How much is a mortgage on a 300k house is one of the most common questions homebuyers are asking right now. With mortgage rates shifting in 2025, understanding what monthly payments look like on a $300,000 home can help buyers plan with confidence.
Today’s national average 30-year fixed mortgage rate sits around 6.57%, making payments more expensive than a few years ago but slightly easier than earlier in 2024 when rates briefly climbed above 7%. For a $300,000 home loan, that interest rate translates into an estimated $1,920 per month in principal and interest.
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Current Mortgage Costs for a $300K Home
For buyers looking at a $300,000 mortgage, the cost depends on the loan term, interest rate, and down payment size. Using current averages, here’s what payments may look like:
| Loan Type | Interest Rate | Approx. Monthly Payment (Principal + Interest) |
|---|---|---|
| 30-Year Fixed | 6.57% | ~$1,920 |
| 20-Year Fixed | 6.25% | ~$2,145 |
| 15-Year Fixed | 5.95% | ~$2,419 |
These numbers do not include property taxes, homeowner’s insurance, or private mortgage insurance (PMI), which could add several hundred dollars to the total monthly payment.
Key Points Summary (for quick readers)
- Current 30-year rate: ~6.57%
- Mortgage on $300k: ~$1,920 monthly for principal and interest
- Shorter terms: Higher monthly cost but less total interest
- Extra costs: Taxes, insurance, and PMI increase the real payment
- Market update: Rates have dipped slightly, giving buyers a small window of relief
How Down Payments Affect a $300K Mortgage
Down payments play a major role in affordability. Here’s a quick look at how different down payment amounts change your loan size and monthly cost:
- 20% Down ($60,000): Loan amount = $240,000 → Payment around $1,536/month
- 10% Down ($30,000): Loan amount = $270,000 → Payment around $1,728/month
- 5% Down ($15,000): Loan amount = $285,000 → Payment around $1,824/month
- 0% Down: Loan amount = $300,000 → Payment around $1,920/month
Making a larger down payment not only lowers the loan balance but also helps avoid private mortgage insurance, saving even more over time.
Why Rates Matter Now
Even small rate changes can make a big difference on a $300,000 mortgage. For example:
- At 6.57%, monthly payment is about $1,920.
- At 6.25%, payment drops to about $1,847.
- At 7.00%, payment jumps to about $1,996.
That means a difference of just 0.5% in rates could save or cost a buyer nearly $1,000 a year.
Budgeting Beyond Principal and Interest
While the base calculation answers how much is a mortgage on a 300k house, true affordability goes beyond principal and interest:
- Property Taxes: Average between $2,000–$5,000 annually, depending on location.
- Homeowner’s Insurance: Usually $1,200–$2,000 annually.
- PMI (if under 20% down): Typically $100–$300 per month.
- HOA Fees: Some neighborhoods charge monthly fees ranging from $50–$400.
Factoring these in, real monthly costs on a $300,000 home could land closer to $2,200–$2,400 for many households.
Market Outlook
As of late August 2025, housing inventory has been rising while mortgage rates have eased slightly from earlier peaks. Buyers exploring a $300,000 property may find more negotiating power than they had last year. If rates continue trending lower toward the mid-6% range, payments on a $300k mortgage could dip below $1,900 per month.
At the same time, competition remains steady in affordable price ranges. Homes around the $300K mark attract strong interest, making preparation and pre-approval essential for serious buyers.
Final Thoughts
So, how much is a mortgage on a 300k house? At today’s average rate of 6.57%, the monthly principal and interest comes in around $1,920, not including taxes and insurance. A higher down payment can lower that figure, while even small interest rate changes can swing costs by hundreds of dollars each year.
If you’re exploring this price range, now is a promising time to run the numbers carefully, factor in extra costs, and make informed decisions. What do you think—are today’s rates making you more likely to buy, or are you waiting for them to fall further?