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Thinking about getting a $350,000 mortgage to buy a house? You should be aware of the up-front costs and budget for the monthly payments that come with having a mortgage.
How much a $350K mortgage will cost each month will depend on a number of variables, including interest rate and loan terms.
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Total Cost of a $350K Mortgage
In addition to the monthly mortgage payment, there are other one-time and ongoing costs that homebuyers should consider when estimating the amount of property they can afford.
The largest upfront cost associated with a mortgage is likely the downpayment on the property. The average down payment on a house is currently 2013, but if a buyer wants to avoid costs, such as private mortgage insurance, they may need to put down at least 2020% of the total amount.
If a buyer puts 20% down and takes out a $350K mortgage, they’re likely putting down around $87,500.
Before closing, buyers are required to cover some or all of the following costs in addition to a down payment:
• Abstract and recording fees: $200 to $1,200 and $125, on average, respectively
• Application fees: up to $500
• Appraisal fees: $300 to $400
• Attorney fees: $150 to $400/hour
• Home inspection fee: $300 to $500, on average
• Title search and title insurance fees: $75 to $200
Even though none of these expenses are negotiable, it’s still important to consider what you would like in a new house, such as furniture and the cost of hiring movers. Quick Tip: Buying a home shouldn’t be aggravating. With committed Mortgage Loan Officers to assist you throughout, SoFi’s online mortgage application is quick and easy.
A $350,000 mortgage has monthly payments, but homeowners also have long-term expenses to consider. It’s important to factor in the costs of maintenance and repair to a property over time.
In general, it’s good to follow the 1% savings rule. This implies that a homeowner should strive to set aside 1% of the home’s annual purchase price and designate it for maintenance or repairs.
By putting this money aside up front, homeowners can avoid using emergency funds to fix a leaky roof or repair their HVAC system.
Monthly Payment Breakdown by APR and Term
When a buyer applies for a $350,000 mortgage, the annual percentage rate (APR) they receive will change depending on market rates and their credit history.
APR and the mortgage term will impact the total mortgage paid each month. As you can see, compared to a 30-year loan, the monthly payments for a 15-year loan can be significantly higher. Remember, though, that over its lifetime, the 30-year mortgage is typically more costly because interest costs are higher.
| Interest rate | 15-year term | 30-year term |
|---|---|---|
| 3% | $2,417 | $1,475 |
| 3.5% | $2,502 | $1,571 |
| 4% | $2,588 | $1,670 |
| 4.5% | $2,677 | $1,773 |
| 5% | $2,767 | $1,878 |
| 5.5% | $2,860 | $1,987 |
| 6% | $2,953 | $2,098 |
| 6.5% | $3,049 | $2,212 |
| 7% | $3,146 | $2,329 |
Remember that these figures do not include estimates for property taxes or insurance, which could be added to monthly payments.
Consider using a mortgage calculator to determine monthly mortgage estimates based on APR and loan terms.
How much does a $350,000 house cost you? – Is your Mortgage a Scam?
FAQ
How much is a 350K mortgage monthly?
What credit score is needed for a $350 000 house?
How much are repayments on a 350K mortgage?
|
Term (years)
|
Monthly Repayment
|
Interest Paid
|
|
30 years
|
£1,773
|
£288,423
|
|
25 years
|
£1,945
|
£233,624
|
|
20 years
|
£2,214
|
£181,425
|
|
15 years
|
£2,677
|
£131,946
|
What is a good down payment for a 350K house?
How much is a mortgage on a 350,000 home?
Assuming you have a 20% down payment ($70,000), your total mortgage on a $350,000 home would be $280,000 . For a 30-year fixed mortgage with a 3.5% interest rate, you would be looking at a $1,257 monthly payment. Please keep in mind that the exact cost and monthly payment for your mortgage will vary, depending its length and terms.
How much does a 30-year mortgage cost?
Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details. For a $350,000 house, 30-year mortgage at a 3.5% interest rate having a $70,000 down payment you’d pay around $1,257. But the exact costs of your mortgage will depend on its length, the rate you get and other factors.
How much interest will I pay on a 350K mortgage?
The total amount of interest you’ll pay on a $350K mortgage will depend on your interest rate – sometimes known as annual percentage rate (APR) – and the length of your loan term. Let’s say, hypothetically, that you end up with a 30-year mortgage loan featuring a 7% APR. In this case, the total amount you’ll pay in interest will be $488,281.14.
How much down payment do you need for a 350,000 mortgage?
The down payment needed for a $350,000 mortgage will vary depending on which type of loan you choose and the purchase price of your home. For example, if you buy a home for $380,000, you’ll need to make a down payment of $30,000 to end up with a $350,000 mortgage.