Mortgage Payment on a $350,000 House
What's the payment on a $350,000 house? Calculate the monthly mortgage on a house, condo, or apartment which costs $350k.
After a 20% down payment, your loan amount will be $280,000. With a 30-year loan loan at 6.75% interest:
Monthly payment = $1,816
Total yearly payments = $21,793
Payments by Interest Rate
| Interest Rate |
Payment |
| 5.000% |
$1,503 |
| 5.500% |
$1,590 |
| 6.000% |
$1,679 |
| 6.250% |
$1,724 |
| 6.500% |
$1,770 |
| 6.750% |
$1,816 |
| 6.875% |
$1,839 |
| 7.000% |
$1,863 |
| 7.250% |
$1,910 |
| 7.500% |
$1,958 |
| 7.625% |
$1,982 |
| 7.750% |
$2,006 |
| 8.000% |
$2,055 |
Payments by Amount Down
| % Down |
Amount |
Payment |
| 3.5% |
$12,250 |
$2,191 |
| 5.0% |
$17,500 |
$2,157 |
| 7.5% |
$26,250 |
$2,100 |
| 10% |
$35,000 |
$2,043 |
| 15% |
$52,500 |
$1,930 |
| 20% |
$70,000 |
$1,816 |
| 25% |
$87,500 |
$1,703 |
| 30% |
$105,000 |
$1,589 |
| 50% |
$175,000 |
$1,135 |
Payments by Loan Length
| Length |
Payment |
| 10 years |
$3,215 |
| 15 years |
$2,478 |
| 20 years |
$2,129 |
| 30 years |
$1,816 |
| 40 years |
$1,689 |
| Interest only |
$1,575 |
Can I afford a $350,000 house?
Traditionally, the "28% rule" means a person should not spend more than 28% of their pre-tax income on total housing costs.
Let's assume that taxes and insurance are 2% of the house price annually. Here's how much you'd have to make to afford a house that costs $350,000 with a 6.75% loan:
| % Down |
Down Payment |
Income Needed |
| 3.5% |
$12,250 |
$118,885 |
| 5.0% |
$17,500 |
$117,425 |
| 7.5% |
$26,250 |
$114,993 |
| 10% |
$35,000 |
$112,561 |
| 15% |
$52,500 |
$107,696 |
| 20% |
$70,000 |
$102,832 |
| 25% |
$87,500 |
$97,967 |
| 30% |
$105,000 |
$93,103 |
| 50% |
$175,000 |
$73,645 |