Affordability Scenario

Can I Afford a $300,000 House?

A $300,000 home is an excellent entry point for many buyers. Let's see if the math works for your budget by breaking down the required income, down payment options, and estimated monthly costs.

Income & Debts

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Loan & Down Payment

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Ongoing Housing Costs

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Lending Assumptions

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Want to know more?

What Salary Do I Need for a Mortgage?

See exactly what income you need to qualify in 2026, plus how debt changes your numbers.

Affordability Estimate

You can afford a home around

$300,000

Based on your current income, debt, and housing cost assumptions.

Comfortable target$300K
Stretch maximumup to $330K

Monthly Housing Budget

$1,960

Comfortable

This appears to be within a comfortable borrowing range.

Estimated Loan Amount

$240,000

Estimated Cash Needed (Down + Closing)

$69,000

Estimates based on your inputs. Actual results may vary. Terms →

Calculation Breakdown

  • Estimated Principal & Interest$1,560
  • Estimated Property Taxes$300
  • Estimated Homeowner's Insurance$100
  • Estimated HOA$0
  • Estimated PMI$0
  • Front-End Ratio Used27.74%
  • Back-End Ratio Used34.79%

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Next steps

Calculate the exact cash needed to close on this homeValidate your decision before committing to buy

What does a $300k house really cost?

Income Rule of Thumb

Most lenders recommend your home price be no more than 3–4x your gross annual income. For a more detailed breakdown, learn about the 28% rule limits for safe mortgage payments. At $300k, you need roughly $75k–$100k/year.

Don't Forget the True Monthly Cost

Principal and interest is just one part. Add property tax (~1.1%), homeowner's insurance, and PMI if down payment is under 20%.

20% Down Changes Everything

Putting $60k down on a $300k home eliminates PMI and reduces your monthly payment significantly. It's the threshold most lenders reward.

Frequently asked questions about $300k homes

What salary do I need for a $300k house?

To comfortably afford a $300,000 house, you generally need an annual salary between $75,000 and $90,000. This depends heavily on your down payment, interest rate, and whether you have other debts like car loans or student loans.

What is the monthly payment on a $300k house?

With a 20% down payment ($60,000) on a $300k house at a 6.8% interest rate, the principal and interest payment is about $1,564. Adding typical property taxes and insurance, the total monthly payment is usually around $1,900 to $2,100.

How much down payment do I need for a $300,000 home?

A traditional 20% down payment on a $300,000 home is $60,000. However, many buyers put down less. A 5% down payment would be $15,000, and a 3% conventional loan minimum would be $9,000, though these require paying PMI.

Estimates based on your inputs. Actual results may vary. Terms →