How Much Is a Down Payment on a $300,000 House?

Q: How much is a down payment on a $300,000 house?

$0 to $60,000 depending on loan type — from $0 (VA/USDA) to $60,000 (20% conventional).

Q: What is the minimum down payment on a $300k home?

$0 with VA or USDA (if eligible), $9,000 (3% conventional), or $10,500 (3.5% FHA).

Q: Can I buy a $300,000 house with no down payment?

Yes with a VA or USDA loan if you meet eligibility requirements.

Q: How much do I need saved total to buy a $300,000 house?

$15,000 to $24,000 for a 3% down conventional loan — including down payment and closing costs, minus earnest money credit.

Q: What credit score do I need for a $300,000 mortgage?

580+ for FHA, 620+ for conventional, 640+ for USDA. Higher scores get better rates. Comparing down payment options? Get free mortgage quotes through LendingTree to see what you qualify for with different down payment amounts.

Quick answer: On a $300,000 house, the down payment ranges from $0 (VA or USDA) to $60,000 (20% conventional). Most buyers put down $9,000 (3% conventional), $10,500 (3.5% FHA), or $15,000 to $30,000 (5% to 10% conventional). You also need $6,000 to $15,000 for closing costs on top of the down payment.

Down Payment by Loan Type

Loan type	Min down %	Dollar amount on $300,000
VA	0%	$0
USDA	0%	$0
Conventional 3%	3%	$9,000
FHA	3.5%	$10,500
Conventional 5%	5%	$15,000
Conventional 10%	10%	$30,000
Conventional 20%	20%	$60,000

VA loans: Available to eligible veterans and active military. No down payment and no mortgage insurance.

USDA loans: For eligible rural and suburban areas. $0 down but income limits apply (typically 115% of area median income).

FHA loans: Require 3.5% down with a 580+ credit score. With a score of 500 to 579, FHA requires 10% down — $30,000 on a $300,000 home.

Conventional 3%: Programs like Fannie Mae HomeReady and Freddie Mac Home Possible allow 3% down for qualified first-time buyers with 620+ credit.

See does earnest money go toward down payment — your earnest deposit reduces the cash you bring to closing.

How Down Payment Affects Your Monthly Payment

Monthly principal and interest on a 30-year fixed loan at 6.5%:

Down payment	Loan amount	Monthly P&I
3% ($9,000)	$291,000	$1,840
3.5% FHA ($10,500)	$289,500	$1,830
5% ($15,000)	$285,000	$1,801
10% ($30,000)	$270,000	$1,708
20% ($60,000)	$240,000	$1,517

Full PITI comparison at 6.5% (including taxes, insurance, and mortgage insurance):

Down payment	P&I	PMI/MIP	Taxes + insurance	Total monthly
3% conventional	$1,840	$315	$266	~$2,421
3.5% FHA	$1,830	$209	$266	~$2,305
10% conventional	$1,708	$113	$266	~$2,087
20% conventional	$1,517	$0	$266	~$1,783
VA (0% down)	$1,896	$0	$266	~$2,162

The gap between 3% down and 20% down is roughly $638/month — $7,656/year.

See can you use a HELOC for a down payment if you need to bridge a down payment gap.

The PMI Factor: Putting Less Than 20% Down

Private mortgage insurance (PMI) on conventional loans and mortgage insurance premium (MIP) on FHA loans protect the lender if you default.

Conventional PMI on a $300,000 home:

Cost: 0.5% to 1% of the loan amount per year
On a $291,000 loan (3% down): $113 to $243/month
Mortgage Reports estimate: $315/month at 3% down

FHA MIP on a $300,000 home (3.5% down):

Upfront MIP: 1.75% of loan = $5,066 (usually financed into the loan)
Annual MIP: 0.55% of loan = $209/month
FHA MIP stays for the life of the loan with less than 10% down

When PMI cancels (conventional only):

Request removal at 80% LTV (you have 20% equity)
Automatically removed at 78% LTV
On a $300,000 home with 3% down, that takes roughly 7 to 10 years of regular payments

PMI savings at 20% down: Eliminating $315/month in PMI saves $3,780/year.

What Else You Need at Closing Beyond the Down Payment

Closing costs are separate from the down payment. Budget 2% to 5% of the purchase price.

On a $300,000 home:

Item	Estimated cost
Closing costs (2% to 5%)	$6,000 to $15,000
Down payment (3% conventional)	$9,000
Earnest money credit (2%)	-$6,000
Total cash to close (approx.)	$9,000 to $18,000

What closing costs include:

Loan origination fee (0.5% to 1%)
Appraisal ($400 to $700)
Title insurance ($500 to $1,500)
Prepaid property taxes and insurance ($1,500 to $3,000)
Recording fees ($50 to $250)

Total savings needed: For a 3% down conventional loan on $300,000, plan on $15,000 to $24,000 total — down payment plus closing costs minus earnest money credit.

Which Down Payment Amount Is Right for You?

Choose $0 down (VA/USDA) if: You qualify for VA or USDA and want to preserve cash. VA has no mortgage insurance. USDA has a small annual fee.

Choose 3% to 3.5% ($9,000 to $10,500) if: You are a first-time buyer with limited savings and 620+ credit (conventional) or 580+ credit (FHA). Accept $200 to $315/month in mortgage insurance.

Choose 5% to 10% ($15,000 to $30,000) if: You want lower monthly payments and faster PMI cancellation. FHA MIP drops to 0.50% annual rate at 5% down.

Choose 20% ($60,000) if: Avoiding PMI is your priority and you have the savings. Saves $315/month vs. 3% down and gets you the best conventional rate.

Framework:

Priority	Best down payment
Preserve cash	$0 (VA/USDA) or $9,000 (3% conventional)
Credit under 680	$10,500 (FHA 3.5%)
Lowest monthly payment	$60,000 (20%)
Balance of both	$15,000 to $30,000 (5% to 10%)

Rate impact: A larger down payment often qualifies you for a slightly lower interest rate. On a $300,000 home, the rate difference between 3% and 20% down may be 0.125% to 0.25% — saving an additional $40 to $80/month beyond the PMI savings.

Frequently Asked Questions