Monthly Payment on a $350K Mortgage
See exactly what you'd pay monthly on a $350K home, including principal, interest, taxes, and insurance.
$350K Mortgage: Rate Comparison
Monthly PITI payment at different rates and down payments for a $350K home.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $2,553 | $2,443 | $2,061 |
| 6.0% | $2,658 | $2,543 | $2,150 |
| 6.5% | $2,766 | $2,646 | $2,241 |
| 7.0% | $2,877 | $2,750 | $2,334 |
| 7.5% | $2,990 | $2,857 | $2,429 |
| 8.0% | $3,105 | $2,966 | $2,525 |
States Where $350K Buys You a Home
In these states, the median home price is at or below $350K — your budget goes further here.
What to Know About a $350K Mortgage
A $350K home is near the national median home price, representing a typical purchase for many American buyers. With 10% down ($35,000), your loan amount would be $315,000, resulting in a monthly payment of approximately $2,646 including taxes and insurance.
To comfortably afford this payment, you'd generally need a household income of around $113,383 per year, following the standard guideline that housing costs should stay below 28% of gross income. At 10% down, you'll also pay private mortgage insurance (PMI) of about $184/month until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $401,765 in total interest. Even a small rate reduction can save tens of thousands — for example, dropping from 7.0% to 6.5% on this loan saves about $37,688 over the life of the loan.
Property taxes and insurance vary significantly by state. Use the rate comparison table above to see how different down payments and rates affect your payment, and explore the state links below to find where your $350K budget goes furthest.