Monthly Payment on a $350K Mortgage in Montana
Using Montana's 0.74% property tax rate and $2,100/yr homeowners insurance.
$350K Mortgage in Montana: Rate Comparison
Monthly PITI payment using Montana's 0.74% property tax and $2,100/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $2,473 | $2,363 | $1,981 |
| 6.0% | $2,578 | $2,463 | $2,070 |
| 6.5% | $2,686 | $2,566 | $2,161 |
| 7.0% | $2,797 | $2,670 | $2,254 |
| 7.5% | $2,910 | $2,777 | $2,349 |
| 8.0% | $3,025 | $2,886 | $2,445 |
How This Compares to Montana's Median
A $350K home is 19% below Montana's median of $430K. You'll find homes at this price in cities like Billings, Great Falls, Sidney, Lewistown, Butte, Havre.
Income Needed for a $350K Home in Montana
To afford this payment of $2,566/mo in Montana, you'd need a household income of approximately $110K/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 Montana
Estimated closing costs in Montana: $5K (1.5% of purchase price). Montana has no transfer tax, which helps keep your upfront costs lower.
What to Know About a $350K Mortgage in Montana
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 Montana's 0.74% property tax ($216/mo) and $2,100/yr insurance ($175/mo) brings your total to $2,566/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.