What a $350K Mortgage Payment Looks Like?
July 30, 2025
8 minutes
Let’s face it: mortgage calculators can feel like black boxes. One moment you’re browsing $350,000 homes, and the next, you’re staring at a monthly payment that feels…off. You deserve to know exactly what goes into those numbers.
This guide will walk you through how much a $350K mortgage costs per month, including hidden costs like taxes, insurance, and PMI. Whether you’re a first-time buyer or upgrading, this guide will help you buy smart and stress-free.
Expect payments to vary between $2,200 and $2,900, depending on terms and credit profile, but we’ll show you how to get to the lower end of that range.
Key Takeaways:
- Understand the monthly payment on a $350K mortgage based on rate, term, and loan type.
- Learn how taxes, insurance, and PMI affect your total monthly cost.
- Get pro tips for improving affordability and avoiding surprise fees.
- See what influences your mortgage approval and how to qualify.
- Compare homebuying platforms and how they help you save more.
How Much Is a $350,000 Mortgage Payment Per Month?
Several factors affect your monthly mortgage payment:
- Loan term (15, 20, or 30 years)
- Interest rate (based on credit, market conditions)
- Down payment
- Property taxes & homeowners' insurance
- PMI (Private Mortgage Insurance) if under 20% down
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Save up to 1.5% at closing when you combine real estate and mortgage services with reAlpha.
Example Monthly Payments (Principal & Interest Only):
Term | Rate | Est. Monthly Payment |
|---|---|---|
| 30 years | 6.5% | $2,212 |
| 20 years | 6.25% | $2,559 |
| 15 years | 6.00% | $2,954 |
Source: Based on 2025 national mortgage averages. Always verify with a licensed lender.
Now Add the Extras:
- Property Taxes: ~$300–$500/month, depending on location
- Homeowners Insurance: ~$100/month
- PMI (if <20% down): ~$100–$200/month
Total Monthly Cost Range: $2,700 – $3,500
What Affects Your Mortgage Rate and Approval?
- Credit Score: 740+ unlocks the best rates
- Debt-to-Income Ratio (DTI): Lenders prefer <43%
- Down Payment: 20% avoids PMI
- Loan Type: Conventional, FHA, Jumbo, etc.
- Income & Employment Stability: Proven, verifiable income wins
Pro Tip: Use reAlpha Mortgage to compare rates, unlock better terms, and even boost your approval odds. It’s built for all types of borrowers - from first-time buyers to savvy investors.
Tips to Make a $350K Mortgage More Affordable
- Improve your credit score before applying
- Increase your down payment to avoid PMI
- Shop multiple lenders, rates vary wildly
- Consider 30 vs. 15 years: Longer term = lower payment
- Ask about lender credits to reduce upfront costs.
You don’t have to overpay to get the home you love. Explore commission-free options that can save thousands in closing costs.
Why the Right Platform Matters When Buying a Home?
The homebuying process is complex, but the right partners make it easier.
Realpha: Commission-Free Homebuying
- Browse, buy, and save, without traditional agent fees
- Use your agent or get matched
- Ideal for cost-conscious buyers who want transparency
Buying a Home? Get up to 1.5% Cash Back at Closing
Get pre-approval first, then start exploring homes knowing you can receive up to 1.5% of the home price back at closing.
reAlpha Mortgage: Buy Smarter, Save Bigger
- reAlpha Mortgage lets you shop home loans, lock better rates, and earn real cash rebates while buying.
- Ideal for all borrower types - from first-timers to self-employed to seasoned investors.
- NMLS #1743790
Heads up: reAlpha and reAlpha Mortgage work hand-in-hand to streamline your entire buying journey - from browsing listings to locking your loan - while helping you earn serious rebates.
FAQs
How much income do I need for a $350K mortgage?
Assuming a 6.5% rate and 30-year term, you’d typically need $80K–$100K in annual income, depending on debts. Lenders use your debt-to-income ratio to assess this.
Can I get a $350K mortgage with bad credit?
It’s possible, but expect a higher rate or stricter conditions. Consider working with lenders on platforms like BMN, which offer flexible options.
What’s included in a mortgage payment?
Principal, interest, property taxes, homeowners' insurance, and possibly PMI. Some lenders escrow taxes and insurance.
Do I need 20% down for a $350K mortgage?
No. You can often qualify with as little as 3–5%, though you’ll likely pay PMI.
How can I reduce my mortgage payment?
Buy down your rate, improve credit, put more down, or choose a longer term.
Conclusion: Buy Smarter. Save Thousands. Get Cash Back.
Buying a home is a big decision - and having the right information puts you ahead. But the real advantage comes from pairing smart research with a smarter way to buy.
When you use a reAlpha real estate company, you can be eligible to receive up to 1% of the home purchase price back as a credit at closing. Add reAlpha Mortgage, and that rebate can increase to up to 1.5% back, helping offset closing costs and keep more money in your pocket when it matters most.
The rebate is simple, transparent, and applied directly at closing - no complicated hoops, no delayed payouts. Just real savings tied to using a fully integrated homebuying experience.
See how much you could save:
- Check your eligibility
- Explore homes that fit your budget today.
- Your next move could come with thousands back at closing.
Start your smarter homebuying journey today → Explore your savings
Disclosures:
- reAlpha is a real estate platform offering a unique buyer rebate program - not a lender or broker.
- reAlpha Mortgage, NMLS #1743790, is a licensed mortgage company offering home loans and rebate-integrated financing solutions.
- All rates are hypothetical examples; actual rates vary and are subject to change without notice.
- This content does not constitute a commitment to lend. Always consult with a licensed loan officer.
- APR, terms, and eligibility may vary based on borrower profile, state regulations, and lender policies.
Need more personalized help? Start your home journey at Realpha or reAlpha Mortgage today.
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Article by
Rocky Billore is a mortgage industry leader and Chief Sales Officer with over two decades of experience across residential and commercial lending. Since entering the industry in 2004, he has been directly involved in funding more than $1.4 billion in loans. A recognized expert in VA and government lending, Rocky combines deep program knowledge with a data driven, relationship-first leadership style. His work focuses on building scalable sales organizations, developing high performing teams, and aligning technology with real world lending outcomes to improve the homeownership experience.