Mortgage payment on a $300K house
$1,990 a month with 20% down at 7.11% — including property tax and insurance. You'd need an income of about $85,300.
On a $300,000 home with $60,000 (20%) down, you borrow $240,000. At 7.11% (30-year fixed, Freddie Mac average for the week of Nov 12, 2026), principal and interest come to $1,614 a month. Adding property tax at the U.S. average of 0.9% ($225) and insurance ($150) gives $1,990. Over 30 years you would pay $341,218 in interest.
Payment by down payment
Putting less than 20% down means a bigger loan and mortgage insurance, so the monthly payment rises:
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $60,000 | $240,000 | $1,614 | $0 | $375 | $1,990 | $85,300 |
| 10% down | $30,000 | $270,000 | $1,816 | $113 | $375 | $2,304 | $98,700 |
| 5% down | $15,000 | $285,000 | $1,917 | $119 | $375 | $2,411 | $103,300 |
| 3.5% down (FHA) | $10,500 | $294,566 | $1,982 | $133 | $375 | $2,490 | $106,700 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.9% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Payment at different interest rates
| Rate | Principal + interest | Total / month | Total interest |
|---|---|---|---|
| 5.61% | $1,379 | $1,755 | $256,549 |
| 6.11% | $1,456 | $1,831 | $284,138 |
| 6.61% | $1,534 | $1,910 | $312,372 |
| 7.11% | $1,614 | $1,990 | $341,218 |
| 7.61% | $1,696 | $2,072 | $370,642 |
| 8.11% | $1,779 | $2,155 | $400,610 |
15 vs 20 vs 30-year mortgage
| Term | Principal + interest | Total / month | Total interest |
|---|---|---|---|
| 30 years at 7.11% | $1,614 | $1,990 | $341,218 |
| 20 years at 7.11% | $1,877 | $2,252 | $210,383 |
| 15 years at 6.45% | $2,084 | $2,459 | $135,132 |
A shorter loan costs more each month but saves a lot of interest — and 15-year loans carry a lower rate (6.45% this week).
Mortgage on a $300K house in each state
Property tax changes the payment a lot from state to state (20% down):
| State | Tax rate | Tax / month | Total / month | Income needed |
|---|---|---|---|---|
| Alabama | 0.38% | $96 | $1,860 | $79,700 |
| Alaska | 1.06% | $264 | $2,029 | $86,900 |
| Arizona | 0.44% | $111 | $1,875 | $80,400 |
| Arkansas | 0.5% | $125 | $1,889 | $81,000 |
| California | 0.72% | $180 | $1,944 | $83,300 |
| Colorado | 0.52% | $130 | $1,894 | $81,200 |
| Connecticut | 1.59% | $397 | $2,161 | $92,600 |
| Delaware | 0.49% | $122 | $1,886 | $80,800 |
| District of Columbia | 0.67% | $168 | $1,932 | $82,800 |
| Florida | 0.8% | $200 | $1,965 | $84,200 |
| Georgia | 0.77% | $193 | $1,958 | $83,900 |
| Hawaii | 0.26% | $66 | $1,831 | $78,500 |
| Idaho | 0.42% | $105 | $1,870 | $80,100 |
| Illinois | 1.92% | $480 | $2,245 | $96,200 |
| Indiana | 0.74% | $185 | $1,949 | $83,500 |
| Iowa | 1.27% | $318 | $2,082 | $89,200 |
| Kansas | 1.24% | $311 | $2,076 | $89,000 |
| Kentucky | 0.72% | $179 | $1,944 | $83,300 |
| Louisiana | 0.55% | $137 | $1,901 | $81,500 |
| Maine | 0.92% | $230 | $1,994 | $85,500 |
| Maryland | 0.98% | $245 | $2,009 | $86,100 |
| Massachusetts | 1.01% | $253 | $2,018 | $86,500 |
| Michigan | 1.17% | $293 | $2,058 | $88,200 |
| Minnesota | 1.04% | $260 | $2,025 | $86,800 |
| Mississippi | 0.65% | $162 | $1,926 | $82,600 |
| Missouri | 0.79% | $198 | $1,962 | $84,100 |
| Montana | 0.69% | $172 | $1,937 | $83,000 |
| Nebraska | 1.31% | $328 | $2,093 | $89,700 |
| Nevada | 0.47% | $118 | $1,883 | $80,700 |
| New Hampshire | 1.43% | $358 | $2,123 | $91,000 |
| New Jersey | 1.82% | $454 | $2,219 | $95,100 |
| New Mexico | 0.63% | $158 | $1,923 | $82,400 |
| New York | 1.42% | $356 | $2,121 | $90,900 |
| North Carolina | 0.64% | $159 | $1,923 | $82,400 |
| North Dakota | 0.92% | $231 | $1,995 | $85,500 |
| Ohio | 1.22% | $306 | $2,070 | $88,700 |
| Oklahoma | 0.76% | $190 | $1,955 | $83,800 |
| Oregon | 0.79% | $197 | $1,962 | $84,100 |
| Pennsylvania | 1.12% | $281 | $2,046 | $87,700 |
| Rhode Island | 1.02% | $256 | $2,020 | $86,600 |
| South Carolina | 0.45% | $112 | $1,876 | $80,400 |
| South Dakota | 1.04% | $259 | $2,023 | $86,700 |
| Tennessee | 0.46% | $114 | $1,879 | $80,500 |
| Texas | 1.32% | $330 | $2,095 | $89,800 |
| Utah | 0.5% | $126 | $1,890 | $81,000 |
| Vermont | 1.51% | $376 | $2,141 | $91,800 |
| Virginia | 0.71% | $178 | $1,942 | $83,200 |
| Washington | 0.81% | $203 | $1,967 | $84,300 |
| West Virginia | 0.51% | $128 | $1,893 | $81,100 |
| Wisconsin | 1.2% | $301 | $2,065 | $88,500 |
| Wyoming | 0.56% | $139 | $1,904 | $81,600 |
Other home prices
Frequently asked questions
What is the monthly payment on a $300K house?
With 20% down and a 30-year fixed rate of 7.11%, the payment on a $300,000 house is about $1,614 for principal and interest, or $1,990 including average property tax and insurance.
How much income do I need for a $300K house?
Lenders generally want housing costs under 28% of gross income. A $1,990 monthly payment needs about $85,300 a year, assuming no other large debts.
How much do I need to put down on a $300K house?
20% is $60,000 and avoids PMI. Conventional loans allow as little as 3–5% ($9,000–$15,000) and FHA loans 3.5% ($10,500), but the monthly payment is higher.