📊 SEPTEMBER 2026 — MEDIAN-PRICE HOME — FHA ELIGIBLE

Monthly Payment on a $350,000 Mortgage in 2026

At today's 6.37% rate, a $350K mortgage costs $1,747–$2,184/month P&I. FHA-eligible — just $12,250 down with a 580 score.

Sarah Mitchell, Senior Mortgage Advisor & VA Loan Specialist
Sarah Mitchell
Senior Mortgage Advisor & VA Loan Specialist
12 min readExpert
VA LoansFHA LoansFirst-Time Buyer Programs
$1,747
P&I (20% Down)
$2,184
P&I ($350K Loan)
$94K+
Income Needed
$12,250
FHA Min Down
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📊

$350,000 Mortgage Payment 2026

At 6.37% (Sept 2026), a $350K mortgage costs $2,184/mo P&I on the full loan, or $1,747/mo with 20% down on a $350K home. Income needed: $94K–$115K. FHA-eligible at 3.5% down ($12,250). Total 30-year interest: $436,240.

$1,747/mo
P&I (20% down)
$2,184/mo
P&I (full $350K)
$94K+
Income needed
$436,240
30yr interest
Source: Freddie Mac PMMS + FHA 2026 Loan Limits
Expert: Sarah Mitchell, Mortgage Analyst, 12+ years
Updated:
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Quick Answer: $350K Mortgage Payment 2026

30-year at 6.37%:
• $350K loan (0% down VA): $2,184/mo P&I
• 20% down on $350K home: $280K loan → $1,747/mo P&I
• FHA 3.5% down: $2,656/mo PITI (incl. MIP)
• Income needed: $85,000–$115,000/year
• 15-year: $2,906/mo — saves $263,160 interest

$350K Home: Payment by Down Payment (2026)

$350,000 home, 30-year fixed at 6.37%. PITI includes ~$350/mo taxes + $100/mo insurance. *FHA row at ~6.12% FHA rate.

Down PaymentDown AmountLoanP&I/moPMI/MIPEst. PITIIncome Needed
0% (VA)$0$350,000$2,184$0 (VA)$2,634$112,900
3.5% (FHA)$12,250$337,750$2,051*$155 MIP$2,656$113,800
5%$17,500$332,500$2,074$153$2,677$114,700
10%$35,000$315,000$1,965$79$2,494$106,900
20%★ No PMI$70,000$280,000$1,747$0$2,197$94,200
30%$105,000$245,000$1,528$0$1,978$84,800

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On a $350K loan, a 0.50% rate gap = $110/month = $39,600 over 30 years. Soft pull only — no SSN needed.

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15 vs 20 vs 30-Year on $350,000 (2026)

TermRateMonthly P&ITotal InterestSaved vs 30yr
30-Year Fixed6.37%$2,184$436,240—
20-Year Fixed6.12%$2,533$257,920$178,320
15-Year Fixed5.75%$2,906$173,080$263,160

Frequently Asked Questions

What is the monthly payment on a $350,000 mortgage in 2026?
At the September 2026 30-year fixed rate of 6.37%, a $350,000 loan costs $2,184/month for principal and interest. On a $350,000 home with 20% down ($70,000), the loan is $280,000 and P&I is $1,747/month. Full PITI runs $1,978–$2,724/month depending on down payment. A 15-year mortgage at 5.75% costs $2,906/month P&I but saves $263,160 in interest.Check your personalized rate →
What income do I need for a $350,000 mortgage?
Income needed for a $350,000 home purchase in 2026: With 20% down, PITI ≈ $2,197/month. Using the 28% front-end rule: $2,197 / 0.28 = $94,200/year. With 36% max DTI: $73,200/year with zero other debt. With 5% down, PITI ≈ $2,677/month → income needed ≈ $114,700/year (28% rule). Most $350K buyers earn $85,000–$120,000 household income — near the US median.Check your personalized rate →
Can I use an FHA loan for a $350,000 home?
Yes — $350,000 is well under the 2026 FHA loan limit of $498,257 in most counties. FHA requires just 3.5% down ($12,250 on a $350K home) and accepts credit scores of 580+. FHA payment on $350K home: $337,750 loan at ~6.12% = $2,051/mo P&I + ~$155/mo MIP + taxes/insurance ≈ $2,656/mo PITI. FHA MIP lasts the life of the loan if you put under 10% down.Check your personalized rate →
What is the total interest on a $350,000 mortgage?
Total interest on a $350,000 mortgage at 6.37% over 30 years: Monthly P&I $2,184 × 360 payments = $786,240 total paid → $436,240 in interest (124.6% of the loan). At 7.00%: $2,329/mo, $488,440 interest. On a 15-year at 5.75%: $2,906/mo, $173,080 interest — saving $263,160 vs the 30-year.Check your personalized rate →
How much cash do I need to buy a $350,000 home in 2026?
Total cash to buy a $350,000 home in 2026: 20% down path: $70,000 down + $7,000–$10,500 closing costs + $6,600–$13,200 reserves = $83,600–$93,700. FHA 3.5% path: $12,250 down + ~$10,000 closing + reserves = ~$28,000–$35,000. VA path: $0 down + ~$9,000 closing = ~$15,000–$20,000. Down payment assistance programs can cover $5,000–$15,000 of the FHA path in most states.Check your personalized rate →
What credit score do I need for a $350,000 mortgage?
For a $350,000 conventional mortgage in 2026: minimum 620, but 740+ gets the best rate. Rate impact on $350K loan: 760+ score ≈ 6.37% ($2,184/mo), 700 score ≈ 6.62% ($2,241/mo), 660 score ≈ 7.00% ($2,329/mo). The 660 vs 760 gap costs $145/month = $52,200 over 30 years. FHA accepts 580+ (3.5% down) or 500–579 (10% down). VA typically needs 620+.Check your personalized rate →

Complete Payment Series

$300,000 Mortgage Monthly Payment

$1,496–$1,872/mo. Income $80K+.

$400,000 Mortgage Monthly Payment

$1,996–$2,493/mo. Median US home.

$500,000 Mortgage Monthly Payment

$2,494–$3,119/mo. Income $135K+.

Down Payment Assistance Programs

$5K–$15K grants in most states.

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Sarah Mitchell - Senior Mortgage Advisor & VA Loan Specialist

Meet Sarah

Senior Mortgage Advisor & VA Loan Specialist

12+ years Experience45+ ArticlesNMLS Licensed

Sarah Mitchell brings over 12 years of mortgage industry expertise, specializing in VA loans and first-time homebuyer programs. As a certified NMLS professional, she has helped thousands of veterans and military families achieve homeownership through specialized loan programs. Her deep understanding of VA benefits and down payment assistance programs makes her a trusted advisor for service members transitioning to civilian life.

EXPERTISE:

VA LoansFHA LoansFirst-Time Buyer ProgramsDown Payment Assistance

KEY ACHIEVEMENT:

Helped 2,500+ veterans secure home loans

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