$350,000 Mortgage Payment
Monthly cost on a $350,000 home at 6.9% interest with 20% down — adjust any value below.
| Component | Monthly |
|---|---|
| Principal & interest | — |
| Property tax | — |
| Home insurance | — |
What is the monthly payment on a $350,000 mortgage?
A $350,000 mortgage sits at roughly 85% of the national median home price in 2026 (about $410,000+). At 6.9% over 30 years with 20% down, the principal-and-interest payment lands near $1,844/month.
How your rate and term change the payment
Locking your rate early matters more as loan size climbs — a rate that moves even an eighth of a point between your pre-approval and closing changes your payment by real dollars here. Ask your lender about a rate lock with a float-down option, which lets you capture a lower rate if rates drop before closing without losing your lock if they rise.
Don't forget taxes and insurance
Tax and insurance costs scale up meaningfully at this price — combined monthly costs commonly run $225 to $450 depending on state, so check your specific county's millage rate before finalizing your budget.
Shopping for the best rate
Getting pre-approved by both a traditional bank and a mortgage broker is worth the extra hour at this loan size — brokers can shop multiple wholesale lenders at once, while a bank may offer relationship discounts if you already hold accounts there. Compare both before committing.
Down payment options for a $350,000 home
Here's how different down payment sizes change your loan amount and monthly principal & interest on a $350,000 home, assuming a 6.9% rate on a 30-year term:
| Down payment | Loan amount | Monthly P&I |
|---|---|---|
| 5% ($17,500) | $332K | $2,190/mo + ~$194/mo PMI |
| 10% ($35,000) | $315K | $2,075/mo + ~$184/mo PMI |
| 15% ($52,500) | $298K | $1,959/mo + ~$174/mo PMI |
| 20% ($70,000) | $280K | $1,844/mo |
$350,000 home by loan term
Shorter terms typically carry lower rates but higher monthly payments. Here's the tradeoff on a $350,000 home with 20% down ($280K loan):
| Term | Monthly P&I | Total interest |
|---|---|---|
| 30-year at 6.90% | $1,844/mo | $384K |
| 20-year at 6.70% | $2,121/mo | $229K |
| 15-year at 6.25% | $2,401/mo | $152K |
| 10-year at 6.00% | $3,109/mo | $93K |
Who typically buys at this price point
$350,000 is a common price for family homes just under the national median, especially in mid-cost metros. See our affordability calculator to check this loan size against your full financial picture.
How much income do you need for a $350,000 home?
The 28% guideline puts qualifying income at about $97,782/year for a $350,000 home — but lenders ultimately look at your back-end ratio (total debt including the mortgage), typically capped around 43-45%. Closer to the median price point, that back-end number often matters more than the front-end housing-only figure. Check yours with our DTI Calculator.
What's a typical down payment on a $350,000 home?
Every extra dollar you put down beyond the minimum has an opportunity cost — money in a down payment isn't earning market returns elsewhere. At this loan size, some buyers choose 10-15% down and invest the difference rather than stretching to a full 20%, accepting PMI as the tradeoff. Our down payment guide walks through that math.