What's the monthly mortgage payment on a $350k house? Loan price for a $350,000 house with a 4.00% interest rate.
Monthly payment = $1,337
Total yearly payments = $16,041
Payments by Interest Rate
3.500% | $1,257 |
3.625% | $1,277 |
3.750% | $1,297 |
3.875% | $1,317 |
4.000% | $1,337 |
4.125% | $1,357 |
4.250% | $1,377 |
4.375% | $1,398 |
4.500% | $1,419 |
Payments by Amount Down
3.5% | $12,250 | $1,612 |
5.0% | $17,500 | $1,587 |
7.5% | $26,250 | $1,546 |
10% | $35,000 | $1,504 |
15% | $52,500 | $1,420 |
20% | $70,000 | $1,337 |
25% | $87,500 | $1,253 |
30% | $105,000 | $1,170 |
50% | $175,000 | $835 |
Payments by Loan Length
10 years | $2,835 |
15 years | $2,071 |
20 years | $1,697 |
30 years | $1,337 |
40 years | $1,170 |
Interest only | $933 |
Mortgage Tips
- Credit score matters. Get a free copy of your credit report to make sure there are no errors which might negatively affect your credit score.
- Shop around. Make sure to get multiple mortgage quotes. Over 30 years, a difference of 0.25% in APR might end up being over $10,000 in extra payments!
- Bigger down payments are better. You can often qualify for a mortgage with as little as 3.5% down. But, unless your down payment is at least 20%, you will likely have to pay Private Mortgage Insurance (PMI). This can add significant cost to the price of the mortgage.
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 4.00% loan:
3.5% | $12,250 | $94,106 |
5.0% | $17,500 | $93,032 |
7.5% | $26,250 | $91,241 |
10% | $35,000 | $89,451 |
15% | $52,500 | $85,870 |
20% | $70,000 | $82,290 |
25% | $87,500 | $78,709 |
30% | $105,000 | $75,129 |
50% | $175,000 | $60,806 |
Average House Prices by State
What is the average price for a house or condo in each state of the U.S.?
Source: Zillow, March 2020
Alabama | 46 | $143,100 |
Alaska | 13 | $300,100 |
Arizona | 18 | $277,600 |
Arkansas | 48 | $130,900 |
California | 2 | $578,300 |
Colorado | 5 | $408,800 |
Connecticut | 21 | $259,900 |
Delaware | 22 | $257,500 |
Florida | 24 | $252,300 |
Georgia | 31 | $206,800 |
Hawaii | 1 | $642,500 |
Idaho | 15 | $298,300 |
Illinois | 32 | $204,800 |
Indiana | 41 | $158,700 |
Iowa | 42 | $154,700 |
Kansas | 43 | $153,900 |
Kentucky | 45 | $150,000 |
Louisiana | 39 | $170,400 |
Maine | 25 | $249,600 |
Maryland | 10 | $313,000 |
Massachusetts | 3 | $433,900 |
Michigan | 38 | $177,000 |
Minnesota | 19 | $263,700 |
Mississippi | 49 | $127,500 |
Missouri | 40 | $165,700 |
Montana | 17 | $288,900 |
Nebraska | 37 | $178,900 |
Nevada | 11 | $309,700 |
New Hampshire | 14 | $299,300 |
New Jersey | 8 | $342,500 |
New Mexico | 28 | $210,100 |
New York | 9 | $328,700 |
North Carolina | 30 | $208,000 |
North Dakota | 26 | $237,500 |
Ohio | 44 | $153,600 |
Oklahoma | 47 | $132,500 |
Oregon | 6 | $372,900 |
Pennsylvania | 34 | $198,400 |
Rhode Island | 12 | $308,700 |
South Carolina | 36 | $190,600 |
South Dakota | 29 | $209,700 |
Tennessee | 35 | $192,600 |
Texas | 27 | $211,200 |
Utah | 7 | $355,500 |
Vermont | 20 | $261,300 |
Virginia | 16 | $291,000 |
Washington | 4 | $428,900 |
West Virginia | 50 | $107,100 |
Wisconsin | 33 | $202,700 |
Wyoming | 23 | $256,100 |