$350,000 mortgage at 7%: monthly payment over 30 and 15 years
Borrow $350,000 at 7% and the principal-and-interest payment is $2,328.56 a month over 30 years, or $3,145.90 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 | $2,328.56 | $3,145.90 |
| Total interest over the term | $488,281 | $216,262 |
| Total paid (principal + interest) | $838,281 | $566,262 |
| Interest as a share of total paid | 58% | 38% |
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.
How fast the balance falls
Early payments are mostly interest: $24,387 of year one’s $27,943 goes to the lender as interest and $3,555 to your balance. The balance below shows the curve.
| After | Remaining balance | Paid down |
|---|---|---|
| 5 years | $329,461 | $20,539 |
| 10 years | $300,343 | $49,657 |
| 15 years | $259,066 | $90,934 |
| 20 years | $200,550 | $149,450 |
| 25 years | $117,597 | $232,403 |
Mortgage insurance: the months that matter
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 140 | month 151 |
| 95% | $368,421 | month 130 | month 142 |
| 90% | $388,889 | month 101 | month 115 |
Extra principal payments or a new appraisal showing appreciation can bring cancellation forward — see PMI removal. FHA mortgage insurance follows different rules.
Missing a payment on this loan
Late fee at day 16: usually 4% to 5% of $2,328.56, so $93.14 to $116.43 (states cap the percentage). Credit reporting at day 30. Foreclosure referral no sooner than 120 days of delinquency under federal rules. If a payment is genuinely at risk, read what to do this month.
The formula
M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P = $350,000, r = 7% ÷ 12 = 0.5833% per month, n = 360 (30 years) or 180 (15 years).
The balance after k payments is P(1 + r)k − M((1 + r)k − 1) ÷ r; total interest is M × n − P. No rounding beyond the displayed cents.
Frequently asked questions
What is the monthly payment on a $350,000 mortgage at 7%?
$2,328.56 a month for principal and interest on a 30-year fixed loan, or $3,145.90 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 7%?
$488,281 over 30 years, or $216,262 over 15 years, if every payment is made as scheduled with no extra principal. In the first year of the 30-year loan, about $24,387 of your $27,943 in payments is interest and $3,555 reduces the balance.
When can I cancel PMI on a $350,000 loan at 7%?
By the regular schedule alone, a loan that started at 95% of the home’s value reaches 80% loan-to-value in month 130 (when you may request cancellation) and 78% in month 142 (automatic cancellation). Extra principal payments or an appraisal showing appreciation can move that earlier.
Same amount, other rates: 5% · 6% · 8%. Same rate, other amounts: $150,000 · $200,000 · $250,000 · $300,000 · $400,000 · $500,000 · $600,000 · $800,000. All tables.