$300,000 Mortgage Calculator
Planning to buy a $300,000 home? Use this specialized calculator to see your exact monthly payment, total interest, and full amortization schedule. Compare different down payment scenarios and loan terms.
Updated for 2025. Designed for first-time homebuyers and those purchasing starter homes.
📊 Quick Facts for $300K Home
- ✓With 20% down ($60,000), your monthly P&I payment is approximately $1,517
- ✓Total interest paid over 30 years: ~$306,120
- ✓Recommended household income: $75,000-$85,000 annually
- ✓A 15-year mortgage saves $164,000 in interest vs. 30-year
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Additional Costs
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Principal & Interest
$1516.96
Loan Summary
💰 Budgeting for Your $300K Home
For a $300,000 home, plan to save at least $20,000-$25,000 for closing costs and down payment (if using FHA 3.5% down). Budget an additional $300-400/month for maintenance and repairs. Consider the 28/36 rule: your housing payment shouldn't exceed 28% of gross income, requiring approximately $75,000 annual salary.
Amortization Schedule
See how your payment breakdown changes over 30 years. Early payments are mostly interest; later payments build equity faster.
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📈 Market Insights: $300K Home Price Point
$300,000 represents the median home price in many U.S. markets including cities in Texas, Georgia, and the Midwest. This price point is popular with first-time buyers and often qualifies for conventional loans with good terms. In 2025, competition remains high in this price range due to strong demand from millennials and Gen Z buyers.
✅ Affordability & Qualification Guide
To comfortably afford a $300k home, you should have: (1) Minimum credit score of 620 for conventional or 580 for FHA, (2) Stable income of $70,000+, (3) Debt-to-income ratio below 43%, (4) Emergency fund covering 3-6 months expenses, (5) Down payment saved plus 2-5% for closing costs. With FHA's 3.5% down, you can buy with just $10,500 down, but you'll pay PMI.
💡 Pro Tip
Use the 28/36 rule: Housing costs should be ≤28% of gross income, and total debt payments ≤36%. For this $300K home scenario, aim for these benchmarks to ensure comfortable affordability.