Monthly Payment on a $350K Mortgage in Connecticut
Using Connecticut's 2.15% property tax rate and $2,100/yr homeowners insurance.
$350K Mortgage in Connecticut: Rate Comparison
Monthly PITI payment using Connecticut's 2.15% property tax and $2,100/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $2,884 | $2,774 | $2,392 |
| 6.0% | $2,990 | $2,874 | $2,481 |
| 6.5% | $3,098 | $2,977 | $2,572 |
| 7.0% | $3,208 | $3,082 | $2,665 |
| 7.5% | $3,321 | $3,188 | $2,760 |
| 8.0% | $3,436 | $3,297 | $2,857 |
How This Compares to Connecticut's Median
A $350K home is 14% below Connecticut's median of $405K. You'll find homes at this price in cities like Bridgeport, Groton, New Haven, Bristol, Meriden, West Haven.
Income Needed for a $350K Home in Connecticut
To afford this payment of $2,977/mo in Connecticut, you'd need a household income of approximately $128K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $130K salary can afford →Closing Costs in Connecticut
Estimated closing costs in Connecticut: $7K (2.1% of purchase price). Connecticut also charges a 1.25% transfer tax, which may add $4,375 to your transaction costs.
What to Know About a $350K Mortgage in Connecticut
Note that Connecticut's 2.15% property tax rate adds $627/mo to your payment — significantly more than the national average of roughly 1.1%. On a $350K home, that's $7,525/year in property taxes alone. This is a major factor in your total payment and something to budget for carefully.
With 10% down ($35,000), your loan of $315,000 at 6.5% over 30 years produces a principal and interest payment of $1,991/mo. Adding Connecticut's 2.15% property tax ($627/mo) and $2,100/yr insurance ($175/mo) brings your total to $2,977/mo. Because you're putting less than 20% down, PMI adds $184/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $401,765 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $37,688 over the life of the loan.