Mortgage Payment on $350,000

The monthly payment on a $350,000 mortgage is $2,394.74 for principal & interest on a 30-year fixed at 7.28%. On a 15-year fixed at 6.60% it's $3,068.15. Add estimated property tax and insurance, and plan on about $2,942 a month.

Is $350,000 the home price, not the loan? Then 20% down leaves a $280,000 loan. That's $1,916 a month in principal & interest. See down payment options ↓

The calculator starts with a $437,500 home and 20% down. That makes the loan exactly $350,000. Tax (1%) and insurance (0.5% of value per year) are only assumptions. Replace them with local figures.

Rates here start at the Freddie Mac PMMS average for the week of October 1, 2026: 7.28% on a 30-year fixed and 6.6% on a 15-year fixed. That survey is an average. It reflects borrowers with strong credit and about 20% down. Your quoted rate can be higher or lower. The 2026 conforming loan limit (FHFA) is $832,750 in most counties and up to $1,249,125 in high-cost areas.

Is $350,000 a conforming, FHA or jumbo loan?

A $350,000 loan is under the 2026 FHA floor of $541,287. So it fits FHA limits in every U.S. county. It also fits well inside the $832,750 conforming limit for conventional loans backed by Fannie Mae and Freddie Mac. There's $191,287 of room under the FHA floor. That's not a small cushion. You could borrow a lot more and still fit FHA limits anywhere.

$350,000 mortgage payment at rates from 5.5% to 8%

Each quarter point moves the 30-year payment by about $60 a month. That adds up. A rate 1 point below today's average (6.28%) would cut the payment to $2,161.84. Over the life of the loan, that saves $83,844.

How the $350,000 payment is calculated

1. Monthly rate: 7.28% ÷ 12 = 0.006067. Number of payments: 30 × 12 = 360.
2. Formula: M = P × r ÷ (1 − (1 + r)⁻ⁿ) = $350,000 × 0.006067 ÷ (1 − 0.113336) = $2,394.74.
3. First payment split: $2,123.33 interest and $271.41 principal.
4. Total paid over 30 years: $2,394.74 × 360 = $862,107. Of that, $512,107 is interest. That's 146% of the amount borrowed.

At 7.28%, interest is bigger than principal in every payment until month 247, about year 21. You don't owe less than half of the original $350,000 until year 22. That's a long wait.

The 15-year loan at 6.60% costs $673 more each month. But its total interest is only $202,267. Put another way, the shorter loan saves $309,841 compared with the 30-year.

Income needed for a $350,000 mortgage

Lenders often use a 28% guideline. Housing should take at most 28% of gross monthly income. Under that rule, a $2,394.74 principal & interest payment needs about $102,632 a year in gross income. Now add estimated property tax ($365/mo) and insurance ($182/mo) on a $437,500 home. The full payment is $2,942, and that calls for about $126,069. Debts change the math. With $500 a month in other debts, the 36% back-end limit needs about $114,721.

If $350,000 is the home price: down payment scenarios

Sometimes $350,000 is the purchase price, not the loan. Here's what different down payments do at 7.28% for 30 years. FHA uses the same rate here so you can compare. Real FHA rates often differ.

FHA figures include the 1.75% upfront mortgage insurance premium, added to the loan. They also include an annual premium of 0.55% (HUD Mortgagee Letter 2023-05). FHA needs a credit score of at least 580 for 3.5% down. The loan must also fit your county's FHA limit.

Conventional PMI is estimated at 0.6% of the loan per year. That's in line with Freddie Mac's typical $30–$70 a month per $100,000 borrowed. Putting 20% down ($70,000) avoids PMI. The payment is then $1,915.79.

How $350,000 compares with nearby amounts

At today's average rate, every $10,000 you borrow adds about $68.42 to the 30-year payment. So cutting $350,000 by $25,000 saves about $171 a month. A bigger down payment does that. So does a lower offer.

Updated: October 2, 2026 · Sources and methodology