Mortgage on a $300,000 Home in Montana: Monthly Payment & Full Breakdown
With 20% down and a 6.85% 30-year fixed rate, the total monthly payment on a $300,000 home in Montana is $1,858 — including principal, interest, property tax, and insurance. Montana's effective property tax rate is 0.74%, which adds $185/month.
Monthly Payment Breakdown (30-Year, 20% Down)
$1,573
Principal & Interest
$185
Property Tax/mo
$100
Home Insurance/mo
$1,858
Total Monthly
| Component | Monthly | Annual |
|---|---|---|
| Principal & Interest (6.85%) | $1,573 | $18,871 |
| Property Tax (0.74% rate) | $185 | $2,220 |
| Homeowner's Insurance | $100 | $1,200 |
| PMI (with 20% down) | $0 | $0 |
| Total Monthly Payment | $1,858 | $22,291 |
With 10% Down (PMI Required)
A 10% down payment on $300,000 means a $30,000 down payment and a $270,000 loan. PMI adds $113/month until you reach 20% equity (estimated: April 2033).
| Component | Monthly |
|---|---|
| Principal & Interest | $1,769 |
| Property Tax | $185 |
| Insurance | $100 |
| PMI (~0.5%/year) | $113 |
| Total | $2,167 |
30-Year vs 15-Year Mortgage
| Metric | 30-Year (6.85%) | 15-Year (6.2%) |
|---|---|---|
| Monthly P&I | $1,573 | $2,051 |
| Total Monthly | $1,858 | $2,336 |
| Total Interest Paid | $326,144 | $129,230 |
| Total Cost | $566,144 | $369,230 |
| Interest Saved (15yr) | — | $196,913 |
Equity Growth Over Time
At Purchase
20.0% equity
Balance: $240,000
After 5 Years
24.8% equity
Balance: $225,550
After 10 Years
31.6% equity
Balance: $205,217
Loan Paid Off
100.0% equity
Balance: $0
What Income Do You Need?
Lenders typically require housing costs to stay at or below 28% of gross monthly income. To comfortably afford a $1,858/month payment, you need a gross income of at least $79,612/year ($6,634/month before taxes). With a front-end ratio of 36% (common for conventional loans), you'd need $61,921/year.
Payment at Different Interest Rates
| Interest Rate | Monthly P&I | Total Monthly | Total Interest |
|---|---|---|---|
| 4.8% | $1,266 | $1,551 | $215,926 |
| 5.8% | $1,416 | $1,701 | $269,709 |
| 6.8% current | $1,573 | $1,858 | $326,144 |
| 7.8% | $1,736 | $2,021 | $384,961 |
| 8.8% | $1,905 | $2,190 | $445,889 |