Monthly Payment on a $350K Mortgage in Idaho
Using Idaho's 0.63% property tax rate and $1,600/yr homeowners insurance.
$350K Mortgage in Idaho: Rate Comparison
Monthly PITI payment using Idaho's 0.63% property tax and $1,600/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $2,399 | $2,289 | $1,907 |
| 6.0% | $2,505 | $2,389 | $1,996 |
| 6.5% | $2,613 | $2,492 | $2,087 |
| 7.0% | $2,723 | $2,597 | $2,180 |
| 7.5% | $2,836 | $2,703 | $2,275 |
| 8.0% | $2,951 | $2,812 | $2,372 |
How This Compares to Idaho's Median
A $350K home is 17% below Idaho's median of $420K. You'll find homes at this price in cities like Caldwell, Idaho Falls, Rexburg, Twin Falls, Pocatello, Blackfoot.
Income Needed for a $350K Home in Idaho
To afford this payment of $2,492/mo in Idaho, you'd need a household income of approximately $107K/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 Idaho
Estimated closing costs in Idaho: $5K (1.5% of purchase price). Idaho has no transfer tax, which helps keep your upfront costs lower.
What to Know About a $350K Mortgage in Idaho
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 Idaho's 0.63% property tax ($184/mo) and $1,600/yr insurance ($133/mo) brings your total to $2,492/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.