Mortgage Calculator — 5% Down, First-Time Buyer
First-time buyer: $350K home with 5% down ($17,500). Shows PMI cost and total monthly payment.
Quick Answer
Monthly payment: $2,212
Down payment
$17,500
Loan amount
$332,500
Monthly P&I
$2,212
Total interest
$463,867
Total cost
$813,867
- ✓At 7%, you pay $463,867 in interest over 30 years — 140% on top of the loan
- ✓Income needed (28% rule): $94,806/year gross
- ✓5% down triggers PMI until you reach 20% equity (~$52,500 more needed)
- ✓A 15-year mortgage at similar rates roughly halves total interest paid
Monthly P&I
$2,212.13
PMI (if applicable)
$207.81/mo
Property Tax (est.)
$350.00/mo
Total Monthly Payment
$2,894.94
Total Interest Paid
$463,867.09
Loan Amount
$332,500.00
PMI (~0.5–1%) required for down payments under 20%. Property tax estimated at 1.2% annually.
Frequently Asked Questions
What is the monthly payment on a $350,000 home at 7%?
$2,212 per month for principal and interest on a 30-year fixed mortgage with 5% down ($332,500 loan). This doesn't include property tax, homeowners insurance, or HOA fees, which typically add $300–800/month.
How much total interest do I pay on this mortgage?
$463,867 in interest over 30 years. On a 30-year term at 7%, interest adds up significantly. Choosing a 15-year mortgage at a similar rate would roughly halve total interest paid, though monthly payments would be higher.
What salary do I need to afford a $350,000 home?
Using the 28% front-end rule, you'd need approximately $95,000/year in gross income. Lenders also check total debt-to-income (≤36% guideline), so existing car payments or student loans reduce your maximum home price.
Does 5% down make sense, or should I put more down?
5% down will require PMI until you reach 20% equity. Weigh the PMI cost (~$50–200/month) against keeping cash liquid. If PMI costs less than potential investment returns on the saved cash, a lower down payment can make sense.
Related Scenarios
Mortgage Calculator — $300K, 30 Years, 7% Rate
Monthly payment on a $300,000 mortgage at 7% interest rate, 30-year term.
Mortgage Calculator — $500K, 15-Year Term
Monthly payment and total interest on a $500,000 home with a 15-year mortgage.
Mortgage Calculator — $400K at 6.8% Rate
Monthly mortgage payment on a $400,000 home at the current average rate of 6.8%.
Results are estimates for informational purposes only and do not constitute financial advice. Tax figures use 2026 US rates. Consult a licensed financial advisor before making financial decisions.Last updated: April 2026