for introverts and a good job for antisocial people. Most truckers are employed by a trucking company, but some truck drivers make enough money to buy their own rigs and work as independent contractors.

Truck drivers typically must have a commercial driver’s license (CDL) through their state, as well as specialized training and skills in order to drive this kind of vehicle (you’ll read more about this below).

Some of the responsibilities of a truck driver include:

•   Driving and operating commercial vehicles

•   Pre-inspecting the truck

•   Navigating road maps and destination routes

•   Verifying pick-up loads for accuracy and delivering cargo as instructed

•   Loading and unloading the goods

•   Maintaining basic vehicle maintenance

•   Complying with company safe work practices and policies

•   Accurately filling out company paperwork for deliveries

•   Staying current on truck driving permits and qualifications

•   Being able to lift up to 80 pounds repeatedly throughout the day.

Being a truck driver can be a good way to make money as a retiree. In fact, many cargo companies hire retired couples, as they can share the load and get more done together. You and your partner could travel in retirement while making extra income.


💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.

How Much Do Starting Truck Drivers Make a Year?

Entry-level truck drivers can make a salary ranging between $32,348 to $52,837, an average of $41, 342 a year. Salaries can vary depending on several factors, including the driver’s experience, the kind of truck they drive, and the homebase location and the cost of living there.

Some commercial trucking companies may pay novice drivers by the hour vs. a yearly salary. Even starting out, a trucker can make more than the average minimum wage, bringing in around $17.73 an hour.

Recommended: Should the Minimum Wage Be Raised?

What is the Average Salary for a Truck Driver?

You’ve already learned that the median salary for a truck driver is just shy of $50,000 a year. That said, there can be the potential to make over $100,000 a year doing this job. Keep in mind, the range of what you can make depends heavily on what kind of truck you drive, your experience, and job title.

Here’s an example of the pay ranges in the truck driving industry:

•   Private fleet driver: $29,992

•   Mining industry driver: $40,655

•   Hazmat driver: $61,068

•   Tanker driver: $$62,166

•   Ice road driver (seasonal): $66,422

•   Regional truck driver: $75,877

•   Oversized truck driver: $82,262

•   Team truck driver: $119,464

•   Owner operator: $320,912

Recommended: Which Trade Jobs Make the Most Money

What is the Average Truck Driver Salary by State?

A big factor in how much money a truck driver makes a month or in a year depends where they live. As with most jobs, trucker salaries can fluctuate from state to state, and some areas may have higher-paying jobs than others.

Here are the averages for local truck drivers by state, in alphabetical order:

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Truck Driver Job Considerations for Pay and Benefits

In order to become a professional truck driver you have to be 18 to 21 years of age (the requirement differs from state to state) and have a clean driving record, including no DUIs. Most truck companies require their employees to have a high school diploma or a GED, and undergo routine drug tests.

The biggest requirement to becoming a truck driver is obtaining proper certification: your commercial driver’s license (CDL), as mentioned above. Truck driving certification can be done by:

•   Enrolling in a truck driver training program. While not required, these programs can prepare you for the CDL with classroom and hands-on training.

•   Passing a physical exam to determine you are fit enough to handle a commercial vehicle.

•   Obtain a commercial learner’s permit (CLP) via a written exam. This will allow you to drive a commercial vehicle under the supervision of a licensed CDL holder.

•   Getting your commercial driver’s license (CDL). This requires a written and driving exam.

•   Completing additional state requirements for driving vehicles such as tankers and those carrying hazardous materials.

Once you obtain your CDL and are hired by a company, many salaried truck driver jobs can come with the following benefits:

•   Health insurance

•   Paid time off

•   Retirement plans

•   Bonuses and incentives for reaching performance goals]

Pros and Cons of Being a Truck Driver

Being a professional truck driver can provide a solid income and a sense of freedom, but the job isn’t for everyone. Here are the biggest positives and negatives of being a truck driver:

Pros:

•   Potential for a steady yearly income.

•   No college degree required.

•   A quick start; most people can earn their CDL in 3 to 4 weeks.

•   High job demand/job security.

•   Opportunities to buy your own rig and be your own boss.

•   Traveling, sometimes across scenic America.

•   Pet perks: Many companies allow truckers to bring their dogs along for the ride.

•   Good benefits/driving bonuses.

•   An independent work day vs. punching the clock.

Cons:

•   Monotonous hours on the road.

•   Driving fatigue.

•   Unhealthy lifestyle due to long, sedentary stretches behind the wheel.

•   Poor diet. Many truckers exist on fast-food options while on the road.

•   Loneliness. You’ll spend days and possibly nights away from family, friends, and co-workers.

Of course, before embarking on any career, you’ll want to make sure your potential earnings will be enough to cover your expenses. Picking and sticking with one of the different budgeting methods can be helpful.

The Takeaway

How much a truck driver makes a year is on average $49,920, though salaries can vary considerably and soar higher if you own your own business. Being a truck driver can be a good fit for those who enjoy being out on the road and who are introverts, but the long hours and being away from home can be challenging.

FAQ

Can you make 100k a year as a truck driver?

The average truck driver earns $49,920 per year, but you can make $100,000 a year as a truck driver, especially if you own your own truck.

Do people like being a truck driver?

People who don’t mind the long hours and solitude might enjoy being a truck driver. Many truck drivers love the flexibility, salary, and traveling across America.

Is it hard to get hired as a truck driver?

No, it is not that hard. There is currently a shortage of truck drivers in the United States. The demand for CDL drivers is high.

Photo credit: iStock/RichLegg

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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A marine biologist can make an average base salary of $45,781 a year in the United States. This can be an exciting career choice for those who love the water — being in it or near it — and are curious about the mysteries of aquatic life.

How much a marine biologist makes depends on a variety of factors, including where you live, how much experience you have, and your area of expertise. Let’s dive into how you might pursue your passion for the sea, while keeping your finances afloat.

What Are Marine Biologists?

A marine biologist is a scientist who studies the life forms and ecosystems of oceans and saltwater lakes. They typically enjoy collecting data and patiently observing natural phenomena. Marine biologists can play an important role in protecting marine life and promoting environmental sustainability.

While some may imagine marine biology as a solitary job, working quietly in a lab or swimming silently alongside dolphins, it is not necessarily a job for introverts. Most marine biologists make money by collaborating with teams of people and sharing findings within a scientific community.

Some of the duties of a marine biologist can include:

•   Observing animals, microorganisms, and plants in oceans and saltwater lakes

•   Conducting studies on various species of sea animals and their ecosystems

•   Collecting samples of water, ocean plants and microorganisms for laboratory research

•   Performing laboratory experiments, using specialized equipment to assist their research

•   Administering medical care to injured or ill marine animals

•   Tracking migration and the reproductive patterns of fish and other marine mammals

•   Studying geological oceanography, to learn about ocean features such as ridges, trenches, and rises that affect marine environments

•   Discovering how to preserve marine life

•   Promoting environmental sustainability

•   Collaborating and sharing data with other specialists in marine biology

•   Composing scientific papers and reports for peers and the public

•   Giving presentations at educational institutions and museums on marine life

💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.

How Much Do Starting Marine Biologists Make a Year?

Starting out, marine biologists can be paid hourly or be given a yearly salary.

The starting hourly rate for a marine biologist is estimated to be around $18.50 — definitely higher than the federal minimum wage.

As the field typically requires professional expertise and commitment to long-term studies, marine biologists are usually paid a yearly salary. An entry level salary for a marine biologist in the United States tends to fall in the $40,000 to $50,000 range.

Most professions, including marine biology, probably aren’t going to offer $100,000 salaries to newcomers in the field. But there are ways to turn your passion for the ocean into more competitive pay opportunities.

What Is the Average Salary for a Marine Biologist?

A typical salary for a marine biologist is $45,781 a year. Here’s a bit more information: According to Indeed.com, the average competitive pay for a marine biologist as of January 2024 can range from $35,034 to $70,061. But some marine biology jobs can pay well above $100,000 a year.

How much a marine biologist makes can rely on your degree status, experience, and area of specialization. For example:

•   The national average for an oceanographer is $79,562 a year.

•   A marine veterinarian, who cares for animals such as sea turtles, fish, and whales, can earn a yearly salary of around $113,418.

•   Other high-paying marine biology jobs include marine biochemists, marine ecologists, marine mammalogists, and marine geneticists. These occupations can pay between $80,000 and $100,000 per year.

While a marine biologist can traditionally be a hands-on occupation, it is viewed as a scientific profession vs. a trade job.

Working marine biologists almost always have a minimum of a bachelor’s degree, with many acquiring a master’s or doctorate in a chosen area. Advanced degrees are often needed for higher paying positions. (These, in turn, can leave a job seeker with student loan debt.)

What Is the Average Marine Biologist Salary by State?

A big factor in how much money a marine biologist makes depends on where they live. This means that state by state salaries will fluctuate. Here’s a look at average salaries by state, arranged alphabetically.

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Marine Biologist Job Considerations for Pay and Benefits

You can increase your salary range as a marine biologist if you are willinging to move to a higher-paying state, acquire an advanced degree, or specialize in certain areas of the field. But some factors that determine your salary are out of your control, including:

•   Funding/budget for your organization.

•   Type of organization, meaning private vs. public

•   Economic conditions

•   Demand for your skill set.

Since the majority of marine biologists secure a yearly salary, you may receive the following job benefits, among others:

•   Health coverage

•   Paid sick leave

•   Vacation days

•   Retirement plan participation.

While pursuing a salaried position as a marine biologist, make sure you understand how much you need to make to maintain a comfortable lifestyle. Try creating a budget and check out financial tools that can help track your expenses vs. your income.

Pros and Cons of Being a Marine Biologist

If you have a scientific mind and love the water and marine life, being a marine biologist could be a dream job for you. Of course, even dream jobs can have their downsides.

Here are some of the pros and cons of working in the field of marine biology

Pros:

•   Traveling to new locations. Many marine biologists travel the world, with the oceans as their laboratories.

•   Working with a network of diverse people. Marine biologists work collaboratively, sharing data and consulting with a range of experts in the field.

•   Using state-of-the-art equipment. Marine biologists can have access to sophisticated, high-tech gear in order to further their studies.

•   Evolving your career. There are many ways to branch out into specialized fields in marine biology, so you can continue to excite your mind and, potentially, raise your salary.

•   Making a difference. Marine biologists have a chance to make an impact on serious environmental issues, especially in the areas of conservation and preservation.

•   Earning a good salary for something you love, especially if you pursue advanced degrees that open doors for highly paid positions.

Cons:

•   Long, isolated working hours. A marine biologist can be assigned to a research position out at sea for long periods of time. Being away from friends and family can take an emotional toll.

•   Physically demanding. Out in the field, you may be subject to severe weather conditions — extreme cold and sweltering heat.

•   Dangerous conditions. Typhoons, hurricanes, and storms at sea can put marine biologists at risk for injury.

•   Emotionally draining. Some marine biologists, when they see firsthand how humans are affecting the environment, may feel powerless to reverse the harm, which can be upsetting.

The Takeaway

The average figure for how much a marine biologist makes a year is $45,781. A career as a marine biologist can provide a sense of adventure and helping protect the earth’s waters and aquatic creatures. It can involve travel and exploration which, depending on your outlook, can be a real plus, while allowing you to earn a living.

FAQ

Can you make 100K a year as a marine biologist?

Some specialized marine biologists can command a salary of $100,000 or more a year, including marine veterinarians, marine biochemists, marine ecologists, marine mammalogists, or marine geneticists. The average marine biologist, however, may only earn half that amount.

What do people like about being a Marine Biologist?

Some marine biologists love traveling to distant places, working with marine life, meeting new people, and working toward having a positive environmental impact.

Is it hard to get hired as a Marine Biologist?

Finding a job as a marine biologist can depend on your field of expertise. Most marine biologists have, at a minimum, a bachelor’s degree, with many acquiring a master’s or doctorate. In addition, job opportunities will rely heavily on being able to relocate, if needed, to an area being studied.

Photo credit: iStock/Rainer von Brandis

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

SORL0124027

Monthly payments on a $100,000 mortgage could range from $600 to around $1,000, depending on the loan’s interest rate, term, and other factors. But it’s also important to think about how much borrowing $100,000 will cost you over time, and to pay attention to all your costs as you move forward with your home purchase. Some costs may be negotiable, and a little comparison shopping could help you save. Read on for a breakdown of what the costs related to borrowing $100,000 might be.

What Will a $100,000 Mortgage Cost?

There are several different expenses you can expect to encounter when taking out a mortgage. Most of the time, they can be divided into three main categories.

Closing Costs

Closing costs, which you’ll pay upfront, typically include loan processing fees, third-party services such as appraisals and title insurance, and government fees and taxes. You also may choose to pay mortgage points (also known as discount points) on your loan to lower the interest rate. Closing costs can vary significantly, but they generally range from 3% to 6% of the loan amount.

Monthly Payments

Monthly mortgage payments, which are paid over the life of your loan, usually include two primary components:

•   Principal: This is the portion of your mortgage payment that goes directly toward paying back the amount you borrowed.

•   Interest: This is the amount the lender charges you for borrowing money. The amount of interest you pay each month will be calculated by multiplying your interest rate by your remaining loan balance.

Escrow

Some homebuyers may also have a third amount, called escrow, factored into their closing costs and/or monthly payments. Lenders often collect and hold money in an escrow account to ensure critical bills like homeowners insurance and property taxes are paid on time.


💡 Quick Tip: When house hunting, don’t forget to lock in your home mortgage loan rate so there are no surprises if your offer is accepted.

What Would the Monthly Payment Be for a $100,000 Mortgage

We’ll keep things simple and eliminate the costs associated with an escrow account to get an idea of what a $100,000 mortgage payment might look like each month.

Let’s say you wanted to purchase a home for $120,000, and you had $20,000 for a down payment. If your lender offered you a 7% annual percentage rate (APR) on a 15-year loan for $100,000, you could expect your monthly payment — principal and interest — to be about $898. If you had a 30-year loan with a 7% APR, a $100,000 mortgage payment could be about $665 per month.

Here are some more examples that show the difference between a 15-year loan vs. a 30-year loan, using a mortgage calculator:

How Much Interest Will You Pay on a $100,000 Mortgage?

The interest rate your lender offers can make a big difference in the overall cost of your mortgage. So can the mortgage term you choose. On a $100,000 mortgage at a 7% APR, for example, your total interest costs could range from $61,789 to $139,509, depending on the length of the loan you choose (15 vs. 30 years).

Stretching your mortgage payments over a longer term can lower your monthly payment, but you can expect to pay more for the loan overall. If you start out with a 30-year term and find your budget can handle larger payments, you can always consider a mortgage refinance or a recast to adjust your payment amount and schedule.

“Really look at your budget and work your way backwards,” explains Brian Walsh, CFP® at SoFi, on planning for a home mortgage.

Recommended: Best Affordable Places to Live in the U.S.

How Does Amortization Work on a $100,000 Mortgage?

Though your payment will remain the same every month (if you have a fixed-rate loan, you can expect the amount you’ll pay each month toward interest vs. principal to change over the life of your home loan. In the first years, the majority of your payment will go toward interest. But as your balance goes down, more of your payment will go toward principal.

Your lender should provide you with a repayment schedule, or mortgage amortization schedule, that shows you how the proportions will change over the length of your loan.

Here’s what the amortization schedules for a $100,000 mortgage with 30- and 15-year terms might look like. (Keep in mind that your payments may include other costs besides principal and interest.)

Where Can You Get a $100,000 Mortgage?

Homebuyers have options when they’re deciding where to go for a loan, including online banks and lenders, traditional banks, and credit unions. Because lenders’ rates and terms may vary, it can be a good idea to shop around for a mortgage that’s a good fit for your needs and goals.

Before you start getting mortgage estimates, you may want to sit down and figure out the different types of mortgages you’re interested in and what you might qualify for. Would you be better off with a conventional mortgage or a government-backed loan? Are you looking for a fixed or adjustable mortgage rate? Do you want a 15-, 20-, or 30-year mortgage? Some lenders specialize in certain kinds of loans, such as government-backed loans. And some loans may have less stringent standards for down payment amounts or a borrower’s credit score. Once you start comparison shopping, you may want to read some online reviews of the lenders you’re considering.


💡 Quick Tip: Generally, the lower your debt-to-income ratio, the better loan terms you’ll be offered. One way to improve your ratio is to increase your income (hello, side hustle!). Another way is to consolidate your debt and lower your monthly debt payments.

How to Get a $100,000 Mortgage

Feeling a little overwhelmed by the whole home-buying and mortgage process? Breaking it down into a few manageable steps may make things a little less daunting. If you’ve never bought a home before, spend some time studying up with a first-time homebuyer guide.

First, Figure Out What You Can Afford

Looking at your income, debts, monthly spending, and how much you’ve saved for a down payment can be a good place to start. This will help you determine how much of a down payment you can handle and how much house you can afford.

Look at Different Loans and Lenders

Once you know what you can afford, you can start looking for the loan type, interest rate, loan term, and lender that meet your needs.

Get Preapproved

Once you’ve decided on loan and lender, it can be a good idea to go through the preapproval process. Getting a letter from your lender that says you’re preapproved for a certain loan amount lets sellers know you’re a serious buyer (and can come in handy in a bidding war.)

Time to Go House Hunting

Once you’ve done your homework, you can search for and make an offer on a house. And since you already know how much you can afford, you can target homes in that range.

Submit a Full Mortgage Application

When you’re ready to seal the deal, be prepared to give your lender more financial information and documentation for a formal loan application.

Prepare for Closing

While you’re waiting for a final loan approval and a closing date, you can shop for homeowners insurance, get a home inspection, and make sure you have all the money you need for your down payment and closing costs.

Take Ownership of Your New Home

At the closing you can sign all the necessary paperwork, hand over the funds needed to make the purchase, and—congratulations!–get the keys to your new home.

How Much House Can You Afford Quiz

Recommended: 2024 Home Loan Help Center

The Takeaway

Researching the different expenses you might have to pay when taking out a $100,000 mortgage can help you stick to your budget and avoid unpleasant surprises. The choices you make about the type of loan you get, the interest rate, loan term, and other costs, will all affect how much you pay every month — and over the length of the loan.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

How much is a $100,000 mortgage a month?

The monthly payment for a $100,000 mortgage could range from $600 to around $1,000, depending on several factors, including the interest rate and loan term.

How much income is required for a $100,000 mortgage?

You’ll probably need to earn around $40,000 a year (before taxes) to get a $100,000 mortgage. But lenders will look at several factors, besides your income, to determine if you can afford a $100,000 mortgage. You can expect to be asked about your debt, credit history, assets, and the down payment you plan to make.

How much is a down payment on a $100,000 mortgage?

If you wanted to make a 20% down payment (thereby avoiding paying for mortgage insurance), you would put down around $25,000 on a $100,000 mortgage. But a down payment could be as low as 3% in some cases (around $4,000), and may vary depending on the price of the house you choose and the type of loan you get.

Can I afford a $100,000 mortgage with a $70,000 salary?

As long as all your monthly debt payments combined — including your house payment, credit cards, student loans, and car payments — are less than $2,100, you may be able to afford a $100,000 mortgage on a $70,000 salary.

Photo credit: iStock/Hispanolistic

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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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A $300,000 mortgage payment could range from about $1,700 to more than $2,700 per month, depending on your loan’s interest rate, term, and other factors.When you’re shopping for a home, it’s easy to get fixated on how much you can borrow and finding houses in your price range. But understanding how much your mortgage could cost, upfront and over time, could be just as important to your success as a homebuyer. Read on for a look at what some of the expenses of getting a home mortgage might include.

How Much Can a $300,000 Mortgage Cost?

You can expect to run into a variety of costs when you take out a home loan. Most of the time these expenses can be broken down into three main categories:

Closing Costs

Closing costs are one-time costs that typically include loan processing fees, third-party services such as appraisals and title insurance, and government fees and taxes. You also may choose to pay discount points upfront on your loan to lower the interest rate. Closing costs can vary significantly, but they generally range from 3% to 6% of the loan amount.

Monthly Payments

The payments borrowers make monthly over the life of a mortgage usually include two main components:

•   Principal: This is the part of the mortgage payment that goes directly toward repaying the amount you borrowed.

•   Interest: This is the fee you pay the lender for borrowing money. The amount of interest you’ll pay each month will be calculated by multiplying your interest rate by your remaining loan balance.

Escrow

Your lender may collect and hold money in an escrow account to ensure that your homeowners insurance and property taxes are paid on time. The cost of living by state can vary widely and this is due in large part to taxes.

It’s important to pay attention to all your costs as you go through the homebuying process. You may be able to negotiate the amount of some of these expenses, which means doing some comparison shopping could help you save.


💡 Quick Tip: You deserve a more zen mortgage. Look for a mortgage lender who’s dedicated to closing your loan on time.

What Are the Monthly Payments for a $300,000 Mortgage?

To keep things simple, let’s eliminate any costs that might be associated with an escrow account to get a basic estimate of what a $300,000 mortgage payment might be each month.

Let’s say you wanted to buy a home for $340,000, and you had a down payment of $40,000. If your lender offered you a $300,000 loan with a 15-year fixed-rate term at a 7% annual percentage rate (APR), you could expect your monthly payment — principal and interest — to be about $2,696. If you took out a 30-year fixed-rate mortgage with a 7% APR, your payment could be about $1,995.

Here are some more examples that show what the difference can be for a 15-year fixed-rate loan vs. a 30-year fixed-rate loan, using SoFi’s Mortgage Calculator.

Recommended: 2024 Home Loan Help Center

How Much Interest Will You Pay on a $300,000 Mortgage?

The interest rate your lender gives you can make a big difference in the overall cost of your mortgage, and so can the mortgage term you choose. With a $300,000 home loan at a 7% APR, for example, the total amount you pay in interest could range from $185,367 to $418,527, depending on the length of the loan (15 vs. 30 years).

Spreading out your mortgage payments over a longer term can lower your monthly payment. But keep in mind that if you make this choice, you can expect to pay more for the loan overall. You can get more specific information by plugging various scenarios into a home affordability calculator.


💡 Quick Tip: If you refinance your mortgage and shorten your loan term, you could save a substantial amount in interest over the lifetime of the loan.

How Does Amortization Work for a $300,000 Mortgage?

Though your payment will remain the same every month (if you have a fixed-rate home mortgage loan), you can expect the amount you pay toward interest vs. principal to change over the life of your loan. In the first years, most of your payment will go toward interest. But as your balance goes down, more of your payment will go toward principal.

Your lender can provide you with a repayment schedule, or mortgage amortization schedule, that illustrates how the proportions will change over the length of your loan. Here’s a look at what the amortization schedules for a $300,000 mortgage with 30- and 15-year terms might look like. (Remember that your payments could include other costs besides principal and interest.)

Where Can a Borrower Get a $300,000 Mortgage?

Homebuyers have a few different choices when deciding where to go for a loan, including online banks and lenders, and traditional banks and credit unions. Rates and terms can vary from one lender to the next, so it can be a good idea to shop around for a mortgage that fits your specific needs and goals.

Before you start looking for quotes, though, you may want to look at the different types of mortgage loans you might qualify for. Would you be better off with a conventional or government-backed mortgage? Are you eligible for a VA loan or first-time homebuyer assistance? How many years do you want to make payments on your loan, and would you prefer a fixed or adjustable rate?

Once you settle on some loans that might work for you, you may want to read online reviews of the lenders you’re considering. A good old-fashioned pros-and-cons list could also help you evaluate the possibilities.

Recommended: Tips to Qualify for a Mortgage

How to Get a $300,000 Mortgage

Whether you’re a first-time homebuyer or you’ve done this before, the home-buying and mortgage process can be a little daunting. By breaking it down into some manageable steps, you may be able to make things a little easier.

Start by Determining How Much You Can Afford

Looking at your income, debt, monthly spending, credit status, and how much you’ve saved for a down payment can be a good starting point when you’re trying to figure out how much house you can afford. This can help you decide how much of a down payment and monthly payment you can handle.

Research Different Loans and Lenders

Once you know what you can afford to spend, you can start looking for the loan type, interest rate, loan term, and lender that meet your needs. The mortgage professional you choose to work with should be able to walk you through your options and help you evaluate their pros and cons.

Get Preapproved

Once you’ve chosen a loan and lender, it can be a good idea to go through the mortgage preapproval process. Getting a letter from your lender that says you’re preapproved for a certain loan amount can let sellers know you’re a serious buyer. (This could be especially helpful if you find yourself in a bidding war.)

Go House Hunting

With your preapproval letter in hand, you can start your home search — and potentially make an offer on a house. And because you’re prepared and know how much you can afford, you and your real estate agent can target homes in an appropriate price range.

Submit a Full Mortgage Application

When you find a home and you’re ready to seal the deal, you can work with your lender to fill out a formal loan application. Be ready: Your lender will likely ask for more financial information and documentation before approving the loan.

Prepare for Closing

While you’re waiting for your final loan approval and a closing date from your lender, you can shop for homeowners insurance, get a home inspection, and make sure you have all the money you’ll need for your down payment and closing costs.

Take Ownership of Your New Home

At the closing, you’ll be asked to sign a lot of paperwork, and you’ll hand over the necessary funds to make the purchase. Finally — congratulations! — you’ll get the keys to your new home.

How Much House Can You Afford Quiz

The Takeaway

Researching the different costs you might have to pay when taking out a $300,000 mortgage could help you avoid any unpleasant surprises during the homebuying process and improve your chances of sticking to your budget. The decisions you make about the type of loan you get, the interest rate, loan term, and other costs will all impact how much you pay every month — and what you’ll pay for the loan overall. So it can be a good idea to run the numbers and evaluate your options before you decide on a particular loan.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

How much is a $300,000 mortgage payment per month?

The monthly payment for a $300,000 mortgage could range from about $1,700 a month to more than $2,700. Your payment will depend on several factors, including your interest rate and loan term.

How much income is required for a $300,000 mortgage?

An annual income in the $90,000-$100,000 range would qualify for a $300,000 mortgage as long as the borrower has few other debts. Mortgage lenders don’t make their decisions based on salary alone. You can expect your lender to look at several factors, including your debt, your credit rating and other factors before deciding how much you’re qualified to borrow.

How much is a down payment on a $300,000 mortgage

If you borrowed $300,000 and were putting down 20% on the property to avoid having to pay for mortgage insurance, your down payment would be around $75,000 (for a home priced at $375,000). But many borrowers put down less than 20%. A down payment of 3% on a home priced at $310,000 would cost you less than $10,000 and in this scenario you would also have a $300,000 mortgage.

Can I afford a $300,000 mortgage on a $70,000 salary?

If you can keep your monthly debt payments (housing costs and other debts combined) below $2,100 a month, you might be able to afford a $300,000 mortgage on a $70,000 salary, but it could be a stretch. How much mortgage you can afford usually depends on your monthly house payment and other debts you may have, such as car loans, credit cards, and student loans.

Photo credit: iStock/irina88w

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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The median pay for a dental assistant was recently calculated to be $44,820 per year, according to the Bureau of Labor Statistics.

If someone is looking for a career in the medical field, but doesn’t want to commit many years and a lot of money to medical school, they may want to look into becoming a dental assistant. This career involves significantly less schooling than one would have to pursue to become a dentist but can offer a stable and rewarding career path.

Keep reading for more insight into what it’s like to work as a dental assistant and what this career’s earning potential can be.

What Are Dental Assistants?

A dental assistant is a healthcare professional who assists dentists in caring for their patients and with general administrative tasks.

Typically, they have completed training as a dental assistant after high school, meaning this can be a potential good job without a college degree.

These are some common responsibilities of dental assistants:

•   Scheduling patient appointments for efficient management

•   Collaborating with patients on medical billing and payment matters

•   Providing instructions to patients on proper oral hygiene practices

•   Preparing both patients and the work area for various treatments and procedures

•   Sterilizing dental instruments to maintain hygiene standards

•   Ensuring the comfort of patients in the dental chair

•   Assisting dentists by handing them instruments during procedures

•   Using suction hoses and other equipment to dry patients’ mouths

•   Processing X-rays and performing lab tasks under the dentist’s guidances

•   Maintaining records of dental treatments for accurate documentation.

As you may have noticed, this job requires a good degree of interaction with coworkers and patients. For this reason, it may be a good fit for those who consider themselves a “people person” and not a great career for an introvert.

Also, it’s important to note that the exact role of a dental assistant can vary based on the state they are working in. This is due to varying state regulations.


💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

How Much Do Starting Dental Assistants Make a Year?

Understandably, entry-level salaries for dental assistants tend to be less than those for their more experienced counterparts. In terms of how much money a dental assistant makes when they first start their career, here are some numbers: As of 2022, the lowest 10% of workers in this role earned less than $31,450.

However, they can expect to earn more competitive pay over time, as the highest 10% in this role earned more than $59,200.

Recommended: 50 Highest Paying Jobs in the US

What Is the Average Salary for a Dental Assistant?

How much a dental assistant makes an hour can depend a lot on where they choose to work. While the median hourly pay rate for this work is $21.55 per hour as of 2022, the following chart (which goes from highest to lowest) illustrates how greatly this hourly wage can vary on a state level.

What is the Average Dental Assistant Salary by State for 2023

Dental Assistant Job Considerations for Pay & Benefits

The majority of dental assistants work in a dentist’s office (90%), but some do work in the offices of physicians (2%) or for the government (2%). As of 2022, dental assistants held about 371,000 jobs and work under the supervision of dentists.

There are some safety concerns (primarily contracting infectious diseases) that come with this role, which is why dental assistants wear protective clothing and equipment. Being exposed to X-ray machines also comes with concerns, but again, there are safety procedures in place to help protect dental assistants.

Because many dental assistants work full-time, they can qualify for employer-sponsored benefits like healthcare, retirement plans, and paid time off. However, if they only work part-time, they might not qualify for benefits.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of Dental Assistant Salary

Still on the fence about working as a dental assistant? Here are some of the pros and cons of the role:

Recommended: Is $100,000 a Good Salary?

The Takeaway

The median salary for a dental assistant is $44,820, but as they gain work experience, these medical workers can expect to earn more. Because minimal schooling is required to become a dental assistant, many in this field can avoid taking on too much student loan debt.

FAQ

Can you make 100K a year as a dental assistant?

Most dental assistants don’t earn $100,000 per year. The top 10% of earners in this field can earn around $59,200, but the median annual salary is just $44,820.

Do people like being a dental assistant?

Some people find working as a dental assistant to be an engaging and fulfilling career. Because most of their days are spent on patient care, they must enjoy spending time with people. This won’t be an enjoyable role for someone who is an introvert or who is antisocial.

Is it hard to get hired as a dental assistant?

There are more than 55,000 jobs for dental assistants available each year, according to the Bureau of Labor Statistics. Depending on your location and other factors, it may not be hard to get hired as a dental assistant.

Photo credit: iStock/mladenbalinovac

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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