Mortgage Calculator
Mortgage Payment on a $300,000 House
This is one of the most common first-time buyer price points. The calculator is preset to $300,000. At 7% with 20% down, principal and interest is about $1,597 — the figure we use in community examples.
Quick Answer: A $300,000 home with 20% down at 6.5% 30-year is about $1,517/month P&I, or about $1,904 with example taxes and insurance. At 7%, P&I is about $1,597.
$300,000 home payment
What this result means
The 7% default matches what many buyers were quoted in recent years. Switch it to your lender lock.
Taxes can swing this number by hundreds of dollars between counties. Set the tax rate from an assessor estimate, not a national average, before you write an offer.
Worked example
Worked example: $300,000 price, 20% down, $240,000 loan, 7% 30-year. P&I ≈ $1,597. Before taxes, insurance, and HOA. That is the example we share in homebuyer groups. Add 1.2% tax ($300) and 0.35% insurance ($88) and the educational total is about $1,985.
Principal & interest at 6%–7.5% (20% down)
$300,000 price, $60,000 down — loan $240,000, 30-year fixed. Add tax, insurance, and PMI separately.
| Rate | P&I / month |
|---|---|
| 6.0% | ~$1,439 |
| 6.5% | ~$1,517 |
| 7.0% | ~$1,597 |
| 7.5% | ~$1,678 |
Down payment scenarios at 7%
- 20% down ($60,000): loan $240,000 → P&I ~$1,597, no conventional PMI.
- 10% down ($30,000): loan $270,000 → P&I ~$1,796 plus PMI in the widget.
- 5% down ($15,000): loan $285,000 → P&I ~$1,896 plus PMI.
Taxes and insurance by state (planning ranges)
Property tax often runs 0.5%–2.5% of value per year depending on county; insurance can add another 0.3%–1%+ in wind or wildfire zones. Our property tax guide explains how assessors bill; use the tax rate field in the calculator for your county estimate.