$300,000 Mortgage Calculator — Monthly Payment & Amortization

Key Considerations

• A $240,000 loan at 7.40% over 30 years -- the Freddie Mac PMMS average for the week of Oct. 15, 2026 -- yields about $1,662 in monthly P&I. Gross income of at least $71,200 per year keeps that payment near the 28% housing benchmark.
• With 10% down ($30,000), the loan becomes $270,000 (about $1,869 per month at 7.40%) and PMI often adds $110 to $160 per month until you have 20% equity.
• If rates fall back toward the year-ago PMMS level of 6.27%, refinancing a $240,000 balance from 7.40% to 6.27% would cut P&I by about $181 per month and trim total interest by tens of thousands over a fresh 30-year term -- weigh closing costs before you apply.
• Property taxes on a $300,000 home might run $1,800 per year in low-tax Alabama or above $6,000 in parts of Texas, New Jersey, or Illinois; at a 1.2% effective rate, budget about $300 per month.
• Gift funds for part of the $60,000 down payment are allowed on most conventional loans, but the donor must sign a gift letter and you must document the transfer -- ask your loan officer before you move money.

Quick Numbers

How This Compares

Frequently Asked Questions

Is $300,000 still a typical budget in 2026?

The national median existing-home price reached $417,500 in September 2026, so $300,000 buys below the nationwide midpoint but aligns with many secondary metros. Three-bedroom suburban homes in Raleigh, Columbus, and Phoenix outskirts often list between $280,000 and $320,000. In San Francisco or Manhattan, $300,000 usually means a small condo or a long commute.

How much should I budget for property taxes on a $300,000 home?

Annual taxes might be near $1,800 where effective rates are 0.6% or above $6,000 where rates exceed 2%. A 1.2% effective rate implies about $3,600 per year ($300 per month) on top of P&I. Always review the seller's current tax bill and any homestead exemptions before you close.

What down payment strategy makes sense at $300,000?

Twenty percent down ($60,000) avoids PMI and minimizes long-term cost on a conventional loan at 7.40%. Ten percent down ($30,000) lowers upfront cash by $30,000 but adds PMI and raises the loan to $270,000. FHA at 3.5% down ($10,500) helps lower credit scores but carries FHA mortgage insurance for most of the loan term when you put less than 10% down.

Can a single income support a $300,000 mortgage?

At 7.40% with 20% down, the $1,662 P&I alone requires about $71,216 in gross income under the 28% rule. Adding $500 to $700 per month for taxes and insurance pushes all-in housing cost above $2,100, so many lenders prefer income closer to $85,000 to $90,000 for comfortable approval. Dual earners combined near $100,000 often qualify with moderate other debt.