Monthly payment on $350,000 by rate and term
Principal and interest on the $280,000 borrowed after a 20% deposit of $70,000. The rate is the single biggest lever, which is why it is worth shopping.
| Rate | 30 years | 20 years | 15 years |
|---|---|---|---|
| 5.50% | $1,589.81 | $1,926.08 | $2,287.83 |
| 6.00% | $1,678.74 | $2,006.01 | $2,362.80 |
| 6.50% | $1,769.79 | $2,087.60 | $2,439.10 |
| 7.00% | $1,862.85 | $2,170.84 | $2,516.72 |
| 7.50% | $1,957.80 | $2,255.66 | $2,595.63 |
| 8.00% | $2,054.54 | $2,342.03 | $2,675.83 |
Principal and interest only, before taxes, insurance and any PMI.
How the deposit changes it
| Down payment | Loan | P&I | PMI | PMI ends |
|---|---|---|---|---|
| 5% ($17,500) | $332,500 | $2,101.63 | $152.40 | month 135 |
| 10% ($35,000) | $315,000 | $1,991.01 | $144.38 | month 109 |
| 20% ($70,000) | $280,000 | $1,769.79 | — | not charged |
At 6.5% over 30 years. PMI applies above 80% loan-to-value and is cancelled automatically at 78%.
Frequently asked questions
What is the monthly payment on a $350,000 house?
With 20% down at 6.5% over 30 years, principal and interest are $1,769.79 a month. Adding property tax and insurance brings the full payment to about $2,240.62.
How much do I need to put down on a $350,000 home?
20% is $70,000, which avoids PMI. At 5% down ($17,500) you would borrow $332,500 and pay an extra $152.40 a month in PMI until month 135.
How much interest does a $350,000 mortgage cost?
On the $280,000 borrowed at 6.5% over 30 years, total interest is $357,125 — about 128% of the amount borrowed. A 15-year term cuts that to $159,038.
Nearby prices
Related tools
- Amortization schedule — every payment on this loan, with CSV export
- Mortgage calculator — any price, rate, term and deposit
- Paycheck calculator — the take-home pay this payment comes out of