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Mortgage Payment on a $300K House — Monthly Cost Calculator

A $300,000 home is one of the most common price points for first-time and mid-range buyers in many U.S. markets. But the monthly payment on a $300K house depends heavily on your down payment, interest rate, loan term, and local property taxes.

With a 20% down payment ($60,000) on a 30-year fixed mortgage at 6.5%, your principal-and-interest payment is approximately $1,520/month. Add property taxes (~$250/month at 1% rate), insurance (~$100/month), and the total PITI comes to about $1,870/month. With less than 20% down, PMI adds another $100-$250/month.

Use the calculator below to adjust the down payment, rate, and term to match your situation. The amortization schedule shows exactly how much of each payment goes to principal vs. interest over the life of the loan.

Loan Details

?The purchase price of the home you're considering buying.
?The amount you plan to pay upfront when purchasing the home.
?The annual interest rate on your mortgage loan.
?The length of your mortgage in years. Common terms are 15 or 30 years.
?The annual property tax rate as a percentage of home value.
?Annual homeowners insurance premium.
?Monthly homeowners association (HOA) fees, if applicable.
End of inputs

Results

Monthly Payment
$1,908.63

Total / month

Loan Amount
$240,000.00

After down payment

Total Interest
$306,108.97

Over 30 years

Monthly Payment Breakdown
Amortization Schedule
Payment Schedule
MonthPrincipalInterestBalance

360 months · Showing 0 rows

Key Insights
Over the life of this loan you'll pay $306,108.97 in interest — more than the principal itself. A shorter loan term or biweekly payments could dramatically reduce this cost.
Making one extra payment per year (about $126.41/month) could save approximately $69,527.33 in interest and pay off your loan 5.8 years earlier.
Your interest rate of 6.50% is in line with recent market averages. Shopping around with at least three lenders could still save you thousands over the life of the loan.
Your down payment of 20% or more means you avoid Private Mortgage Insurance (PMI) entirely — a saving of hundreds of dollars per month.
Your down payment of 20.00% is strong, giving you immediate equity in your home and helping you secure better loan terms.

Frequently Asked Questions

What is the monthly payment on a $300K house with 20% down?

With 20% down ($60,000) on a 30-year fixed at 6.5%, the principal-and-interest payment is $1,520/month. Including property taxes (~1% = $250/month), insurance (~$100/month), and no PMI (20% down eliminates it), the total PITI is approximately $1,870/month. Rates and taxes vary by location, so use the calculator for a precise estimate.

How much income do I need to afford a $300K house?

Using the 28/36 rule, your monthly housing payment (PITI) should not exceed 28% of gross monthly income. With a PITI of ~$1,870, you'd need a gross monthly income of about $6,680, or roughly $80,000/year. With less than 20% down and PMI, the payment rises to ~$2,100, requiring about $90,000/year. Lenders also check that total debt payments stay under 36% of income.

What if I put only 5% down on a $300K house?

With 5% down ($15,000), your loan amount is $285,000. At 6.5% for 30 years, P&I is $1,802/month. PMI adds roughly $140-$280/month (0.5%-1% of the loan). Total PITI with taxes and insurance: approximately $2,250-$2,400/month. You'd also need to budget for closing costs ($6,000-$15,000). PMI drops off once you reach 80% LTV.

How much are closing costs on a $300K house?

Closing costs typically run 2%-5% of the loan amount, so $5,700-$14,250 on a $285,000 loan (with 5% down). This includes lender fees, appraisal, title insurance, recording fees, and prepaid escrow for taxes and insurance. Some sellers offer closing-cost credits as a negotiation concession, and certain down-payment assistance programs can cover a portion.

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