$1,896/mo
Principal & Interest
A $300,000 home purchased with 0% down at 6.5% interest over 30 years carries a monthly principal and interest payment of approximately $1,896. Because the entire purchase price is financed, the full loan amount is $300,000.
PMI (private mortgage insurance) is required on conventional loans with less than 20% down — typically adding $125–$375/month until you reach 20% equity. Zero-down options include VA loans, USDA loans, and select assistance programs. Property taxes and insurance add another $300–$600/month on top.
Calculate Your Exact Payment →The figures above use a $300,000 loan at 6.5% over 30 years with no down payment applied. Your actual rate, home price, and loan program will change the result. Use the Mortgage Calculator to enter your specific numbers and see the payment in real time.
With no down payment, you borrow the maximum amount — and pay interest on all of it for the full loan term. At 6.5%, total interest over 30 years is $382,560, meaning you repay roughly $2.28 for every $1 borrowed. PMI adds to this cost until your equity reaches 20%.
Every dollar you put down reduces the loan amount, which directly lowers the monthly payment and total interest. It also affects whether PMI is required:
At 0% down, the difference in monthly P&I versus 20% down is $379/month — plus $125–$375 in PMI you'd otherwise avoid. That's a combined gap of $500–$750/month depending on your PMI rate.
Here's how the monthly payment and total cost shift based on how much you put down at 6.5% over 30 years:
| Down Payment | Down Amount | Loan Amount | Monthly P&I | PMI Est./mo | Total Interest |
|---|---|---|---|---|---|
| 0% | $0 | $300,000 | $1,896 | ~$125–$375 | $382,560 |
| 5% | $15,000 | $285,000 | $1,801 | ~$100–$285 | $363,360 |
| 10% | $30,000 | $270,000 | $1,707 | ~$68–$180 | $344,520 |
| 15% | $45,000 | $255,000 | $1,612 | ~$51–$128 | $325,320 |
| 20% | $60,000 | $240,000 | $1,517 | None | $306,120 |
Going from 0% to 20% down reduces monthly P&I by $379 and eliminates PMI entirely — but requires $60,000 upfront. The right answer depends on your cash position, how long you plan to stay, and whether that $60K could generate more return invested elsewhere.
See how 0% down plays out at different purchase prices — each page includes full rate tables, PMI estimates, and term comparisons.
Browse all 37 price points on the Mortgage & Real Estate hub.
At 6.5% over 30 years with no down payment, the monthly principal and interest on a $300,000 home is approximately $1,896. PMI on a zero-down conventional loan adds roughly $125–$375/month, and property taxes and insurance add another $300–$600. Total monthly housing costs can run $2,321–$2,871 depending on location and PMI rate.
The two main zero-down programs are VA loans (available to eligible veterans, active-duty service members, and surviving spouses) and USDA loans (for homes in USDA-designated rural and suburban areas). Both eliminate PMI entirely. Some state and local programs also offer down payment assistance that effectively results in 0% out of pocket. Conventional zero-down products exist but are rare and typically require strong credit.
It depends on your situation. Zero down gets you into a home faster and preserves cash for other uses — but it results in the highest possible monthly payment, adds PMI costs, and means you start with no equity buffer. If home values dip, you could temporarily owe more than the home is worth. For VA and USDA borrowers, zero down is an excellent deal since PMI is waived. For conventional buyers, the math typically favors putting at least 5–10% down if you have the savings. Use the affordability calculator to stress-test both scenarios.
On a conventional loan, PMI cancels automatically when your loan balance reaches 78% of the original purchase price (i.e., 22% equity). You can also request cancellation at 80% LTV. On a $300,000 home with 0% down at 6.5%, it takes roughly 11–12 years of scheduled payments to reach 20% equity through amortization alone — though appreciation can accelerate that timeline. VA and USDA loans don't require PMI at all.