CalculynWhat is the monthly payment on a $350k mortgage?
At a 6.5% interest rate on a 30-year fixed loan, a $350,000 mortgage costs about $2,212 a month in principal and interest. Property tax, insurance and PMI usually add more on top.
Monthly payment by rate
Principal and interest only. Example rates for 2026, not a quote.
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.5% | $1,987 | $2,408 | $2,860 |
| 6% | $2,098 | $2,508 | $2,953 |
| 6.5% | $2,212 | $2,610 | $3,049 |
| 7% | $2,329 | $2,714 | $3,146 |
| 7.5% | $2,447 | $2,820 | $3,245 |
Total interest paid
| Rate | 30-year total interest | 15-year total interest |
|---|---|---|
| 5.5% | $365,414 | $164,763 |
| 6% | $405,434 | $181,630 |
| 6.5% | $446,406 | $198,798 |
| 7% | $488,281 | $216,262 |
| 7.5% | $531,010 | $234,018 |
Income needed
A common guideline keeps housing costs under 28% of gross monthly income. At 6.5% over 30 years, a $350,000 loan suggests an income of roughly $118,513 a year, assuming taxes and insurance add about 25% to the payment.
How it's calculated
Monthly payment = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of monthly payments.
Change the numbers →
Open the Mortgage Calculator with these values filled in.
These figures are educational estimates, not financial advice.
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