$350,000 mortgage at 5%: monthly payment over 30 and 15 years
Borrow $350,000 at 5% and the principal-and-interest payment is $1,878.88 a month over 30 years, or $2,767.78 over 15. The rest of this page shows where the money goes: total interest, the balance year by year, the month PMI can end, and what a late payment costs.
| 30-year fixed | 15-year fixed | |
|---|---|---|
| Monthly principal & interest | $1,878.88 | $2,767.78 |
| Total interest over the term | $326,395 | $148,200 |
| Total paid (principal + interest) | $676,395 | $498,200 |
| Interest as a share of total paid | 48% | 30% |
Principal and interest only. Property taxes, homeowners insurance, mortgage insurance and HOA dues are added to the actual payment. Rates shown are for the arithmetic, not an offer; see 30-year vs 15-year for how to choose.
Amortization milestones
Of the first twelve payments ($22,547), interest takes $17,383 and principal $5,164. The table shows the remaining balance at five-year marks.
| After | Remaining balance | Paid down |
|---|---|---|
| 5 years | $321,401 | $28,599 |
| 10 years | $284,697 | $65,303 |
| 15 years | $237,594 | $112,406 |
| 20 years | $177,143 | $172,857 |
| 25 years | $99,563 | $250,437 |
Mortgage insurance: the months that matter
The Homeowners Protection Act sets two thresholds on the original value — 80% on request, 78% automatic. Here is when the regular amortization of this loan reaches them, depending on how much was put down:
| Starting LTV | Home value | 80% (request) | 78% (automatic) |
|---|---|---|---|
| 97% | $360,825 | month 115 | month 125 |
| 95% | $368,421 | month 106 | month 117 |
| 90% | $388,889 | month 79 | month 92 |
Extra principal payments or a new appraisal showing appreciation can bring cancellation forward — see PMI removal. FHA mortgage insurance follows different rules.
What a late payment costs
Most mortgages charge a late fee of 4% to 5% of the principal-and-interest payment after a 15-day grace period (state caps vary): on this loan, about $75.16 to $93.94. The costlier consequence comes at day 30, when the servicer may report the payment late to the credit bureaus — a mark that stays seven years. If a payment is genuinely at risk, read what to do this month.
The arithmetic behind the table
M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P = $350,000, r = 5% ÷ 12 = 0.4167% per month, n = 360 (30 years) or 180 (15 years).
This is the standard fixed-rate amortization — the payment is constant, the interest share falls each month as the balance falls. Balance after k payments: P(1 + r)k − M((1 + r)k − 1) ÷ r.
Frequently asked questions
What is the monthly payment on a $350,000 mortgage at 5%?
$1,878.88 a month for principal and interest on a 30-year fixed loan, or $2,767.78 on a 15-year fixed loan. Property taxes, homeowners insurance, mortgage insurance and any HOA dues are added on top and typically raise the total payment by 25% to 50%.
How much interest will I pay on a $350,000 loan at 5%?
$326,395 over 30 years, or $148,200 over 15 years, if every payment is made as scheduled with no extra principal. In the first year of the 30-year loan, about $17,383 of your $22,547 in payments is interest and $5,164 reduces the balance.
When can I cancel PMI on a $350,000 loan at 5%?
By the regular schedule alone, a loan that started at 95% of the home’s value reaches 80% loan-to-value in month 106 (when you may request cancellation) and 78% in month 117 (automatic cancellation). Extra principal payments or an appraisal showing appreciation can move that earlier.
Same amount, other rates: 6% · 7% · 8%. Same rate, other amounts: $150,000 · $200,000 · $250,000 · $300,000 · $400,000 · $500,000 · $600,000 · $800,000. All tables.