Mortgage Payment on a $300,000 House
See estimated monthly payments at different interest rates, loan terms, and down payment amounts.
Choose Your Down Payment
Loan amount: $240,000
Monthly Payment Estimates
Principal and interest only. Does not include taxes, insurance, or PMI.
| Interest Rate | 15-Year | 20-Year | 30-Year |
|---|---|---|---|
| 6% | $2,025/mo | $1,719/mo | $1,439/mo |
| 6.5% | $2,091/mo | $1,789/mo | $1,517/mo |
| 7% | $2,157/mo | $1,861/mo | $1,597/mo |
| 7.5% | $2,225/mo | $1,933/mo | $1,678/mo |
Down Payment Comparison at 7% / 30-Year
See how different down payments affect your monthly payment on a $300,000 home.
3% Down
$9,000
$1,936
/month
Loan: $291,000
5% Down
$15,000
$1,896
/month
Loan: $285,000
10% Down
$30,000
$1,796
/month
Loan: $270,000
20% Down
$60,000
$1,597
/month
Loan: $240,000
Can You Afford a $300,000 Home?
A common guideline is keeping your total housing payment at or below 28 percent of your gross monthly income. At 7% with 20% down, the principal and interest payment on a $300,000 home would be roughly $1,597 per month. Adding taxes and insurance, you would likely need a household income of at least $92,382 per year.
These are rough estimates. Your actual qualification depends on your full financial picture, including debts, credit score, and the specific loan program. A personalized consultation can give you a clear picture of what you can comfortably afford.
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