We receive advertising fees from the brands we review that affect the ranking and scoring of such brands.
Advertiser Disclosure

How much would I pay on a $350,000 mortgage?

lendstart
Lendstart Updated: February 26, 2024 • 3 min read
how much will I pay for $350,000 mortgage

Figure out your monthly payments, how much interest you'll pay, and the payment plan for a $350,000 house loan so you can borrow money without worry.

You can calculate your average monthly payments and see the total interest you would pay over different mortgage terms, including the popular 30-year and 15-year options. We aim to provide precise insights to help you confidently plan your finances around a $350,000 mortgage, ensuring you're well-informed about your potential investment. Explore the calculator to gauge how your monthly payments and total interest costs vary across various loan terms.

$350,000 Mortgage Payment Calculator

Mortgage Calculator

Home price

$

Down payment

$

%

Length of loan

Interest rate

%

Homeowner's insurance

$

Property tax

$

HOA fees

$

$1,337.65

Monthly Payment

Average Monthly Payments on a $350,000 Mortgage

With a fixed interest rate of 7.00%, the monthly payment for a 30-year mortgage could be approximately $2,328.6, whereas opting for a 15-year mortgage could increase your monthly outlay to around $3,146.

The Total Interest Paid on a Mortgage of $350,000

For a $350,000 mortgage, the total interest paid varies by term: around $488,281 for a 30-year term and about $216,261.8 for a 15-year term. This shows the trade-off between monthly affordability and long-term interest savings.


Related Articles


The Monthly Payment of a $350,000 Mortgage Based on The Interest Rate

Interest Rate 15-Year Term Monthly Payment 30-Year Term Monthly Payment
5.00% $2,767.80 $1,878.80
5.25% $2,816.30 $1,930.70
5.50% $2,865.50 $1,983.30
5.75% $2,915.40 $2,036.60
6.00% $2,966.30 $2,090.60
6.25% $3,017.90 $2,145.30
6.50% $3,070.20 $2,200.00
6.75% $3,122.50 $2,255.10
7.00% $3,175.80 $2,342.00
7.25% $3,229.80 $2,388.00
7.50% $3,284.50 $2,421.20
7.75% $3,339.20 $2,471.40
8.00% $3,394.60 $2,522.20
8.25% $3,450.70 $2,573.20
8.50% $3,507.20 $2,624.50

Compare Top Mortgage Lenders

Rocket-Mortgage-logo
Rocket Mortgage
  • Fast, guided and simplified online process
  • Lock in your rate for 90 days
Visit Site
amerisave_vertical_nmls_l_mobi
AmeriSave Mortgage
  • Protect your rate while you home shop—Lock & Shop
  • Fast pre approval letter with rate lock protection
Visit Site
Quicken Loans Logo
Quicken Loans
  • Start with certainty, close with confidence
  • Apply online for free, anytime
Visit Site
New American Funding (NAF)
New American Funding
  • Low down payments required ~3%
  • Dedicated to serving minorities
Visit Site
Warp Speed Mortgage
  • Digital lender offering a variety of mortgage loans
  • $2,000 credit if the loan doesn’t close in 14 business days
Visit Site

$350K Mortgage Amortization Breakdown

When you pay a $350,000 loan over 15 years with 8.5% interest, in the first year, out of over $41,359 paid, only $12,072.21 goes to the principal loan, the rest is for interest. This is because early payments mainly cover interest since they're based on the large amount you still owe at the start.

Over time, as more principal is paid down, the interest portion of each payment decreases. This gradual reduction in interest expense is a key reason why many opt for a larger down payment, reducing the loan balance upfront and, consequently, the total interest paid over time.

Year Balance Interest Principal
1 $337,927.79 $29,286.87 $12,072.21
2 $324,788.53 $28,219.82 $13,139.26
3 $310,487.86 $27,058.41 $14,300.67
4 $294,923.14 $25,794.36 $15,564.72
5 $277,982.65 $24,418.59 $16,940.49
6 $259,544.77 $22,921.20 $18,437.88
7 $239,477.14 $21,291.45 $20,067.63
8 $217,635.73 $19,517.67 $21,841.41
9 $193,863.73 $17,587.08 $23,772.00
10 $167,990.50 $15,485.85 $25,873.23
11 $139,830.31 $13,198.89 $28,160.19
12 $109,181.02 $10,709.79 $30,649.29
13 $75,822.62 $8,000.68 $33,358.40
14 $39,515.63 $5,052.09 $36,306.99
15 $0.00 $1,842.87 $39,516.21

What Is Required to Get a $350K Mortgage?

Several key requirements must be met to qualify for a $350,000 mortgage, reflecting your ability to repay the loan. These requirements vary by lender but generally include:

  • Credit Score: A higher credit score indicates lower risk to lenders. For a mortgage of this size, lenders typically look for a credit score of 700 or higher, though some programs may allow for lower scores with additional conditions.
  • Income and Employment: Proof of stable and sufficient income to cover monthly mortgage payments, debts, and living expenses. Lenders will review your employment history, salary, bonuses, and other income sources. The debt-to-income (DTI) ratio, which compares your total monthly debts (including the prospective mortgage payment) to your gross monthly income, is crucial. Lenders usually prefer a DTI ratio of 43% or lower.
  • Down Payment: For a $350,000 mortgage, a down payment is typically required to reduce the loan-to-value (LTV) ratio. The standard down payment is 20% ($70,000 in this case), though some loan programs may allow for less, especially for first-time homebuyers or those qualifying for government-backed loans like FHA, VA, or USDA loans, which may require lower down payments.
  • Assets and Reserves: Lenders may require proof of assets or reserves in your bank accounts after closing to ensure you can continue making payments in case of financial difficulties. This could include savings accounts, retirement accounts, and other liquid assets.
  • Property Appraisal: The lender will require an appraisal to ensure the property's value is at least equal to the purchase price and thus justifies the loan amount.
  • Additional Documentation: This can include identification, proof of insurance, and any other documents the lender deems necessary to process and approve the mortgage application,

Article Topics

Lendstart aims to simplify complicated topics in the personal finance field. Gain insight from our thought leaders, seasoned industry experts, who strive to provide timely and practical information on current market trends.