Mortgage payments2 min read · Updated October 19, 2026
$350,000 mortgage payment: monthly cost at 5.5% to 7.5%
Monthly principal and interest on a $350,000 mortgage over 30 and 15 years at rates from 5.5% to 7.5%, with the total interest.
Monthly payment by rate
| Rate | 30 years / 15 years |
| 5.5% | $1,987 / $2,860 |
| 6% | $2,098 / $2,953 |
| 6.5% | $2,212 / $3,049 |
| 7% | $2,329 / $3,146 |
| 7.5% | $2,447 / $3,245 |
Principal and interest only, on the full $350,000.
Total interest
At 6.5% over 30 years you pay about $446,406 in interest on $350,000. Over 15 years it is about $198,798.
What else is in your payment
Most lenders add property tax and homeowners insurance to your payment through an escrow account. If your down payment is under 20%, expect mortgage insurance too. Your Loan Estimate shows the full monthly cost.
Common questions
What is the monthly payment on a $350,000 mortgage?
At 6.5% over 30 years, principal and interest is about $2,212. Taxes and insurance are extra.
Is a 15-year mortgage better than 30?
It costs more each month and much less in interest. A 30-year loan keeps the payment lower and gives room to pay extra when you choose.
What rate should I use?
Use the rate on your Loan Estimate or current lender quotes. The table shows five rates so you can compare.