$350,000 mortgage at 6%: monthly payment over 30 and 15 years
A $350,000 loan at 6% costs $2,098.43 a month in principal and interest on a 30-year term and $2,953.50 on a 15-year term. Those two numbers, and everything that follows from them, are below — computed with the standard amortization formula, not estimated.
| 30-year fixed | 15-year fixed | |
|---|---|---|
| Monthly principal & interest | $2,098.43 | $2,953.50 |
| Total interest over the term | $405,434 | $181,630 |
| Total paid (principal + interest) | $755,434 | $531,630 |
| Interest as a share of total paid | 54% | 34% |
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.
Balance and equity over time (30-year loan)
In the first year, $20,883 of the $25,181 you pay is interest; only $4,298 reduces the balance. The split reverses slowly: by year 15 most of each payment is principal.
| After | Remaining balance | Paid down |
|---|---|---|
| 5 years | $325,690 | $24,310 |
| 10 years | $292,900 | $57,100 |
| 15 years | $248,671 | $101,329 |
| 20 years | $189,013 | $160,987 |
| 25 years | $108,542 | $241,458 |
When PMI can be cancelled
If this loan was more than 80% of the home’s original value, private mortgage insurance applies until the balance falls to 80% (cancellation on request) and 78% (automatic). By the schedule alone, with no extra payments or appreciation:
| Starting LTV | Home value | 80% (request) | 78% (automatic) |
|---|---|---|---|
| 97% | $360,825 | month 127 | month 138 |
| 95% | $368,421 | month 118 | month 129 |
| 90% | $388,889 | month 89 | month 103 |
Extra principal payments or a new appraisal showing appreciation can bring cancellation forward — see PMI removal. FHA mortgage insurance follows different rules.
The price of paying late
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 $83.94 to $104.92. 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. Behind already? The options are in our mortgage problems hub.
The formula
M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P = $350,000, r = 6% ÷ 12 = 0.5000% per month, n = 360 (30 years) or 180 (15 years).
Total interest is M × n − P. The remaining balance after k payments is P(1 + r)k − M((1 + r)k − 1) ÷ r. Every figure on this page comes from these two expressions.
Frequently asked questions
What is the monthly payment on a $350,000 mortgage at 6%?
$2,098.43 a month for principal and interest on a 30-year fixed loan, or $2,953.50 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 6%?
$405,434 over 30 years, or $181,630 over 15 years, if every payment is made as scheduled with no extra principal. In the first year of the 30-year loan, about $20,883 of your $25,181 in payments is interest and $4,298 reduces the balance.
When can I cancel PMI on a $350,000 loan at 6%?
By the regular schedule alone, a loan that started at 95% of the home’s value reaches 80% loan-to-value in month 118 (when you may request cancellation) and 78% in month 129 (automatic cancellation). Extra principal payments or an appraisal showing appreciation can move that earlier.
Same amount, other rates: 5% · 7% · 8%. Same rate, other amounts: $150,000 · $200,000 · $250,000 · $300,000 · $400,000 · $500,000 · $600,000 · $800,000. All tables.