Mortgage Payment on a $300,000 House
With 20% down ($60,000) and a 30-year fixed loan, the principal-and-interest payment on a $300,000 home ranges from about $1,363 at 5.5% to $1,678 at 7.5%. Taxes, insurance and PMI come on top.
Open a $300,000 home in the mortgage calculator
30-year payment by down payment and rate
| Down payment | 5.5% | 6.0% | 6.5% | 7.0% | 7.5% |
|---|---|---|---|---|---|
| 3.5% ($10,500) | $1,644 | $1,736 | $1,830 | $1,926 | $2,024 |
| 5% ($15,000) | $1,618 | $1,709 | $1,801 | $1,896 | $1,993 |
| 10% ($30,000) | $1,533 | $1,619 | $1,707 | $1,796 | $1,888 |
| 20% ($60,000) | $1,363 | $1,439 | $1,517 | $1,597 | $1,678 |
15-year vs 30-year (20% down, $240,000 loan)
| Rate | 30-yr payment | 15-yr payment | 30-yr interest | 15-yr interest |
|---|---|---|---|---|
| 5.5% | $1,363 | $1,961 | $250,570 | $112,980 |
| 6.0% | $1,439 | $2,025 | $278,012 | $124,546 |
| 6.5% | $1,517 | $2,091 | $306,107 | $136,318 |
| 7.0% | $1,597 | $2,157 | $334,821 | $148,294 |
| 7.5% | $1,678 | $2,225 | $364,121 | $160,469 |
The full monthly cost
A lender will add property tax, homeowners insurance and, below 20% down, PMI. Example with 10% down at 6.5% for 30 years:
| Principal & interest | $1,706.58 |
|---|---|
| Property tax at the U.S. effective rate (0.89%) | $222.50 |
| PMI at 0.5% a year (example rate) | $112.50 |
| Subtotal before insurance and HOA | $2,041.58 |
Freddie Mac estimates PMI at about $30–$70 a month per $100,000 borrowed — $81 to $189 a month on this $270,000 loan. Property tax varies by location: the same home would pay about $68 a month at Hawaii’s 0.27% effective rate and $481 at Illinois’s 1.92% (Census ACS 2024).
Income needed for a $300,000 house
Keeping that payment within 28% of gross income — a common lender guideline — takes a household income of roughly $87,496 a year, before counting insurance, HOA dues or other debts. Check your own situation with the affordability calculator.
How a $300,000 home compares
$300,000 is above the median home value in 21 of the 50 states and DC in the Census Bureau’s 2024 data. That is close to the median home value in South Carolina ($299,500), Wisconsin ($294,700), South Dakota ($289,600), Texas ($313,200), Illinois ($280,700).
Other home prices
$150k · $200k · $250k · $350k · $400k · $450k · $500k · $600k · $700k · $800k · $1 million
Sources
- U.S. Census Bureau, American Community Survey 2024 1-year estimates, table B25103 (median real estate taxes paid) and table B25077 (median value, owner-occupied units)
- Freddie Mac, “Breaking down PMI,” My Home by Freddie Mac (accessed September 2026)
- Freddie Mac, Primary Mortgage Market Survey (weekly average rates)