Mortgage payment on a $350K house
$2,321 a month with 20% down at 7.11% — including property tax and insurance. You'd need an income of about $99,500.
On a $350,000 home with $70,000 (20%) down, you borrow $280,000. At 7.11% (30-year fixed, Freddie Mac average for the week of Nov 12, 2026), principal and interest come to $1,884 a month. Adding property tax at the U.S. average of 0.9% ($263) and insurance ($175) gives $2,321. Over 30 years you would pay $398,088 in interest.
Payment by down payment
Putting less than 20% down means a bigger loan and mortgage insurance, so the monthly payment rises:
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $70,000 | $280,000 | $1,884 | $0 | $438 | $2,321 | $99,500 |
| 10% down | $35,000 | $315,000 | $2,119 | $131 | $438 | $2,688 | $115,200 |
| 5% down | $17,500 | $332,500 | $2,237 | $139 | $438 | $2,813 | $120,600 |
| 3.5% down (FHA) | $12,250 | $343,661 | $2,312 | $155 | $438 | $2,904 | $124,500 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.9% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Payment at different interest rates
| Rate | Principal + interest | Total / month | Total interest |
|---|---|---|---|
| 5.61% | $1,609 | $2,047 | $299,307 |
| 6.11% | $1,699 | $2,136 | $331,494 |
| 6.61% | $1,790 | $2,228 | $364,434 |
| 7.11% | $1,884 | $2,321 | $398,088 |
| 7.61% | $1,979 | $2,417 | $432,416 |
| 8.11% | $2,076 | $2,514 | $467,379 |
15 vs 20 vs 30-year mortgage
| Term | Principal + interest | Total / month | Total interest |
|---|---|---|---|
| 30 years at 7.11% | $1,884 | $2,321 | $398,088 |
| 20 years at 7.11% | $2,189 | $2,627 | $245,447 |
| 15 years at 6.45% | $2,431 | $2,869 | $157,654 |
A shorter loan costs more each month but saves a lot of interest — and 15-year loans carry a lower rate (6.45% this week).
Mortgage on a $350K house in each state
Property tax changes the payment a lot from state to state (20% down):
| State | Tax rate | Tax / month | Total / month | Income needed |
|---|---|---|---|---|
| Alabama | 0.38% | $112 | $2,171 | $93,000 |
| Alaska | 1.06% | $308 | $2,367 | $101,400 |
| Arizona | 0.44% | $129 | $2,188 | $93,800 |
| Arkansas | 0.5% | $146 | $2,204 | $94,500 |
| California | 0.72% | $210 | $2,268 | $97,200 |
| Colorado | 0.52% | $151 | $2,210 | $94,700 |
| Connecticut | 1.59% | $463 | $2,521 | $108,100 |
| Delaware | 0.49% | $142 | $2,201 | $94,300 |
| District of Columbia | 0.67% | $196 | $2,254 | $96,600 |
| Florida | 0.8% | $234 | $2,292 | $98,200 |
| Georgia | 0.77% | $226 | $2,284 | $97,900 |
| Hawaii | 0.26% | $77 | $2,136 | $91,500 |
| Idaho | 0.42% | $123 | $2,181 | $93,500 |
| Illinois | 1.92% | $560 | $2,619 | $112,200 |
| Indiana | 0.74% | $215 | $2,274 | $97,500 |
| Iowa | 1.27% | $371 | $2,429 | $104,100 |
| Kansas | 1.24% | $363 | $2,422 | $103,800 |
| Kentucky | 0.72% | $209 | $2,268 | $97,200 |
| Louisiana | 0.55% | $160 | $2,218 | $95,100 |
| Maine | 0.92% | $268 | $2,327 | $99,700 |
| Maryland | 0.98% | $286 | $2,344 | $100,500 |
| Massachusetts | 1.01% | $295 | $2,354 | $100,900 |
| Michigan | 1.17% | $342 | $2,401 | $102,900 |
| Minnesota | 1.04% | $304 | $2,362 | $101,200 |
| Mississippi | 0.65% | $189 | $2,247 | $96,300 |
| Missouri | 0.79% | $231 | $2,289 | $98,100 |
| Montana | 0.69% | $201 | $2,260 | $96,800 |
| Nebraska | 1.31% | $383 | $2,441 | $104,600 |
| Nevada | 0.47% | $138 | $2,196 | $94,100 |
| New Hampshire | 1.43% | $418 | $2,477 | $106,100 |
| New Jersey | 1.82% | $530 | $2,589 | $110,900 |
| New Mexico | 0.63% | $185 | $2,243 | $96,100 |
| New York | 1.42% | $415 | $2,474 | $106,000 |
| North Carolina | 0.64% | $185 | $2,244 | $96,200 |
| North Dakota | 0.92% | $269 | $2,328 | $99,800 |
| Ohio | 1.22% | $357 | $2,415 | $103,500 |
| Oklahoma | 0.76% | $222 | $2,281 | $97,700 |
| Oregon | 0.79% | $230 | $2,289 | $98,100 |
| Pennsylvania | 1.12% | $328 | $2,387 | $102,300 |
| Rhode Island | 1.02% | $299 | $2,357 | $101,000 |
| South Carolina | 0.45% | $130 | $2,189 | $93,800 |
| South Dakota | 1.04% | $302 | $2,361 | $101,200 |
| Tennessee | 0.46% | $133 | $2,192 | $93,900 |
| Texas | 1.32% | $386 | $2,444 | $104,700 |
| Utah | 0.5% | $147 | $2,206 | $94,500 |
| Vermont | 1.51% | $439 | $2,498 | $107,000 |
| Virginia | 0.71% | $207 | $2,266 | $97,100 |
| Washington | 0.81% | $237 | $2,295 | $98,400 |
| West Virginia | 0.51% | $150 | $2,208 | $94,600 |
| Wisconsin | 1.2% | $351 | $2,410 | $103,300 |
| Wyoming | 0.56% | $162 | $2,221 | $95,200 |
Other home prices
Frequently asked questions
What is the monthly payment on a $350K house?
With 20% down and a 30-year fixed rate of 7.11%, the payment on a $350,000 house is about $1,884 for principal and interest, or $2,321 including average property tax and insurance.
How much income do I need for a $350K house?
Lenders generally want housing costs under 28% of gross income. A $2,321 monthly payment needs about $99,500 a year, assuming no other large debts.
How much do I need to put down on a $350K house?
20% is $70,000 and avoids PMI. Conventional loans allow as little as 3–5% ($10,500–$17,500) and FHA loans 3.5% ($12,250), but the monthly payment is higher.