Mortgage on a $350K house in Alabama
$2,171 a month with 20% down — $1,884 principal and interest plus $112 property tax and $175 insurance.
Alabama's typical property tax is 0.38% of the home's value a year (U.S. average 0.9%), which adds $112 a month on a $350K home. The typical home in Alabama is worth $238,614, so $350K is 47% above the typical price.
$350K home in Alabama: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $70,000 | $280,000 | $1,884 | $0 | $287 | $2,171 | $93,000 |
| 10% down | $35,000 | $315,000 | $2,119 | $131 | $287 | $2,537 | $108,700 |
| 5% down | $17,500 | $332,500 | $2,237 | $139 | $287 | $2,662 | $114,100 |
| 3.5% down (FHA) | $12,250 | $343,661 | $2,312 | $155 | $287 | $2,754 | $118,000 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.38% 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.
Where in Alabama does $350K buy a typical home?
In these counties the typical home value is within 15% of $350K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Lee County | $350,993 | 0.48% | $2,198 |
| Shelby County | $359,660 | 0.44% | $2,186 |
| Baldwin County | $371,447 | 0.3% | $2,147 |
| Limestone County | $319,959 | 0.32% | $2,152 |
| Madison County | $311,524 | 0.4% | $2,174 |
64 of 67 Alabama counties tracked by Zillow have a typical home value at or below $350K. See all Alabama home prices.
Other prices in Alabama
Frequently asked questions
What is the mortgage on a $350K house in Alabama?
About $2,171 a month with 20% down at 7.11%: $1,884 principal and interest, $112 property tax and $175 insurance.
How much do I need to make to buy a $350K house in Alabama?
About $93,000 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $350K house in Alabama?
At Alabama's typical effective rate of 0.38%, about $1,343 a year. Rates vary by county and city — see the county pages.