Can I Afford a $350K Home in Texas?
Complete mortgage breakdown for a $350,000 home in Texas, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $10,500 | $3,139 | $134,519 |
| 5% | $17,500 | $3,090 | $132,408 |
| 10% | $35,000 | $2,966 | $127,131 |
| 20% | $70,000 | $2,603 | $111,577 |
Monthly Cost Breakdown (Texas)
Affordability Rules of Thumb
Buying a $350K Home in Texas
A $350,000 home in Texas falls in the mid-range of the housing market. At $2,603/month with 20% down, you'll need a household income of about $111,577 to comfortably afford this home under the 28% rule. Property taxes in Texas (1.6%) add $467 monthly to your costs.
These estimates assume a 6.95% 30-year fixed mortgage rate. Use our mortgage calculator for custom scenarios, or check what salary you can afford in Texas.
Other Home Prices in Texas
$350K Homes in Other States
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Savings benchmarks and projections for someone at this income.
Frequently Asked Questions
How much is a mortgage on a $350K home in Texas?
With 20% down on a $350K home in Texas, your estimated monthly payment is $2,603 including principal, interest (6.95%), property taxes (1.6%), and homeowners insurance.
What salary do you need for a $350K house in Texas?
To afford a $350K home in Texas with 20% down, you'd need a household income of approximately $111,577 per year, using the 28% rule (housing costs should not exceed 28% of gross income).
How much are property taxes on a $350K home in Texas?
Property taxes on a $350K home in Texas are approximately $5,600 per year ($467/month), based on the average effective property tax rate of 1.6%.
What is the total cost of a $350K home in Texas over 30 years?
The total cost of a $350K home in Texas over 30 years includes the down payment of $70,000 plus $2,603 monthly for 360 months. This totals approximately $1,007,243, including all property taxes, insurance, and interest.
Is PMI required on a $350K home in Texas?
No, PMI is not required because you're putting down 20% or more. However, if you put down less than 20%, PMI typically adds ~0.5% of the loan amount annually to your monthly payment.