Mortgage Payment on a $300,000 House
A $300,000 house is right at the U.S. median, making it the most common home price searched. Here's exactly what the monthly payment looks like under realistic rate and down payment scenarios.
Quick answer
The monthly payment on a $300,000 house typically runs $2,000–$2,400, including principal, interest, taxes, and insurance. The exact number depends on your down payment, rate, and local property tax rate.
Monthly payment by down payment (6.5% rate, 30-year)
- 0% down (VA): $1,896 P&I + $400 tax/ins = ~$2,296/month
- 3% down: $1,839 P&I + $190 PMI + $400 tax/ins = ~$2,429/month
- 5% down: $1,801 P&I + $185 PMI + $400 tax/ins = ~$2,386/month
- 10% down: $1,706 P&I + $175 PMI + $400 tax/ins = ~$2,281/month
- 20% down: $1,517 P&I + $0 PMI + $400 tax/ins = ~$1,917/month
Property taxes range from 0.3% (Hawaii) to 2.5% (New Jersey) of home value annually. Insurance is typically $100–$200/month.
How interest rate changes the payment
Same $300K home, 20% down ($60K loan amount $240,000), 30-year term:
- 5.0% rate: $1,288 P&I
- 6.0% rate: $1,439 P&I
- 6.5% rate: $1,517 P&I
- 7.0% rate: $1,596 P&I
- 7.5% rate: $1,678 P&I
- 8.0% rate: $1,761 P&I
A 1-point rate increase adds roughly $150–$160/month to a $240K loan. Over 30 years that's about $55,000 in extra interest.
Income needed to afford a $300K house
Using the 28% rule, you need monthly gross income about 3.5× your total housing payment. At $2,300/month total payment:
- Comfortable: $75,000–$85,000 salary
- Stretched but doable: $65,000–$74,000 salary
- Tight (avoid): under $60,000 salary
Total interest paid on a $300K house
At 6.5% over 30 years with 20% down ($240K loan):
- Total interest paid: about $306,000
- Total paid back over loan: about $546,000
- Monthly P&I: $1,517
Yes — you'll pay back more than double the loan amount over 30 years. The fastest ways to cut this: bigger down payment, shorter term (15-year cuts total interest by ~60%), or biweekly payments.
15-year vs 30-year on a $300K house
- 30-year at 6.5% (20% down): $1,517/month, $306K total interest
- 15-year at 5.75% (20% down): $1,994/month, $119K total interest
Paying $477 more per month saves you $187,000 in interest. Run the comparison against investing that $477/month at 7% — both choices can be defensible.
Use the calculator
See your exact $300K payment
Customize the rate, down payment, and term for your real situation.
Open Mortgage CalculatorRelated Calculators & Guides
Hand-picked next steps that build on what you just learned.
- Mortgage CalculatorEstimate a full monthly payment including taxes and insurance before you commit to a purchase price.Explore
- Down Payment CalculatorSize the deposit you need for a target price and check whether you can avoid mortgage insurance.Explore
- Home Affordability CalculatorTurn your income, debts and deposit into a realistic maximum purchase price lenders would approve.Explore
- Mortgage Amortization CalculatorSee the month-by-month principal and interest split and how slowly early payments reduce the balance.Explore
- Mortgage Types ExplainedConventional, FHA, VA, USDA, jumbo and ARMs compared on eligibility, deposit and insurance rules.Explore
- How Much Down Payment Do You Need?Cornerstone guide comparing 3%, 5%, 10% and 20% deposits and when each one makes sense.Explore
Frequently Asked Questions
What is the monthly payment on a 300k house with 10% down?
At 6.5% over 30 years, about $1,706 P&I plus PMI and tax/insurance — roughly $2,280/month total.
What income do I need for a $300K house?
Most lenders want gross income of $75,000–$85,000 for comfortable affordability. You can qualify with less but your DTI will be tight.
How much is a $300K mortgage with no down payment?
On a VA loan at 6.5%, roughly $1,896 P&I plus $400 in tax/insurance — about $2,296/month total.
How much interest will I pay on a $300K house?
About $306,000 in interest over 30 years at 6.5% with 20% down. Switching to a 15-year loan cuts that to about $119,000.
How much should I make to afford a $300,000 house?
$75K–$85K is the comfortable range. Below $60K typically stretches your DTI past safe limits.