What is the monthly payment on a $300,000 mortgage?

At 6.5% on a 30-year fixed mortgage, the principal and interest payment on a $300K loan is $1,896/month. Including property tax and insurance, expect $2,400-$2,750/month total.

What salary do I need for a $300K mortgage?

For a $300K mortgage, you generally need a gross household income of $100,000-$120,000 per year using the 28% front-end DTI ratio, depending on property taxes and insurance in your area.

$300K Mortgage Monthly Payment: What to Expect in 2026

A $300,000 mortgage is close to the national average loan amount. Here’s exactly what you’ll pay, how much goes to interest, and strategies to save.

Monthly Payment by Interest Rate

Interest Rate	30-Year Fixed	20-Year Fixed	15-Year Fixed
5.0%	$1,610	$1,980	$2,372
5.5%	$1,703	$2,064	$2,451
6.0%	$1,799	$2,149	$2,532
6.5%	$1,896	$2,237	$2,613
7.0%	$1,996	$2,326	$2,696
7.5%	$2,098	$2,417	$2,781
8.0%	$2,201	$2,509	$2,868

Principal and interest only.

True Monthly Cost (PITI)

Component	Low-Tax State	Average State	High-Tax State
Principal & interest (6.5%)	$1,896	$1,896	$1,896
Property tax	$200	$340	$600
Homeowner’s insurance	$125	$175	$250
PMI (if < 20% down)	$120	$120	$120
Total PITI	$2,341	$2,531	$2,866

Income Required for a $300K Mortgage

Scenario	Monthly PITI	Income Needed (28%)	Income Needed (33%)
Low-cost area	$2,341	$100,329	$85,127
Average area	$2,531	$108,471	$92,036
High-cost area	$2,866	$122,829	$104,218

Total Interest Paid Over the Life of the Loan

Loan Term	Monthly Payment	Total Interest	Total Cost	Interest as % of Loan
30-year (6.5%)	$1,896	$382,632	$682,632	128%
20-year (6.25%)	$2,204	$228,960	$528,960	76%
15-year (6.0%)	$2,532	$155,760	$455,760	52%

15-year vs. 30-year saves $226,872 in interest — at $636/month more.

Amortization Snapshot (30-Year at 6.5%)

Year	Principal Paid (that year)	Interest Paid (that year)	Remaining Balance
1	$3,346	$19,406	$296,654
5	$4,032	$18,720	$284,257
10	$5,196	$17,556	$264,683
15	$6,696	$16,056	$237,075
20	$8,628	$14,124	$198,245
25	$11,118	$11,634	$143,481
30	$22,189	$563	$0

You won’t pay more in principal than interest each month until year 22 of your 30-year mortgage.

Extra Payment Strategies

Extra Payment	New Payoff	Years Saved	Interest Saved
$0 extra	30 years	0	$0
$100/month	25.5 years	4.5 years	$73,200
$200/month	22.5 years	7.5 years	$120,500
$300/month	20 years	10 years	$159,600
$500/month	17 years	13 years	$213,200
Biweekly payments	25 years	5 years	$80,400

Refinancing Scenarios

If you have a $300K mortgage at 7% and rates drop:

Refinance Rate	New Payment	Monthly Savings	Break-Even (w/ $5K closing)
6.5%	$1,896	$100	50 months
6.0%	$1,799	$197	25 months
5.5%	$1,703	$293	17 months
5.0%	$1,610	$386	13 months

General rule: Refinance if you can drop your rate by 0.75%+ and plan to stay 3+ years.

$300K Mortgage: What Home Can You Buy?

Down Payment	Home Price	Down Payment $	Loan = $300K
3%	$309,278	$9,278	✅
5%	$315,789	$15,789	✅
10%	$333,333	$33,333	✅
20%	$375,000	$75,000	✅ (no PMI)

Key Takeaways

$300K mortgage at 6.5% = $1,896/month P&I, or $2,400-$2,870 fully loaded
You need $100K-$123K household income to qualify comfortably
Total interest over 30 years is $382,632 — more than the original loan amount
A 15-year term saves $226,872 but costs $636/month more
$300/month extra pays off your mortgage 10 years early and saves $159,600
Try our mortgage payment calculator to model your scenario

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