Mortgage Payment on a $350,000 House
A $350,000 home costs about $2,241 a month with 20% down at 6.5% over 30 years, including estimated tax and insurance.
Payment on a $350,000 home
| Part of the payment | Per month |
|---|---|
| Principal and interest | $1,770 |
| Property tax (1.1% a year, est.) | $321 |
| Home insurance (est.) | $150 |
| Total | $2,241 |
This assumes 20% down ($70,000), a $280,000 loan, a 30-year fixed rate of 6.5% and an average property tax. Over 30 years you would pay about $357,125 in interest.
Payment at different interest rates
| Rate | 30-year principal and interest | 15-year principal and interest |
|---|---|---|
| 5% | $1,503 | $2,214 |
| 5.5% | $1,590 | $2,288 |
| 6% | $1,679 | $2,363 |
| 6.5% | $1,770 | $2,439 |
| 7% | $1,863 | $2,517 |
| 7.5% | $1,958 | $2,596 |
| 8% | $2,055 | $2,676 |
Payment with different down payments
| Down payment | Loan | Principal and interest | PMI (est.) |
|---|---|---|---|
| 5% ($17,500) | $332,500 | $2,102 | $194 |
| 10% ($35,000) | $315,000 | $1,991 | $184 |
| 15% ($52,500) | $297,500 | $1,880 | $174 |
| 20% ($70,000) | $280,000 | $1,770 | $0 |
| 25% ($87,500) | $262,500 | $1,659 | $0 |
PMI is private mortgage insurance, usually required with less than 20% down. The 0.7% yearly rate is an example.
Income needed
Lenders often want housing to stay near 28% of gross income. A total payment of $2,241 points to an income of roughly $96,000 a year. Your debts, credit score and down payment also matter. Try the home affordability calculator.
Frequently asked questions
How much is the mortgage payment on a $350,000 house?
About $2,241 a month with 20% down at 6.5% for 30 years, including estimated property tax and insurance. Principal and interest alone is $1,770.
How much income do I need for a $350,000 home?
About $96,000 a year using the 28% housing rule. Lenders also look at other debts.
Does the payment change over time?
With a fixed rate, principal and interest stay the same. Property tax and insurance usually rise.
Sources and method
Page last updated November 2026. See our editorial policy and disclaimer.