Monthly Payment on a $300K Mortgage in Montana
Using Montana's 0.74% property tax rate and $2,100/yr homeowners insurance.
$300K Mortgage in Montana: Rate Comparison
Monthly PITI payment using Montana's 0.74% property tax and $2,100/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $2,144 | $2,051 | $1,723 |
| 6.0% | $2,235 | $2,136 | $1,799 |
| 6.5% | $2,328 | $2,224 | $1,877 |
| 7.0% | $2,422 | $2,314 | $1,957 |
| 7.5% | $2,519 | $2,405 | $2,038 |
| 8.0% | $2,617 | $2,499 | $2,121 |
How This Compares to Montana's Median
A $300K home is 30% below Montana's median of $430K. You'll find homes at this price in cities like Great Falls, Sidney, Lewistown, Butte, Havre, Miles City.
Income Needed for a $300K Home in Montana
To afford this payment of $2,224/mo in Montana, you'd need a household income of approximately $95K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $100K salary can afford →Closing Costs in Montana
Estimated closing costs in Montana: $5K (1.5% of purchase price). Montana has no transfer tax, which helps keep your upfront costs lower.
What to Know About a $300K Mortgage in Montana
With 10% down ($30,000), your loan of $270,000 at 6.5% over 30 years produces a principal and interest payment of $1,707/mo. Adding Montana's 0.74% property tax ($185/mo) and $2,100/yr insurance ($175/mo) brings your total to $2,224/mo. Because you're putting less than 20% down, PMI adds $158/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $344,370 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $32,304 over the life of the loan.