$300,000 Mortgage Calculator — Monthly Payment & Amortization
Run the numbers on a $300,000 home loan. With 20% down at 6.5%, your monthly P&I is ~$1,517. Compare loan terms, see total interest costs, and view the full amortization schedule.
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.
Monthly Payment
$1,516.96
Total Interest
$306,107
Total Cost
$546,107
Payment Breakdown
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.
Quick Numbers
| Loan Amount (20% down) | $240,000 |
| Monthly P&I | $1,517 |
| Total Interest (30 yr) | $306,107 |
| Total Cost (down + payments) | $606,107 |
| Required Income (28% rule) | $65,013/yr |
How This Compares
The $300,000 tier sits between the $200,000 and $400,000 brackets: you pay $506 more per month than the $200K tier but $506 less than the $400K tier. Total interest over 30 years is $306,107, which is $102,036 more than a $200K loan but $102,035 less than a $400K loan. This price point aligns closely with the national median and represents the most common purchase range for American buyers.
Frequently Asked Questions
- Is $300,000 still considered a median-price home in 2024?
- Yes. The national median existing-home sale price has hovered near $400,000 recently, but $300,000 remains the practical median for many suburban and secondary metro markets. Cities like Raleigh, Columbus, San Antonio, and Phoenix suburbs frequently list three-bedroom homes in the $280,000 to $320,000 range. In high-cost coastal markets, $300,000 typically buys a condo or requires a longer commute.
- How much should I budget for property taxes on a $300,000 home?
- Annual property taxes on a $300,000 home range from about $1,800 in Alabama (0.6% effective rate) to $6,000 or more in Texas, New Jersey, or Illinois (2%+ effective rates). At a typical 1.2% effective rate, expect roughly $3,600 per year or $300 per month added to your housing cost. Always verify the current tax bill on a specific property before making an offer.
- What down payment strategy makes sense at $300,000?
- Putting 20% down ($60,000) eliminates PMI and gives you the lowest long-term cost on a conventional loan. A 10% down payment ($30,000) gets you in sooner but adds roughly $113 to $169 per month in PMI until you reach 20% equity. FHA at 3.5% down ($10,500) works for lower credit scores but carries lifetime mortgage insurance on most loans.
- Can a single income support a $300,000 mortgage?
- At 6.5% with 20% down, the $1,517 monthly P&I requires a gross income of at least $65,013 under the 28% housing rule. Adding estimated taxes and insurance of $500 to $700 per month pushes the all-in housing cost above $2,000, suggesting an income closer to $85,000 for comfortable affordability. Dual-income households near the U.S. median of $75,000 can often qualify with manageable debt ratios.
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