How much income for a 350k mortgage

If you’re ready to buy a home, you might wonder how to budget for your target home cost. Here’s a breakdown of what you might face monthly, in interest and over the life of a $350,000 mortgage.

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Monthly payments on a $350,000 mortgage by interest rate
Your total interest on a $350,000 mortgage
Compare mortgage lenders
How much do I need to make to afford a $350,000 house?
Amortization schedule
Bottom line
How much income is needed for a 300K mortgage?
How much income do you need to qualify for a $400 000 mortgage?
What is the monthly payment on a 350k mortgage?
How much do I need to make a month to buy a 300K house?

And you can start by using our calculator to determine what your base monthly payment might be.

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Mortgage rates starting at 5% APY

Monthly payments on a $350,000 mortgage by interest rate

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $1,432.25 a month, while a 15-year might cost $2,588.91 a month.

Interest	Mortgage term	Monthly payments
3.0%	15 years	$2,417.04
3.0%	30 years	$1,475.61
3.25%	15 years	$2,459.34
3.25%	30 years	$1,523.22
3.5%	15 years	$2,502.09
3.5%	30 years	$1,571.66
3.75%	15 years	$2,545.28
3.75%	30 years	$1,620.90
4.0%	15 years	$2,588.91
4.0%	30 years	$1,670.95
4.25%	15 years	$2,632.97
4.25%	30 years	$1,721.79
4.5%	15 years	$2,677.48
4.5%	30 years	$1,773.40
4.75%	15 years	$2,722.41
4.75%	30 years	$1,825.77
5.0%	15 years	$2,767.78
5.0%	30 years	$1,878.88
5.25%	15 years	$2,813.57
5.25%	30 years	$1,932.71
5.5%	15 years	$2,859.79
5.5%	30 years	$1,987.26

Your total interest on a $350,000 mortgage

On a 30-year mortgage with a 4% fixed interest rate, you’ll pay $365,415.19 in interest over the life of your loan. That’s about two-thirds of what you borrowed in interest.

If you instead opt for a 15-year mortgage, you’ll pay $164,762.85 in interest over the life of your loan — or about half of the interest you’d pay on a 30-year mortgage.

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How much do I need to make to afford a $350,000 house?

As a general rule, your mortgage payment shouldn’t exceed one-third of your monthly income. So with a 20% down payment on a 30-year mortgage and a 4% interest rate, you’d need to make at least $50,000 a year before tax. Ultimately, how much you need to make depends on your down payment, loan terms, taxes and insurance.

Amortization schedule

When you take out a mortgage, you agree to pay the principal and interest over the life of the loan. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.

Amortization means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your balance.

Estimate your monthly loan repayments on a $350,000 mortgage at 4% fixed interest with our amortization schedule over 15 and 30 years.

30-year loan
15-year loan

Year	Beginning balance	Monthly payment	Total interest paid	Total principal paid	Total payed throught the year	Remaining balance
1	$350,000.00	$1,670.95	$13,887.83	$6,163.57	$18,380.45	$343,836.43
2	$343,836.43	$1,670.95	$13,636.71	$6,414.69	$20,051.40	$337,421.74
3	$337,421.74	$1,670.95	$13,375.35	$6,676.05	$20,051.40	$330,745.69
4	$330,745.69	$1,670.95	$13,103.37	$6,948.03	$20,051.40	$323,797.66
5	$323,797.66	$1,670.95	$12,820.29	$7,231.11	$20,051.40	$316,566.55
6	$316,566.55	$1,670.95	$12,525.68	$7,525.72	$20,051.40	$309,040.83
7	$309,040.83	$1,670.95	$12,219.07	$7,832.33	$20,051.40	$301,208.50
8	$301,208.50	$1,670.95	$11,899.97	$8,151.43	$20,051.40	$293,057.07
9	$293,057.07	$1,670.95	$11,567.87	$8,483.53	$20,051.40	$284,573.54
10	$284,573.54	$1,670.95	$11,222.24	$8,829.16	$20,051.40	$275,744.38
11	$275,744.38	$1,670.95	$10,862.52	$9,188.88	$20,051.40	$266,555.50
12	$266,555.50	$1,670.95	$10,488.16	$9,563.24	$20,051.40	$256,992.26
13	$256,992.26	$1,670.95	$10,098.54	$9,952.86	$20,051.40	$247,039.40
14	$247,039.40	$1,670.95	$9,693.05	$10,358.35	$20,051.40	$236,681.05
15	$236,681.05	$1,670.95	$9,271.04	$10,780.36	$20,051.40	$225,900.69
16	$193,627.38	$1,670.95	$8,831.81	$11,219.59	$20,051.40	$214,681.10
17	$214,681.10	$1,670.95	$8,374.71	$11,676.69	$20,051.40	$203,004.41
18	$203,004.41	$1,670.95	$7,899.00	$12,152.40	$20,051.40	$190,852.01
19	$190,852.01	$1,670.95	$7,403.87	$12,647.53	$20,051.40	$178,204.48
20	$178,204.48	$1,670.95	$6,888.59	$13,162.81	$20,051.40	$165,041.67
21	$165,041.67	$1,670.95	$6,352.30	$13,699.10	$20,051.40	$151,342.57
22	$151,342.57	$1,670.95	$5,794.19	$14,257.21	$20,051.40	$137,085.36
23	$137,085.36	$1,670.95	$5,213.33	$14,838.07	$20,051.40	$122,247.29
24	$122,247.29	$1,670.95	$4,608.80	$15,442.60	$20,051.40	$106,804.69
25	$106,804.69	$1,670.95	$3,979.67	$16,071.73	$20,051.40	$90,732.96
26	$90,732.96	$1,670.95	$3,324.86	$16,726.54	$20,051.40	$74,006.42
27	$74,006.42	$1,670.95	$2,643.41	$17,407.99	$20,051.40	$56,598.43
28	$56,598.43	$1,670.95	$1,934.19	$18,117.21	$20,051.40	$38,481.22
29	$38,481.22	$1,670.95	$1,196.06	$18,855.34	$20,051.40	$19,625.88
30	$19,625.88	$1,670.95	$427.87	$19,625.88	$20,053.75	$0.00

Year	Beginning balance	Monthly payment	Total interest paid	Total principal paid	Total payed throught the year	Remaining balance
1	$350,000.00	$2,588.91	$13,683.61	$17,383.31	$31,066.92	$332,616.69
2	$332,616.69	$2,588.91	$12,975.40	$18,091.52	$31,066.92	$314,525.17
3	$314,525.17	$2,588.91	$12,238.29	$18,828.63	$31,066.92	$295,696.54
4	$295,696.54	$2,588.91	$11,471.20	$19,595.72	$31,066.92	$276,100.82
5	$276,100.82	$2,588.91	$10,672.85	$20,394.07	$31,066.92	$255,706.75
6	$255,706.75	$2,588.91	$9,841.95	$21,224.97	$31,066.92	$234,481.78
7	$234,481.78	$2,588.91	$8,977.22	$22,089.70	$31,066.92	$212,392.08
8	$212,392.08	$2,588.91	$8,077.23	$22,989.69	$31,066.92	$189,402.39
9	$189,402.39	$2,588.91	$7,140.63	$23,926.29	$31,066.92	$165,476.10
10	$165,476.10	$2,588.91	$6,165.83	$24,901.09	$31,066.92	$140,575.01
11	$140,575.01	$2,588.91	$5,151.31	$25,915.61	$31,066.92	$114,659.40
12	$114,659.40	$2,588.91	$4,095.46	$26,971.46	$31,066.92	$87,687.94
13	$87,687.94	$2,588.91	$2,996.62	$28,070.30	$31,066.92	$59,617.64
14	$59,617.64	$2,588.91	$1,852.98	$29,213.94	$31,066.92	$30,403.70
15	$30,403.70	$2,588.91	$662.76	$30,403.70	$31,066.46	$0.00

Bottom line

Buying a house is among the biggest investments you’ll make. Knowing how much you might pay each month on your $350,000 mortgage — including how much of your payment goes toward your interest over the principal — makes comparing your options when shopping for a lender that much easier.

Learn more about how home loans work in our comprehensive guide to mortgages.

Jing Jun Ma is a tech and data expert with more than a decade of experience in digital marketing and programming. He wrangles data to make it useful for consumers facing a decision.

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How much income is needed for a 300K mortgage?

How much do I need to make to buy a $300K house? To purchase a $300K house, you may need to make between $50,000 and $74,500 a year. This is a rule of thumb, and the specific salary will vary depending on your credit score, debt-to-income ratio, the type of home loan, loan term, and mortgage rate.

How much income do you need to qualify for a $400 000 mortgage?

What income is required for a 400k mortgage? To afford a $400,000 house, borrowers need $55,600 in cash to put 10 percent down. With a 30-year mortgage, your monthly income should be at least $8200 and your monthly payments on existing debt should not exceed $981.

What is the monthly payment on a 350k mortgage?

Monthly payments on a $350,000 mortgage by interest rate At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $1,432.25 a month, while a 15-year might cost $2,588.91 a month.

How much do I need to make a month to buy a 300K house?

To afford a house that costs $300,000 with a down payment of $60,000, you'd need to earn $44,764 per year before tax. The monthly mortgage payment would be $1,044. Salary needed for 300,000 dollar mortgage. This page will calculate how much you need to earn to buy a house that costs $300,000.