What Is the Monthly Payment on a $350,000 Loan at 7%?

Homebuying Basics

Feb 17

If you are house hunting and wondering what a $350,000 loan actually costs at today’s rates, you are asking the right question.

Let’s break it down clearly.

Assuming:

The principal and interest payment would be approximately:

$2,328 per month

This does not include taxes, insurance, or HOA dues. It is strictly principal and interest.

Most homeowners pay more than just principal and interest.

Here is a realistic example of what a full monthly payment could look like in Louisiana:

That could put your total monthly payment somewhere between:

$2,900 to $3,400 per month, depending on taxes, insurance, and down payment.

The only way to know your exact number is to run your scenario based on:

Most lenders allow a debt-to-income ratio between 45% and 50%, depending on the program.

As a rough estimate, you would likely need household income in the range of:

$75,000 to $95,000+ per year

That depends heavily on:

This is why online calculators only tell part of the story.

If that number feels high, here are a few ways buyers adjust:

Sometimes even a small change in rate or price can shift the payment by a few hundred dollars per month.

Online estimates are helpful, but your actual payment depends on your specific profile and the property you are considering.

If you are buying in Louisiana and want a precise breakdown and pre-approval, I can run the numbers for you and show you:

Erica Roberts

What Is the Monthly Payment on a $300,000 Loan at 7%?