The short answer: at a 6.5% rate, a $350,000 30-year fixed mortgage costs $2,212.24 a month in principal and interest; at 7%, $2,328.56. On a 15-year term at 6.5% the payment is $3,048.88. Taxes, insurance, HOA and mortgage insurance (if you put less than 20% down) come on top — open this loan in the full calculator to add them and see the complete amortization schedule.
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.00% | $1,878.88 | $2,309.85 | $2,767.78 |
| 5.25% | $1,932.71 | $2,358.45 | $2,813.57 |
| 5.50% | $1,987.26 | $2,407.61 | $2,859.79 |
| 5.75% | $2,042.50 | $2,457.29 | $2,906.44 |
| 6.00% | $2,098.43 | $2,507.51 | $2,953.50 |
| 6.25% | $2,155.01 | $2,558.25 | $3,000.98 |
| 6.50% | $2,212.24 | $2,609.51 | $3,048.88 |
| 6.75% | $2,270.09 | $2,661.27 | $3,097.18 |
| 7.00% | $2,328.56 | $2,713.55 | $3,145.90 |
| 7.25% | $2,387.62 | $2,766.32 | $3,195.02 |
| 7.50% | $2,447.25 | $2,819.58 | $3,244.54 |
At 6.5%, interest alone on $350,000 runs about $1,895.83 per month — roughly $62.33 every day. That's the number amortization slowly kills: each payment shrinks the balance, so each month a little less goes to interest and a little more to principal. See the month-by-month schedule, or try our daily interest calculator for per-diem closing math.
Principal and interest is the floor, not the payment. A realistic budget adds property taxes, homeowners insurance, HOA dues, and — under 20% down — mortgage insurance, which our full calculator prices the way a lender does: FHA and USDA from the official tables, VA's funding fee, and conventional PMI by credit score.
A common guideline caps total housing costs near 28–36% of gross income, but real qualifying depends on your full debt picture, credit and loan program. Build the complete payment in the calculator, then ask a licensed professional — Phil answers questions free.
With 20% down, a $350,000 loan buys about $437,500 of house; with 5% down, about $368,421. Enter your own down payment in the payment calculator and the price, loan and LTV solve automatically.