3.5% Down FHA Mortgage Calculator
Estimate FHA loan payments with 3.5% down. Includes Mortgage Insurance Premium (MIP) estimates.
Loan Details
Taxes & Insurance
Estimated Monthly Payment
Payoff Date
September 2056
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Affordability Analysis for $350,000
3.5% down is the FHA standard. Remember that FHA loans carry permanent mortgage insurance unless you put 10% down initially.
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 6.5% interest with 3.5% down, the Principal & Interest payment on this $350,000 home is approximately $2,135/mo. Including taxes, insurance, and PMI, the full PITI payment is about $2,798/mo.
How much income do I need for a $350,000 house?
Using the 28% rule and this scenario's actual 1.2% tax rate, lenders typically look for a gross annual income of approximately $119,914 to comfortably afford this $350,000 home.
Do I need 20% down?
This scenario assumes 3.5% down ($12,250), which requires Private Mortgage Insurance (PMI) of roughly $211/mo until you reach 20% equity.