There are several other factors that greatly affect your question such as the interest rate, property taxes, and insurance. If you're only referring to the mortgage, here's an approx. breakdown.
$275,000 mortgage at 6.00% = $1,648.76 monthly principle & interest
$300,000 mortgage at 5.25% = $1,656.61 monthly principle & interest
You can see how the interest rate you qualify for will greatly affect your payment, and lenders do factor in taxes and insurance when qualifying you for a mortgage. If you want your mortgage payment to include taxes and insurance, then you would need to be looking in the approx. $225,000 - $245,000 price range.
Again, there are other factors that must be considered so speak to a lender and Realtor for more accurate information that pertains specifically to you, your credit profile, and credit score.
Frank Biganski, Realtor ABR