Mortgage Calculator for a $300,000 Home
Estimate your monthly mortgage payment and total cost for a $300,000 home. See how down payment size and loan term affect what you pay.
The $300,000 price point sits close to the national median and represents the most common purchase bracket for American homebuyers. Suburban neighborhoods in growing metro areas like Raleigh, Columbus, and San Antonio frequently list homes in this range. A 20% down payment of $60,000 keeps your loan at $240,000 and eliminates the need for private mortgage insurance.
$
$
years
%
Monthly Payment
$1,516.96
Total Interest
$306,107
Total Cost
$546,107
Payment Breakdown
Principal: $240,000Interest: $306,107
Key Considerations
- A $240,000 loan at 6.5% over 30 years produces a monthly P&I payment of about $1,517 -- you would need a gross monthly income of at least $5,418 to stay under the 28% housing ratio.
- Putting 10% down ($30,000) instead of 20% increases your loan to $270,000 and adds roughly $113-$169 per month in PMI, raising your effective housing cost to around $1,820.
- Refinancing from a 6.5% to a 5.5% rate on a $240,000 balance would save approximately $160 per month and about $57,600 over the remaining life of a 30-year loan.
- Property taxes vary widely at this price: expect around $2,500 per year in states like Alabama but upwards of $6,000 in Texas or New Jersey.
- If you split the $60,000 down payment between savings and a gift from family, confirm with your lender that you have a proper gift letter to avoid underwriting delays.
See also: