Mortgage on a $350K house in Mississippi
$2,247 a month with 20% down — $1,884 principal and interest plus $189 property tax and $175 insurance.
Mississippi's typical property tax is 0.65% of the home's value a year (U.S. average 0.9%), which adds $189 a month on a $350K home. The typical home in Mississippi is worth $194,531, so $350K is 80% above the typical price.
$350K home in Mississippi: 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 | $364 | $2,247 | $96,300 |
| 10% down | $35,000 | $315,000 | $2,119 | $131 | $364 | $2,614 | $112,000 |
| 5% down | $17,500 | $332,500 | $2,237 | $139 | $364 | $2,739 | $117,400 |
| 3.5% down (FHA) | $12,250 | $343,661 | $2,312 | $155 | $364 | $2,831 | $121,300 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.65% 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 Mississippi 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 |
|---|---|---|---|
| Madison County | $336,172 | 0.68% | $2,256 |
| DeSoto County | $299,861 | 0.6% | $2,233 |
79 of 80 Mississippi counties tracked by Zillow have a typical home value at or below $350K. See all Mississippi home prices.
Other prices in Mississippi
Frequently asked questions
What is the mortgage on a $350K house in Mississippi?
About $2,247 a month with 20% down at 7.11%: $1,884 principal and interest, $189 property tax and $175 insurance.
How much do I need to make to buy a $350K house in Mississippi?
About $96,300 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $350K house in Mississippi?
At Mississippi's typical effective rate of 0.65%, about $2,267 a year. Rates vary by county and city — see the county pages.