Mortgage Payment on $300K Home — What You'll Actually Pay
Calculate monthly mortgage payment on a $300000 home at current US interest rates. Includes principal interest property tax insurance and PMI estimates.
A $300000 home is close to the US median home price and represents the most common mortgage amount Americans take on. At 6.5% interest with 20% down ($60000) your monthly payment on the $240000 loan would be approximately $1517 for principal and interest alone. Adding property tax insurance and potentially PMI brings the true monthly cost to $1900-$2200 depending on your location and down payment.
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Key Information
| Parameter | Details |
|---|---|
| Monthly P&I (20% down at 6.5%) | $1,517 |
| Monthly P&I (10% down at 6.5%) | $1,896 |
| Estimated Property Tax | $250-$400/month (varies by state) |
| Estimated Homeowners Insurance | $100-$200/month |
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Use Calculator NowFrequently Asked Questions
How much income do I need for a $300K mortgage?
Following the 28% rule your gross monthly income should be at least $6800-$7800 to comfortably afford a $300K home. This translates to an annual household income of approximately $82000-$94000. Lenders also look at your total debt-to-income ratio which should stay below 36-43% including all debts.
How much is the down payment on a $300K house?
A 20% down payment would be $60000 avoiding PMI entirely. A 10% down is $30000 with PMI of $100-$200/month. FHA loans allow as low as 3.5% down ($10500) but with higher mortgage insurance costs. VA loans for veterans require zero down payment making them the best option if you qualify.
30-year vs 15-year mortgage on $300K?
On a $240K loan at 6.5% the 30-year monthly payment is $1517 with total interest of $306120. The 15-year at 5.8% has a payment of $2008 but total interest of only $121440. You save $184680 with the 15-year but need $491 more per month. Choose 15-year only if the higher payment fits your budget comfortably.
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Last updated: 24 March 2026