$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.

How your rate and term change the payment

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.

Don't forget taxes and insurance

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.

Shopping for the best rate

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

Who typically buys at this price point

$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.