Mortgage Calculator with PMI (Private Mortgage Insurance)
Estimate mortgage payments with less than 20% down. See how much Private Mortgage Insurance (PMI) adds to your bill.
Loan Details
Taxes & Insurance
Estimated Monthly Payment
Payoff Date
September 2056
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Affordability Analysis for $350,000
Since you are putting less than 20% down, lenders require PMI. This usually costs 0.5% - 1% of the loan amount per year until you reach 20% equity.
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 5% down, the Principal & Interest payment on this $350,000 home is approximately $2,102/mo. Including taxes, insurance, and PMI, the full PITI payment is about $2,762/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 $118,351 to comfortably afford this $350,000 home.
Do I need 20% down?
This scenario assumes 5% down ($17,500), which requires Private Mortgage Insurance (PMI) of roughly $208/mo until you reach 20% equity.