If you’re ready to buy a home, you might wonder how to budget for your target home cost. As of August 30, 2024 the national average 30-year mortgage rate is sitting at 6.53% according to Bankrate. However, your rate also depends on your personal financial factors and credit history. Here’s a breakdown of what you might face monthly, in interest and over the life of a $350,000 mortgage.
And you can start by using our calculator to determine what your base monthly payment might be.
Monthly mortgage payment calculator
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Your loan |
|---|
| Loan amount |
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| Loan terms (in years) |
| Interest rate |
% |
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You can expect to pay back$per month
Based on your loan terms
| Principal | $ |
|---|---|
| Interest | $ |
| Total Cost | $ |
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- Enter how much you want to borrow under Loan amount.
- Type in your mortgage term in years (not months) under the Loan terms field.
- Enter the loan’s interest rate if it doesn’t come with any fees under Interest rate. Note that your monthly mortgage payments will vary depending on your interest rate, taxes, PMI costs and other related fees. If you have this information available, you can enter the annual percentage rate (APR), which includes interest and fees combined.
- Click Calculate.
- Review your results.
Monthly payments on a $350,000 mortgage by interest rate
At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $2,329 a month, while a 15-year might cost $3,146 a month.
| Interest | Mortgage term | Monthly payments |
|---|---|---|
| 5.75% | 15 years | $2,906 |
| 5.75% | 30 years | $2,043 |
| 6.00% | 15 years | $2,953 |
| 6.00% | 30 years | $2,098 |
| 6.25% | 15 years | $3,001 |
| 6.25% | 30 years | $2,155 |
| 6.50% | 15 years | $3,049 |
| 6.50% | 30 years | $2,212 |
| 6.75% | 15 years | $3,097 |
| 6.75% | 30 years | $2,270 |
| 7.00% | 15 years | $3,146 |
| 7.00% | 30 years | $2,329 |
| 7.25% | 15 years | $3,195 |
| 7.25% | 30 years | $2,388 |
| 7.50% | 15 years | $3,245 |
| 7.50% | 30 years | $2,447 |
| 7.75% | 15 years | $3,294 |
| 7.75% | 30 years | $2,507 |
| 8.00% | 15 years | $3,345 |
| 8.00% | 30 years | $2,568 |
| 8.25% | 15 years | $3,395 |
| 8.25% | 30 years | $2,629 |
Your total interest on a $350,000 mortgage
On a 30-year mortgage with a 7.00% fixed interest rate, you’ll pay $488,281 in interest over the loan’s life.
If you instead opt for a 15-year mortgage, you’ll pay $216,262 in interest over the loan’s life— or about half of the interest you’d pay on a 30-year mortgage.
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Interest Mortgage term Total interest charged 5.75% 15 years $173,158 5.75% 30 years $385,302 6.00% 15 years $181,630 6.00% 30 years $405,434 6.25% 15 years $190,176 6.25% 30 years $425,804 6.50% 15 years $198,798 6.50% 30 years $446,406 6.75% 15 years $207,493 6.75% 30 years $467,234 7.00% 15 years $216,262 7.00% 30 years $488,281 7.25% 15 years $225,104 7.25% 30 years $509,542 7.50% 15 years $234,018 7.50% 30 years $531,010 7.75% 15 years $243,004 7.75% 30 years $552,679 8.00% 15 years $252,061 8.00% 30 years $574,543 8.25% 15 years $261,188 8.25% 30 years $596,596
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How much do I need to make to afford a $350,000 house?
As a general rule, your mortgage payment shouldn’t exceed one-third of your monthly income. So with a 20% down payment on a 30-year mortgage and a 7.00% interest rate, you’d need to make at least $50,000 a year before tax. Ultimately, how much you need to make depends on your down payment, loan terms, taxes and insurance.
Amortization schedule
When you take out a mortgage, you agree to pay the principal and interest over the loan’s life. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.
Amortization means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your principal.
Estimate your monthly loan repayments on a $350,000 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.
- 30-year loan
- 15-year loan
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $350,000 | $2,329 | $24,387 | $3,555 | $27,943 | $346,445 |
| 2 | $346,445 | $2,329 | $24,130 | $3,812 | $27,943 | $342,632 |
| 3 | $342,632 | $2,329 | $23,855 | $4,088 | $27,943 | $338,544 |
| 4 | $338,544 | $2,329 | $23,559 | $4,383 | $27,943 | $334,161 |
| 5 | $334,161 | $2,329 | $23,242 | $4,700 | $27,943 | $329,461 |
| 6 | $329,461 | $2,329 | $22,903 | $5,040 | $27,943 | $324,420 |
| 7 | $324,420 | $2,329 | $22,538 | $5,404 | $27,943 | $319,016 |
| 8 | $319,016 | $2,329 | $22,148 | $5,795 | $27,943 | $313,221 |
| 9 | $313,221 | $2,329 | $21,729 | $6,214 | $27,943 | $307,007 |
| 10 | $307,007 | $2,329 | $21,279 | $6,663 | $27,943 | $300,343 |
| 11 | $300,343 | $2,329 | $20,798 | $7,145 | $27,943 | $293,198 |
| 12 | $293,198 | $2,329 | $20,281 | $7,662 | $27,943 | $285,537 |
| 13 | $285,537 | $2,329 | $19,727 | $8,215 | $27,943 | $277,321 |
| 14 | $277,321 | $2,329 | $19,133 | $8,809 | $27,943 | $268,512 |
| 15 | $268,512 | $2,329 | $18,497 | $9,446 | $27,943 | $259,066 |
| 16 | $259,066 | $2,329 | $17,814 | $10,129 | $27,943 | $248,937 |
| 17 | $248,937 | $2,329 | $17,082 | $10,861 | $27,943 | $238,076 |
| 18 | $238,076 | $2,329 | $16,296 | $11,646 | $27,943 | $226,430 |
| 19 | $226,430 | $2,329 | $15,454 | $12,488 | $27,943 | $213,941 |
| 20 | $213,941 | $2,329 | $14,552 | $13,391 | $27,943 | $200,550 |
| 21 | $200,550 | $2,329 | $13,584 | $14,359 | $27,943 | $186,191 |
| 22 | $186,191 | $2,329 | $12,546 | $15,397 | $27,943 | $170,794 |
| 23 | $170,794 | $2,329 | $11,433 | $16,510 | $27,943 | $154,284 |
| 24 | $154,284 | $2,329 | $10,239 | $17,704 | $27,943 | $136,580 |
| 25 | $136,580 | $2,329 | $8,959 | $18,983 | $27,943 | $117,597 |
| 26 | $117,597 | $2,329 | $7,587 | $20,356 | $27,943 | $97,241 |
| 27 | $97,241 | $2,329 | $6,115 | $21,827 | $27,943 | $75,414 |
| 28 | $75,414 | $2,329 | $4,538 | $23,405 | $27,943 | $52,009 |
| 29 | $52,009 | $2,329 | $2,846 | $25,097 | $27,943 | $26,911 |
| 30 | $26,911 | $2,329 | $1,031 | $26,911 | $27,943 | $0 |
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $350,000 | $3,146 | $24,066 | $13,684 | $37,751 | $336,316 |
| 2 | $336,316 | $3,146 | $23,077 | $14,674 | $37,751 | $321,642 |
| 3 | $321,642 | $3,146 | $22,017 | $15,734 | $37,751 | $305,908 |
| 4 | $305,908 | $3,146 | $20,879 | $16,872 | $37,751 | $289,036 |
| 5 | $289,036 | $3,146 | $19,659 | $18,091 | $37,751 | $270,945 |
| 6 | $270,945 | $3,146 | $18,352 | $19,399 | $37,751 | $251,546 |
| 7 | $251,546 | $3,146 | $16,949 | $20,802 | $37,751 | $230,744 |
| 8 | $230,744 | $3,146 | $15,445 | $22,305 | $37,751 | $208,439 |
| 9 | $208,439 | $3,146 | $13,833 | $23,918 | $37,751 | $184,521 |
| 10 | $184,521 | $3,146 | $12,104 | $25,647 | $37,751 | $158,874 |
| 11 | $158,874 | $3,146 | $10,250 | $27,501 | $37,751 | $131,373 |
| 12 | $131,373 | $3,146 | $8,262 | $29,489 | $37,751 | $101,885 |
| 13 | $101,885 | $3,146 | $6,130 | $31,621 | $37,751 | $70,264 |
| 14 | $70,264 | $3,146 | $3,844 | $33,906 | $37,751 | $36,358 |
| 15 | $36,358 | $3,146 | $1,393 | $36,358 | $37,751 | $0 |
Bottom line
Buying a house is among the biggest investments you’ll make. Knowing how much you might pay each month on your $350,000 mortgage — including how much of your payment goes toward your interest over the principal — makes comparing your options when shopping for a lender that much easier.
Learn more about how home loans work in our comprehensive guide to mortgages.
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To make sure you get accurate and helpful information, this guide has been edited by Megan B. Shepherd as part of our fact-checking process.
Heather Petty was a personal finance writer at Finder, specializing in home and personal loans. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing and analysis has been featured on MSN, Credit.com and MediaFeed, among other top media. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She earned a BA in English with a minor in journalism from the University of Nevada, Reno. See full bio
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Heather has written 106 Finder guides across topics including:
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