$300,000 Mortgage Payment

What is the monthly payment on a $300,000 mortgage?

A $300,000 mortgage is now noticeably below the national median home price, which climbed to roughly $404,000-$440,000 through 2026 according to National Association of Realtors data. At 6.9% over 30 years with 20% down, principal and interest come to about $1,581/month.

Biweekly payments can shave years off this loan

Setting up biweekly payments instead of monthly ones is worth considering on a loan this size — paying half your monthly amount every two weeks adds up to one extra full payment a year, which can shave several years off a 30-year term without needing a shorter-term loan. Ask your servicer whether biweekly payments get applied to principal immediately, since that affects how much you actually save.

What tax and insurance actually run here

Tax and insurance on a $300,000 home vary sharply by location — from under $150/month combined in low-tax states to well over $400/month in high-tax ones. Look up your target county's actual rate rather than budgeting off a national figure.

Check state first-time buyer programs before you shop

At $300,000, many state and local first-time buyer programs still have you in range for down payment assistance or below-market rates — worth checking your state housing finance agency before you shop the open market, since those programs often beat standard lender pricing.

Down payment options for a $300,000 home

Here's how different down payment sizes change your loan amount and monthly principal & interest on a $300,000 home, assuming a 6.9% rate on a 30-year term:

Down payment	Loan amount	Monthly P&I
5% ($15,000)	$285K	$1,877/mo + ~$166/mo PMI
10% ($30,000)	$270K	$1,778/mo + ~$158/mo PMI
15% ($45,000)	$255K	$1,679/mo + ~$149/mo PMI
20% ($60,000)	$240K	$1,581/mo

$300,000 home by loan term

Shorter terms typically carry lower rates but higher monthly payments. Here's the tradeoff on a $300,000 home with 20% down ($240K loan):

Term	Monthly P&I	Total interest
30-year at 6.90%	$1,581/mo	$329K
20-year at 6.70%	$1,818/mo	$196K
15-year at 6.25%	$2,058/mo	$130K
10-year at 6.00%	$2,664/mo	$80K

Where $300,000 lands in today's market

$300,000 no longer sits at the middle of the market the way it once did — the national median has moved well above it since 2024. That's good news if you're shopping in this range: often less competition from buyers stretching toward the median, and typically a wider selection of homes than in the median-plus tier.

How much income do you need for a $300,000 home?

Many households buying at $300,000 do so on two incomes rather than one — the $83,813/year the 28% guideline suggests is often split between two earners rather than carried by a single paycheck. Either way, run your specific debts through our DTI Calculator to see your real qualifying picture.

What's a typical down payment on a $300,000 home?

Down payment assistance programs — grants, forgivable second loans, or matched-savings programs — are commonly available up to around this price point for first-time and moderate-income buyers, depending on your state and county. It's worth checking eligibility before assuming you need the full 20% ($60,000) saved yourself.