Updated November 2026
Quick answer: on a $300,000 house with 20% down ($60,000) and a 30-year fixed mortgage at 6.5%, the principal and interest payment is about $1,517 a month. With property tax and home insurance, expect roughly $1,942 a month.
Your exact payment depends on your interest rate, loan term, down payment, property taxes and insurance. The tables below show how each one changes what you'll pay, so you can see the full range before you talk to a lender.
Monthly payment on a $300,000 house by interest rate
These figures assume a 20% down payment, so you'd borrow $240,000. They show principal and interest only.
| Interest rate | 30-year loan | 15-year loan |
|---|---|---|
| 5.5% | $1,363 | $1,961 |
| 6.0% | $1,439 | $2,025 |
| 6.5% | $1,517 | $2,091 |
| 7.0% | $1,597 | $2,157 |
| 7.5% | $1,678 | $2,225 |
A 15-year loan costs more each month but saves a huge amount of interest. At 6.5%, the 30-year loan costs about $306,107 in total interest, compared with about $136,318 on a 15-year loan.
How your down payment changes the payment
At 6.5% over 30 years. Putting down less than 20% usually adds private mortgage insurance (PMI), estimated here at 0.5% of the loan a year.
| Down payment | Amount | Loan | Principal & interest | PMI per month |
|---|---|---|---|---|
| 3.5% (FHA) | $10,500 | $289,500 | $1,830 | $121 |
| 5% | $15,000 | $285,000 | $1,801 | $119 |
| 10% | $30,000 | $270,000 | $1,707 | $112 |
| 20% | $60,000 | $240,000 | $1,517 | $0 |
Your full monthly housing cost
Lenders look at your total payment, often called PITI: principal, interest, taxes and insurance. Here's a typical breakdown with 20% down at 6.5%:
- Principal and interest: $1,517
- Property tax (at 1.1% a year): about $275
- Home insurance: about $150
- Total: about $1,942 a month
Property tax rates vary a lot by state and county, from well under 1% to over 2% of the home's value a year. HOA fees, if any, are extra.
What income do you need for a $300,000 house?
Using the common 28% rule, where your housing payment stays under 28% of your gross monthly income, a $1,942 payment needs a household income of roughly $83,000 a year, assuming you don't have large other debts. See your own numbers with the home affordability calculator.
Calculate your exact mortgage payment →
How to lower your payment
- Improve your credit score before applying. A better score usually means a lower rate.
- Put more down. Reaching 20% removes PMI.
- Compare lenders. Even 0.25% lower saves thousands over the loan.
- Look at property taxes in different areas before you choose where to buy.
Already own a home with a higher rate? Check whether it's worth switching with the refinance calculator.
Frequently asked questions
How much is the monthly payment on a $300,000 house?
With 20% down and a 30-year mortgage at 6.5%, principal and interest is about $1,517 a month. Adding property tax and insurance brings it to roughly $1,942.
How much do I need to put down on a $300,000 house?
20% is $60,000 and avoids PMI. Many loans allow much less: 3% down is $9,000 and FHA's 3.5% is $10,500.
What salary do I need to buy a $300,000 house?
Roughly $83,000 a year under the 28% rule, with 20% down at 6.5% and few other debts. Higher rates, a smaller down payment or other debts raise the income you need.
Is a 15-year or 30-year mortgage better?
A 15-year loan has higher payments but saves a lot of interest and builds equity faster. A 30-year loan keeps payments lower and gives you more flexibility. Choose based on your budget and goals.