Mortgage Payment on a $300,000 House — Complete 2026 Breakdown
What is the monthly payment on a $300,000 house? The answer depends on your down payment, interest rate, property taxes, and insurance — but we will give you every number you need. This guide shows the complete monthly payment at every major down payment level and interest rate scenario for a $300,000 home in 2026.
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Mortgage Payment on $300,000 at Different Down Payments
Down payment directly determines your loan amount, PMI, and monthly payment. Here is the full breakdown for a $300,000 home at 6.5% interest, 30-year fixed:
| Down Payment | Loan Amount | P&I | Est. Taxes | Insurance | PMI | Total PITI |
|---|---|---|---|---|---|---|
| 3.5% ($10,500) FHA | $289,500 | $1,831 | $263 | $125 | $202 | $2,421 |
| 5% ($15,000) | $285,000 | $1,803 | $263 | $125 | $190 | $2,381 |
| 10% ($30,000) | $270,000 | $1,708 | $263 | $125 | $158 | $2,254 |
| 15% ($45,000) | $255,000 | $1,612 | $263 | $125 | $106 | $2,106 |
| 20% ($60,000) | $240,000 | $1,517 | $263 | $125 | $0 | $1,905 |
Tax estimate: $300,000 × 1.05% avg rate ÷ 12. Insurance: $1,500/year avg. PMI: ~0.70% of loan annually.
Payment by Interest Rate — $300k Home, 20% Down
Interest rate is the biggest variable affecting P&I. Here is what a $240,000 loan (20% down on $300k) costs at different rates:
- 5.5%: $1,362/month P&I — total interest over 30yr: $250,312
- 6.0%: $1,439/month P&I — total interest: $278,040
- 6.5%: $1,517/month P&I — total interest: $306,120
- 7.0%: $1,597/month P&I — total interest: $334,920
- 7.5%: $1,678/month P&I — total interest: $364,080
- 8.0%: $1,761/month P&I — total interest: $393,960
The difference between 6.0% and 7.5% is $239/month and $86,040 in total interest over 30 years. Use our mortgage calculator to model your exact scenario.
15-Year vs 30-Year on $300,000
Choosing a 15-year mortgage saves enormous interest but requires a higher monthly payment:
| Term | Rate (2026 avg) | Monthly P&I | Total Interest |
|---|---|---|---|
| 30-year fixed | 6.75% | $1,946 | $460,560 |
| 15-year fixed | 5.90% | $2,521 | $213,780 |
| Difference | −0.85% | +$575/month | Save $246,780 |
The 15-year saves $246,780 in interest — but requires $575 more per month. Recommended only if the higher payment leaves you with 15%+ of net income for savings after all housing costs.
Property Tax by State — $300,000 Home
Property taxes on a $300,000 home vary from $870 to $6,690 per year depending on state:
- Lowest: Hawaii 0.29% = $72/month | Alabama 0.41% = $103/month | Colorado 0.51% = $128/month
- Mid-range: Florida 0.98% = $245/month | Arizona 0.66% = $165/month | Georgia 0.92% = $230/month
- Higher: Texas 1.69% = $422/month | Virginia 0.82% = $205/month | Pennsylvania 1.58% = $395/month
- Highest: New Jersey 2.23% = $558/month | Illinois 2.08% = $520/month | Connecticut 2.15% = $538/month
Choosing a low-tax state can reduce your PITI by $300–$500/month compared to a high-tax state on the same $300,000 home.
How Much Income Do You Need for a $300,000 Mortgage?
Using the 28% rule: monthly housing payment ÷ 0.28 = required gross monthly income.
For a $300,000 home with 10% down at 6.5%:
- Total PITI: ~$2,254/month
- Required gross income (28% rule): $2,254 ÷ 0.28 = $8,050/month = $96,600/year
- At lender maximum (43% DTI, no other debt): $2,254 ÷ 0.43 = $5,242/month = $62,900/year minimum
Recommended income for $300k home: $85,000–$100,000/year. Possible (though tight) at $65,000–$80,000 with minimal other debt. Use our home affordability calculator to verify with your specific income.
Pros and Cons
Pros
- ✅ Fixed rate locks in payment for 30 years — no increase ever
- ✅ 20% down eliminates PMI — saves $150–$200/month
- ✅ 15-year mortgage saves over $200,000 in interest on $300k home
- ✅ Building equity from day one — each payment increases net worth
- ✅ Predictable housing cost makes long-term budget planning easier
Watch Out
- ❌ Total PITI can be $400–$700 more than P&I alone
- ❌ Property taxes can increase annually — PITI is not perfectly fixed
- ❌ 20% down on $300k requires $60,000 saved — significant barrier
- ❌ At current rates (6.5%–7%), total interest over 30yr exceeds loan amount
- ❌ Need $85,000–$100,000 income to comfortably afford $300k home
Frequently Asked Questions
At 6.5% on a 30-year fixed with 20% down ($240,000 loan), principal and interest is $1,517/month. Adding average property taxes ($263), homeowner's insurance ($125), and no PMI (20% down), total PITI is approximately $1,905/month. With 10% down, add PMI of ~$158/month for a total of about $2,063/month.
Using the 28% rule, you need approximately $8,050/month gross income ($96,600/year) for a $300,000 home with 10% down at 6.5%. At lender maximum DTI of 43% with no other debt, the minimum is about $62,900/year — but this leaves little financial flexibility. Most financial advisors recommend a household income of $85,000–$100,000 for a $300,000 home.
At 7.0% on a 30-year fixed with 20% down ($240,000 loan): P&I = $1,597/month. Total PITI with average taxes and insurance = approximately $1,985/month. Over 30 years, total interest paid = $334,920 — meaning you pay $94,920 more in interest than at 6.0%. Always calculate total interest, not just monthly payment, when comparing rates.
For conventional financing on a $300,000 home, a minimum 620 credit score qualifies you for most loans, but 740+ gets you the best rates. With a 620 score, your rate might be 7.5%–8.0%; with 760+, you could get 6.5%–6.75%. That difference is approximately $200–$250/month and $70,000–$90,000 in total interest over 30 years.
The US median home price was approximately $420,000 in early 2026, so $300,000 is actually below median. In affordable markets (Midwest, Southeast, rural areas), $300,000 is a very comfortable home budget for household incomes of $85,000+. In high-cost markets (NYC, LA, SF, Seattle), $300,000 is far below what buys even a modest home.
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