Monthly Payment on a $350K Mortgage in Georgia
Using Georgia's 0.92% property tax rate and $2,200/yr homeowners insurance.
$350K Mortgage in Georgia: Rate Comparison
Monthly PITI payment using Georgia's 0.92% property tax and $2,200/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $2,534 | $2,424 | $2,041 |
| 6.0% | $2,639 | $2,524 | $2,130 |
| 6.5% | $2,747 | $2,626 | $2,221 |
| 7.0% | $2,858 | $2,731 | $2,315 |
| 7.5% | $2,971 | $2,838 | $2,409 |
| 8.0% | $3,085 | $2,947 | $2,506 |
How This Compares to Georgia's Median
A $350K home is close to Georgia's median of $340K — this represents a typical purchase in the state. Cities at this price range include Newnan, Savannah, Athens, Cartersville.
Income Needed for a $350K Home in Georgia
To afford this payment of $2,626/mo in Georgia, you'd need a household income of approximately $113K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $110K salary can afford →Closing Costs in Georgia
Estimated closing costs in Georgia: $5K (1.5% of purchase price). Georgia also charges a 0.1% transfer tax, which may add $350 to your transaction costs.
What to Know About a $350K Mortgage in Georgia
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 Georgia's 0.92% property tax ($268/mo) and $2,200/yr insurance ($183/mo) brings your total to $2,626/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.