3% Down Payment Mortgage Calculator
Calculate payments for Conventional 97 loans. See monthly costs with just 3% down.
Loan Details
Taxes & Insurance
Estimated Monthly Payment
Payoff Date
February 2056
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Affordability Analysis for $350,000
Putting 3% down is a common option for first-time buyers. However, this will trigger Private Mortgage Insurance (PMI), which we estimate in the 'Insurance' section.
When planning for a home at this price point, it is critical to calculate not just the mortgage, but the "Unrecoverable Costs" of homeownership: property taxes, HOA fees, and maintenance (usually 1% of home value per year).
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FAQs for this Price Range
How much is the monthly payment for a $350,000 mortgage?
At a 6.5% interest rate, the Principal & Interest payment for a $350,000 loan is approximately $1769. However, with taxes and insurance (PITI), you should budget for about $2975 per month.
How much income do I need for a $350,000 house?
Using the 28% rule, lenders typically look for a gross annual income of approximately $127,499 to comfortably afford a $350,000 home.
Do I need 20% down?
No. You can buy this home with as little as 3-3.5% down ($12,250), but you will have to pay Private Mortgage Insurance (PMI).