How Much Will a $350,000 Mortgage Cost per Month?

By Emma Diehl · August 28, 2023 · 8 minute read

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How Much Will a $350,000 Mortgage Cost per Month?

Considering taking out a $350K mortgage to purchase a home? It’s important to understand the upfront cost associated with a mortgage and to factor the monthly payments associated with it into your budget.

So how much will a $350K mortgage cost per month? This will vary based on factors such as interest rate, the terms of the loan, and more.

Key Points

•   The monthly cost of a $350,000 mortgage depends on factors like interest rate, loan term, and down payment.

•   Using a mortgage calculator can help estimate monthly payments and determine affordability.

•   Factors like property taxes, homeowners insurance, and private mortgage insurance (PMI) can also affect the overall cost.

•   It’s important to consider your budget and financial goals when determining the affordability of a mortgage.

•   Working with a lender or mortgage professional can provide personalized guidance and help you understand the costs involved.

Total Cost of a $350K Mortgage

Monthly mortgage payments are a recurring expense homebuyers should include in their budget, but there are also some one-time and long-term costs they should keep in mind when determining how much home they can afford.

Upfront Costs

The largest upfront cost associated with a mortgage is likely the downpayment on the property. The median downpayment on a home is 13%, but if a buyer wants to avoid fees, including private mortgage insurance, they may have to put at least 20% down.

If a buyer puts 20% down and takes out a $350K mortgage, they’re likely putting down around $87,500.

On top of a down payment, buyers are expected to pay for some or all of the following before closing, including:

•   Abstract and recording fees: $200 to $1,200 and $125, on average, respectively

•   Application fees: up to $500

•   Appraisal fees: $300 to $400

•   Attorney fees: $150 to $400/hour

•   Home inspection fee: $300 to $500, on average

•   Title search and title insurance fees: $75 to $200

These may all be non-negotiable costs, but it’s also worth keeping in mind your wants for a new home, including furnishings and the cost for professional movers.

💡 Quick Tip: Buying a home shouldn’t be aggravating. SoFi’s online mortgage application is quick and simple, with dedicated Mortgage Loan Officers to guide you from start to finish.

Long-Term Costs

Payments on a $350K mortgage are due every month, but there are also long-term costs on the horizon for homeowners. It’s important to factor in the costs of maintenance and repair to a property over time.

In general, it’s good to follow the 1% savings rule. That means a homeowner should aim to set aside 1% of the home’s purchase price annually and earmark it for repairs or maintenance.

Saving this upfront can keep homeowners from dipping into emergency funds for repairing the HVAC or fixing a leaky roof.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Recommended: First-Time Homebuyer Guide

Estimated Monthly Payments on a $350K Mortgage

The cost of monthly payments on a $350K mortgage will come down to a few factors:

•   Downpayment: How much the buyer puts down initially

•   Loan term: Including the length of the loan (15- vs. 30-year) and the structure of the payoff schedule (fixed-rate or adjustable-rate mortgage)

•   APR: The annual percentage rate of the mortgage

Monthly Payment Breakdown by APR and Term

The APR a homebuyer gets when applying for a $350K mortgage will vary based on market rates as well as the borrower’s financial history.

APR and the mortgage term will impact the total mortgage paid each month. As you can see, the monthly payments for a 15-year loan can be much higher than the payments for a 30-year loan. Remember, though, that over its lifetime, the 30-year mortgage is typically more costly because interest costs are higher.

Interest rate

15-year term

30-year term

3% $2,417 $1,475
3.5% $2,502 $1,571
4% $2,588 $1,670
4.5% $2,677 $1,773
5% $2,767 $1,878
5.5% $2,860 $1,987
6% $2,953 $2,098
6.5% $3,049 $2,212
7% $3,146 $2,329

Keep in mind these estimates do not include insurance or property tax estimates, which may be rolled into monthly payments.

Consider using a mortgage calculator to determine monthly mortgage estimates based on APR and loan terms.

Recommended: The Cost of Living by State

How Much Interest Is Accrued on a $350K Mortgage?

The total interest a homeowner will accrue on a $350K mortgage depends on the interest rate and loan length. An owner will pay more in interest the higher the rate and the longer the loan length.

On a $350K mortgage at 4.5% interest and 30-year loan term, you would accrue around $288,423.49 in interest over the life of the loan. Borrow the same amount at the same rate for a 15-year loan term, and you would accrue $131,945.77 in interest.

💡 Quick Tip: To see a house in person, particularly in a tight or expensive market, you may need to show the real estate agent proof that you’re preapproved for a mortgage. SoFi’s online application makes the process simple.

$350K Mortgage Amortization Breakdown

Another helpful way to contextualize monthly payments on a $350K mortgage is through an amortization schedule, which breaks down payments by interest and principal.

For example, if a buyer secures a $350K mortgage with a 4.5% APR over a 15-year loan, their monthly payment will be roughly $2,677. With a longer loan term, an owner has lower monthly payments. However, it takes longer for a homeowner to pay down the principal, and over the life of the loan, the borrower with a 30-year term will pay more interest. Here’s an amortization scenario for a $350K mortgage with a 4.5% APR and a 30-year loan term, showing how the payment breaks down between interest and principal each year:


Beginning balance

Interest paid

Principal paid

Ending balance

1 $350,000.00 $15,634.49 $5,646.31 $344,353.71
2 $344,353.71 $15,375.09 $5,905.71 $338,448.02
3 $338,448.02 $15,103.79 $6,177.01 $332,271.03
4 $332,271.03 $14,820.03 $6,460.77 $325,810.28
5 $325,810.28 $14,523.21 $6,757.59 $319,052.71
6 $319,052.71 $14,212.76 $7,068.04 $311,984.70
7 $311,984.70 $13,888.08 $7,392.72 $304,591.99
8 $304,591.99 $13,548.45 $7,732.35 $296,859.66
9 $296,859.66 $13,193.25 $8,087.55 $288,772.11
10 $288,772.11 $12,821.70 $8,459.10 $280,313.02
11 $280,313.02 $12,433.09 $8,847.71 $271,465.32
12 $271,465.32 $12,026.59 $9,254.21 $262,211.16
13 $262,211.16 $11,601.49 $9,679.31 $252,531.86
14 $252,531.86 $11,156.82 $10,123.98 $242,407.90
15 $242,407.90 $10,691.73 $10,589.07 $231,818.84
16 $231,818.84 $10,205.27 $11,075.53 $220,743.33
17 $220,743.33 $9,696.44 $11,584.36 $209,159.00
18 $209,159.00 $9,164.27 $12,116.53 $197,042.50
19 $197,042.50 $8,607.65 $12,673.15 $184,369.37
20 $184,369.37 $8,025.45 $13,255.35 $171,114.03
21 $171,114.03 $7,416.49 $13,864.31 $157,249.75
22 $157,249.75 $6,779.57 $14,501.23 $142,748.54
23 $142,748.54 $6,113.40 $15,167.40 $127,581.15
24 $127,581.15 $5,416.62 $15,864.18 $111,716.98
25 $111,716.98 $4,687.81 $16,592.99 $95,124.00
26 $95,124.00 $3,925.53 $17,355.27 $77,768.75
27 $77,768.75 $3,128.24 $18,152.56 $59,616.20
28 $59,616.20 $2,294.31 $18,986.49 $40,629.73
29 $40,629.73 $1,422.08 $19,858.72 $20,771.02
30 $20,771.02 $509.77 $20,771.03 $0.00

These monthly payments do not take into account additional costs, like taxes and insurance, that may be bundled into the monthly payment.

What Is Required to Get a $350K Mortgage?

The mortgage process can be confusing, but here are a few requirements to expect during the process:

•   Your credit score will impact your APR. Borrowers need a score of at least 500 for some mortgages, but most lenders require a score of 620 or more.

“If you have multiple debts, you want to make your minimum payments so you don’t hurt your credit score,” Kendall Meade, a Certified Financial Planner at SoFi said. “If you have cash left over after that, you should develop a strategy for which debts to pay off first,” she suggested.

•   Prequalification can be an important tool in the buying process. You will provide some basic information and the lender will do a soft credit inquiry. You’ll emerge with a sense of what rate the lender might offer.

•   Once you know how much money you need to borrow, getting preapproved for a mortgage is an important step. You’ll fill out a mortgage application and provide documents, such as proof of income, tax returns, and bank account statements. If you’re preapproved, you’ll receive a letter granting conditional approval to borrow the amount within a certain window, typically 60 to 90 days. SoFi’s Home Loan Help Center offers more information on this process.

How Much House Can You Afford Quiz

The Takeaway

A home is a serious purchase, and creating a budget beforehand is important. Understanding monthly payments on a $350K mortgage could help you determine if you can afford the home in the long run and help you budget for future expenses.

Factors like the loan length and APR will impact the monthly mortgage payment, and it’s worth considering different types of loans to determine which is the best fit for your finances.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.


What’s the monthly payment on a $350,000 mortgage?

The monthly payment on a $350K mortgage could range from $1,500 to $3,200, depending on the loan’s interest rate and term. And that’s not including some fees that may be incorporated in the loan payment, such as insurance payments.

How much down payment do I need for $350,000 mortgage?

To make a 20% down payment on a property with a $350,000 mortgage, you would need $87,500. Many buyers make lower down payments, however. Some as low as 3%.

Can I afford a $350,000 mortgage on a $95,000 salary?

It would be difficult to cover the monthly payments for a $350,000 mortgage on a $95,000 salary — you would be better off borrowing less. Use an online mortgage calculator to zero in on the amount you can truly afford to comfortably borrow.

Photo credit: iStock/Joe Hendrickson

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

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