$300,000 Mortgage Calculator — Monthly Payment & Total Interest
Buying a $300,000 home? This calculator shows your exact monthly payment, total interest over 30 years, and true PITI cost including taxes and insurance.
Mortgage Calculator
How It Works
A $300,000 home with 20% down ($60k) gives you a $240,000 loan. At 6.75% APR for 30 years, your principal + interest is about $1,556/month.
Adding typical property taxes ($300/mo), homeowners insurance ($100/mo), and no HOA brings your total PITI to roughly $1,956/month.
Over 30 years you'll pay approximately $320,000 in interest — more than the loan itself. A 15-year term cuts interest by ~60% but nearly doubles your monthly payment.
Most lenders want your housing cost under 28% of gross income, so a $300k mortgage typically requires $85k–95k annual income depending on debts and credit.
Frequently Asked Questions
What income do I need for a $300,000 house?
With 20% down and a strong credit score, plan on $85k–95k annual income. With FHA's 3.5% down program you can buy with less upfront but your monthly payment rises due to PMI, pushing income need to ~$95k–110k.
How much is the monthly payment on a $300k mortgage?
At 6.75% APR for 30 years, principal + interest alone is ~$1,945/month on a $300k loan (0% down). With 20% down, PITI typically lands around $1,900–2,100/month including taxes and insurance.
How much interest is paid on a $300k mortgage?
At 6.75% for 30 years with 20% down ($240k loan), total interest is approximately $360,000. Every $1,000 in extra monthly payment toward principal can save tens of thousands in interest.
Is 20% down required for a $300,000 home?
No. Conventional loans accept 3–5% down ($9k–15k), FHA requires 3.5% ($10.5k), and VA loans offer 0% down for eligible veterans — though less down means higher monthly costs via PMI.