What Is the Monthly Mortgage Payment on a $300K House?

The monthly mortgage payment on a $300,000 house with 20% down ($60,000) at a 6.5% interest rate on a 30-year fixed mortgage is $1,516 for principal and interest. Add property tax, homeowners insurance, and you are looking at approximately $1,891 per month total. If your down payment is less than 20%, add $100 to $200 per month for Private Mortgage Insurance.

Here is the complete breakdown at every major down payment level on a $300,000 home at 6.5% for 30 years. At 20% down ($60,000): loan $240,000, P&I $1,516, property tax $250, insurance $125, PMI $0, total $1,891 per month. At 10% down ($30,000): loan $270,000, P&I $1,706, tax $250, insurance $125, PMI $163, total $2,244. At 5% down ($15,000): loan $285,000, P&I $1,801, tax $250, insurance $125, PMI $178, total $2,354. At 3% down ($9,000): loan $291,000, P&I $1,839, tax $250, insurance $125, PMI $185, total $2,399.

The difference between 20% down and 3% down is $508 per month — $6,096 per year. Over 5 years, putting 20% down saves $30,480 compared to 3% down. Over the life of the 30-year loan, the savings exceed $100,000 when you factor in the larger loan amount and years of PMI. But those savings come at the cost of needing $51,000 more upfront ($60,000 versus $9,000). Use the [mortgage calculator](/calculators/mortgage) to run these numbers with your specific rate and down payment.

The total cost of a $300,000 home over 30 years is eye-opening. At 20% down and 6.5%, you pay $1,516 per month for 360 months — $545,760 in P&I alone. Add $240,000 in original principal repayment and you paid $305,760 in pure interest. That is more than the original home price in interest alone. This is why many advisors recommend extra payments or a 15-year mortgage when possible. A 15-year mortgage at 6% (rates are typically 0.5% lower for 15-year terms) on a $240,000 loan is $2,024 per month — $508 more than the 30-year — but you pay only $124,320 in total interest, saving $181,440.

What income do you need for a $300,000 home? Using the 28% front-end ratio: $1,891 total monthly housing cost divided by 0.28 equals $6,754 required gross monthly income, or approximately $81,000 per year. If you have other debt payments, the 36% back-end ratio becomes the binding constraint. With $500 in monthly debt, you need ($1,891 + $500) / 0.36 = $6,642 gross monthly, or $79,700 per year. For a $300K home, a household income of $80,000 to $85,000 provides comfortable affordability with room for savings and emergencies. Use the [affordability calculator](/calculators/can-i-afford) to check whether your income supports this purchase.

How the interest rate changes everything: at 5.5% instead of 6.5%, your P&I on a $240,000 loan drops from $1,516 to $1,362 — saving $154 per month or $55,440 over 30 years. At 7.5%, it jumps to $1,678, costing an extra $58,320. Every half-percent change in your rate translates to approximately $80 per month on a $240,000 loan. This is why credit score improvement before applying — going from 680 to 740 can drop your rate 0.5 to 1.0 percentage points — is one of the highest-return financial moves you can make. For more on how down payment size affects your monthly payment and PMI, read our guide on [down payments in 2026](/blog/how-much-down-payment-house-2026).

Use the [mortgage calculator](/calculators/mortgage) to enter any home price, down payment, and interest rate to see your exact monthly payment breakdown including taxes and insurance.

Frequently Asked Questions:

What is the total interest paid on a $300K house? With 20% down at 6.5% for 30 years: approximately $305,760 in total interest. With a 15-year mortgage at 6%: approximately $124,320 — saving $181,440.

Can I afford a $300K house on $70K salary? It is tight. Your total housing cost of approximately $1,891 would be 32.4% of gross income — above the recommended 28%. With no other debt it may work, but you would have limited financial flexibility.

How much do I need to save for a $300K house? At minimum: $9,000 (3% FHA down) plus $9,000 closing costs plus $5,000 emergency buffer equals $23,000. Ideally: $60,000 (20% down) plus $12,000 closing costs equals $72,000 to avoid PMI.

Is a $300K house expensive? It depends on location. $300K is below the national median home price of approximately $410,000 in 2026. In many markets (Midwest, South, smaller cities) $300K buys a comfortable family home. In coastal metros it buys a small condo.

How much does PMI cost on a $300K house? PMI on a $270,000 loan (10% down) typically costs $135 to $200 per month depending on your credit score. It drops off automatically when you reach 22% equity.