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$350,000 Mortgage Over 15 Years
What does a $350,000 mortgage cost each month over 15 years? The page starts at 5.5 percent. Edit any box to match the loan you are comparing.
At 5.5 percent the monthly payment comes to $2,859.79. Over the full term, the total paid is $514,763.
How the payment is worked out
The monthly payment comes from one formula. Multiply the loan by the monthly rate, then divide by one minus the following number: one plus the monthly rate, raised to the negative of the number of payments. For $350,000 at 5.5 percent over 15 years, the monthly rate is 0.4583 percent and there are 180 payments.
Worked example
Run the numbers for a $350,000 mortgage at 5.5 percent over 15 years. The payment is $2,859.79. Of the first payment, $1,604.17 is interest.
Total interest on this loan is $164,763. After 8 years of payments the balance has fallen to $199,011.
Questions about this calculator
What if the rate on a $350,000 mortgage over 15 years were one point higher?
The payment would rise from $2,859.79 to $3,048.88, which is $189.08 more each month. One point lower would give $2,677.48.
Would paying $290 extra each month shorten a $350,000 mortgage over 15 years?
Yes. On this $350,000 loan an extra $290 each month ends the loan 2 years sooner and saves $24,398 of interest.
Is 15 years the right length for a $350,000 mortgage?
It depends on the monthly payment you can carry. At 5.5 percent this term costs $2,859.79 a month. A 30-year term would cost $1,987.26 a month and $365,414 in interest, compared with $164,763 over 15 years.
Does the $2,859.79 payment cover property tax and insurance?
No. The $2,859.79 covers principal and interest only. Tax, insurance and any mortgage insurance would sit on top of it.
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This page is for education only and is not financial or tax advice.