Mortgage on a $300K house in Alabama
$1,860 a month with 20% down — $1,614 principal and interest plus $96 property tax and $150 insurance.
Alabama's typical property tax is 0.38% of the home's value a year (U.S. average 0.9%), which adds $96 a month on a $300K home. The typical home in Alabama is worth $238,614, so $300K is 26% above the typical price.
$300K home in Alabama: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $60,000 | $240,000 | $1,614 | $0 | $246 | $1,860 | $79,700 |
| 10% down | $30,000 | $270,000 | $1,816 | $113 | $246 | $2,175 | $93,200 |
| 5% down | $15,000 | $285,000 | $1,917 | $119 | $246 | $2,282 | $97,800 |
| 3.5% down (FHA) | $10,500 | $294,566 | $1,982 | $133 | $246 | $2,360 | $101,200 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.38% 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.
Where in Alabama does $300K buy a typical home?
In these counties the typical home value is within 15% of $300K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Madison County | $311,524 | 0.4% | $1,864 |
| Limestone County | $319,959 | 0.32% | $1,845 |
| Saint Clair County | $279,967 | 0.32% | $1,844 |
| Elmore County | $272,853 | 0.27% | $1,833 |
| Autauga County | $265,448 | 0.3% | $1,840 |
| Tallapoosa County | $263,539 | 0.3% | $1,840 |
62 of 67 Alabama counties tracked by Zillow have a typical home value at or below $300K. See all Alabama home prices.
Other prices in Alabama
Frequently asked questions
What is the mortgage on a $300K house in Alabama?
About $1,860 a month with 20% down at 7.11%: $1,614 principal and interest, $96 property tax and $150 insurance.
How much do I need to make to buy a $300K house in Alabama?
About $79,700 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $300K house in Alabama?
At Alabama's typical effective rate of 0.38%, about $1,151 a year. Rates vary by county and city — see the county pages.