A $300,000 home is close to the national median price in many Midwest and Southern markets. Here's exactly what you'll pay each month — and what income you need to make it work.
Quick answer
With 20% down ($60,000), a 30-year fixed loan at 6.5%, and average property taxes and insurance, expect a total monthly payment of roughly $1,900–$2,100 depending on your state.
The principal and interest payment alone is $1,517/month. Everything else — taxes, insurance, PMI if applicable — stacks on top.
Principal & Interest: $1,517/mo · Taxes (avg): ~$275/mo · Insurance: ~$125/mo · Total: ~$1,917/mo
Payment breakdown: every down payment and term scenario
Your monthly payment swings by hundreds of dollars depending on how much you put down and whether you choose a 15- or 30-year loan. Here's the full picture — P&I only, add taxes and insurance on top.
P&I only. Add property taxes, homeowners insurance, and PMI (if under 20% down) to get your full monthly payment.
A 15-year loan costs about $500/month more but saves roughly $100,000 in interest over the life of the loan. If the higher payment fits your budget, it's one of the best returns available.
Try the calculator — adjust for your situation
Change the down payment, rate, term, or your state below to see your real number.
Try it — adjust for your situation
How much income do you need?
Lenders use the 28% front-end DTI rule: your total housing payment shouldn't exceed 28% of your gross monthly income. Here's what that means for a $300,000 home:
Estimates include national average property taxes (~1.1%) and homeowners insurance (~0.5%). PMI added for <20% down.
These are gross income numbers — before taxes. Two people each earning $45,000 together hit the $90,000 mark, which makes a $300,000 home achievable for many dual-income households.
Not sure what you can afford? Use the affordability calculator to work backward from your income →
How your state changes the payment
Property taxes are set locally and vary enormously. On the same $300,000 home, here's what property taxes add to your monthly payment in four major states:
Total payment includes P&I at 6.5% 30yr with 20% down + state property taxes + $125/mo homeowners insurance.
Texas buyers pay about $262 more per month in taxes than California buyers on the same $300,000 home — a difference of over $3,100 per year. That's why it's worth looking at your state's tax rate before falling in love with a price range.
Texas mortgage calculator → · California → · Florida → · New York →
PMI: the hidden cost under 20% down
If you put less than 20% down on a conventional loan, you'll pay Private Mortgage Insurance. On a $300,000 home with 10% down, PMI typically adds $130–$180/month until you reach 20% equity. That's an extra $1,560–$2,160 per year.
The math often favors waiting to save 20% — but not always. In a rising market, getting in earlier can outweigh the PMI cost. FHA loans → are another option at 3.5% down with different insurance rules.
Bottom line
- At 20% down and 6.5%, P&I on a $300k home is $1,517/month
- Total payment including taxes and insurance: roughly $1,900–$2,100 depending on your state
- You need a gross income of around $82,000–$94,000 to qualify comfortably
- Property taxes vary by up to $380/month between the lowest and highest-rate states
- A 15-year loan saves ~$100,000 in interest but raises the monthly payment by ~$500
More resources
- MorgCalc mortgage payment calculator →
- Mortgage Payment on a $250,000 House →
- Mortgage Payment on a $400,000 House →
- How Much House Can I Afford? →
- First-Time Homebuyer Guide →
- When to Refinance Your Mortgage →
Wondering how much of your salary you actually take home before budgeting for a mortgage? Use the W-4 withholding calculator to see your real after-tax income.
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