How Much Down Payment for a $300k House?
On a $300,000 home, the down payment ladder runs from $9,000 (3%) to $60,000 (20%) — but it is only about half the cash you need at closing. PMI, closing costs and today’s 7.28% rate decide what each rung really costs. Here is the full maths.
Key takeaways
- On $300,000: $9,000 down at 3%, $60,000 at 20% — the ladder between is the real decision.
- Monthly P&I at 7.28% runs $1,991 (3% down) to $1,642 (20% down) — a $349-a-month spread.
- Below 20% down, PMI runs 0.46%–1.5% of the loan a year (~$128–$146/mo here) — removable at 80% LTV.
- Closing costs (2%–5%, $6,000–$15,000) land on top — true cash-to-close starts near $15,000 and tops $75,000.
- You do not need 20%: 3% conventional, FHA 3.5% ($10,500) and down payment assistance all put you on the ladder.
The $300k down payment ladder
How much down payment for a 300k house? A range: $9,000 to $60,000, depending on the loan. Each rung changes the loan amount, the monthly payment and the PMI bill. The table prices all five at today’s average 7.28% 30-year fixed rate (Freddie Mac PMMS), principal and interest only.
| Down payment | Cash you put down | Loan amount | Est. P&I at 7.28% | Est. PMI (0.60%) |
|---|---|---|---|---|
| 3% | $9,000 | $291,000 | $1,991/mo | $146/mo |
| 5% | $15,000 | $285,000 | $1,950/mo | $143/mo |
| 10% | $30,000 | $270,000 | $1,847/mo | $135/mo |
| 15% | $45,000 | $255,000 | $1,745/mo | $128/mo |
| 20% | $60,000 | $240,000 | $1,642/mo | None |
The headline gap: $349 a month in P&I, $51,000 in cash at closing, and $146 a month in PMI on the lowest rung versus none at the top. Run your own numbers on our mortgage calculator — P&I is only part of the bill.
The PMI line: what 20% really buys you
Dip below 20% down and lenders add private mortgage insurance. Bankrate puts the typical cost at 0.46%–1.5% of the loan a year; our PMI guide agrees: 0.5%–1% is the common band, about $30–$70 a month per $100,000 borrowed. At 0.60%, PMI runs $146 a month at 3% down, falling to $128 at 15% — roughly $1,540 to $1,750 a year that builds zero equity. That insurance is the hidden half of how much down payment for a 300k house really costs at the low rungs.
At 20%, PMI vanishes entirely: $1,642 a month, every dollar to principal and interest. But the PMI line is a milestone, not a wall: on a conventional loan you can request cancellation at 80% of the home’s value, and servicers must drop it automatically at 78%. A 10%-down buyer paying a little extra toward principal can cross that line in four to five years — which rewrites the wait-or-buy maths below.
Closing costs sit on top — add $6,000 to $15,000
Ask how much down payment for a 300k house and you get one number — but it is not the whole cheque at the closing table. Closing costs — origination and title fees, appraisal, prepaids — typically run 2%–5% of the loan amount, per the CFPB. On a $300,000 purchase that is $6,000 to $15,000, due the same day as the down payment. So true cash-to-close reads roughly $15,000–$24,000 at 3% down and $66,000–$75,000 at 20%. Our closing-costs guide shows which line items to negotiate and which fees to compare.
Low-down-payment routes that still work
Three percent conventional. Freddie Mac’s Home Possible allows 3% down — $9,000 here — for buyers earning at or below 80% of area median income; Fannie Mae’s HomeReady is the parallel route. Conventional PMI, cancellable at 80% LTV, usually beats FHA insurance if your credit qualifies.
FHA 3.5%. The FHA minimum is 3.5% — $10,500 here — with more forgiving credit requirements (HUD). The trade: a 1.75% upfront premium (usually rolled into the loan) plus an annual premium of about 0.55% — roughly $133 a month here. Unlike conventional PMI, FHA insurance cannot be cancelled at 20% equity — removing it means refinancing.
Down payment assistance. Most states offer grants or forgivable second loans covering some — sometimes all — of the minimum down payment; a HUD-approved counselor can match you to local options. Check the fine print: some programs register a silent second lien, and some lenders restrict which ones they accept. If the full answer to how much down payment for a 300k house feels out of reach, start with assistance.
Three mistakes that trip up $300k buyers
Answering how much down payment for a 300k house honestly means pricing the mistakes, too.
1. Draining the emergency fund to reach a higher rung. Fifteen percent down that leaves $2,000 in savings is riskier than 10% down with six months of expenses intact. One roof repair in the first year and the maths collapses — the down payment should never empty your reserves.
2. Confusing pre-approval with cash needed. Pre-approval says what a lender will lend you; it says nothing about the $15,000–$75,000 of cash-to-close this ladder demands. Price the full cash picture before you fall in love with a listing.
3. Treating 20% as the only respectable option. Waiting two years to save the extra $30,000 can cost more than PMI ever would. Ten percent down with four years of PMI costs about $6,500 in insurance — one year of renting at $1,800 a month costs $21,600. Price the wait honestly before you price the rung.
Try it yourself
Slide the down payment from 3% to 20% on a $300,000 price — the calculator turns how much down payment for a 300k house into your monthly budget.
Open the mortgage calculatorSources & further reading
External figures come from these; the worked payments are our own arithmetic at 7.28%.
- Freddie Mac — Primary Mortgage Market SurveyThe weekly US survey behind the 7.28% rate (1 October 2026).
- Bankrate — What Is Private Mortgage Insurance (PMI)?The 0.46%–1.5% annual PMI cost band.
- Consumer Financial Protection Bureau — What fees or charges are paid when closing on a mortgage?The 2%–5% closing-costs band, in plain English.
- US Department of Housing and Urban Development — Buying a HomeFHA loan basics: the 3.5% minimum down payment.
- Freddie Mac — Home PossibleThe 3%-down conventional route for qualifying buyers.