How much will a $350,000 mortgage cost you? Let’s talk about it so you can feel comfortable both now and in the future.
What Do Monthly Payments for a $350,000 Mortgage Look Like?
For a $350,000 mortgage at an APR (Annual Percentage Rating) of 3%, you can expect to pay $1475.61 a month for a 30-year mortgage. If you work on the identical APR with a 15-year mortgage, you will pay about $2,417.04 a month.
There are a few factors that go into calculating monthly payments. These include:
- Interest: For the first years, interest will cost the most. It covers the cost of borrowing money.
- Escrow: An escrow account holds items like cash for various insurances and taxes. When you take out a mortgage, you pay money here each month.
- Principal: This is a small portion of your mortgage payments that works towards paying off the total amount.
Of course, APR can change depending on what your mortgage looks like. Here’s a chart with both 15-year and 30-year monthly payments for varying APR:
|
Annual Percentage Rating (APR) |
15-Year Monthly Payment |
30-Year Monthly Payment |
|
3.00% |
$2,417.04 |
$1,475.61 |
|
3.25% |
$2,459.34 |
$1,523.22 |
|
3.50% |
$2,502.09 |
$1,571.66 |
|
3.75% |
$2,545.28 |
$1,620.90 |
|
4.00% |
$2,588.91 |
$1,670.95 |
|
4.25% |
$2,632.97 |
$1,721.79 |
|
4.50% |
$2,677.48 |
$1,773.40 |
|
4.75% |
$2,722.41 |
$1,825.77 |
|
5.00% |
$2,767.78 |
$1,878.88 |
Where Do You Get a $350,000 Mortgage for a House?
If you’re wondering where to find a $350,000 mortgage, look to your local bank. Mortgage lenders are also capable of offering this to you. Each will provide a different quote, so ensure you stop at multiple locations.
Talk to lenders, fill out applications, and get a quote. From there, you can decide which lender is the best choice for your situation.
Consider These Before Applying for Your Mortgage
There are two things you should consider before applying for a mortgage - the amortization schedule and the interest that will come with the loan. Noting a sample amortization schedule can help you determine if this mortgage is correct for you.
A $350,000 mortgage is no small payment. Look at these before processing further with your application.
$350,000 Mortgage Amortization Schedule
The amortization schedule is a list of all the payments you’ll need to make with your loan. It shows what you’ll pay each month, the interest, and the principal you’ll pay. It also depicts the remaining balance left on your mortgage.
Here’s an example of an amortization schedule for a $350,000 mortgage on a 30-year fixed loan with an APR of 3%:
|
Year |
Starting Balance |
Monthly Payment |
Total Interest Paid |
Total Principal Paid |
Remaining Balance |
|
1 |
$350,000.00 |
$1,475.61 |
$10,400.67 |
$7,307.30 |
$342,692.70 |
|
2 |
$342,692.70 |
$1,475.61 |
$10,177.81 |
$7,529.56 |
$335,163.14 |
|
3 |
$335,163.14 |
$1,475.61 |
$9948.79 |
$7,758.58 |
$327,404.56 |
|
4 |
$327,404.56 |
$1,475.61 |
$9712.81 |
$7,994.56 |
$319,410.00 |
|
5 |
$319,410.00 |
$1,475.61 |
$9469.64 |
$8,237.73 |
$311,172.27 |
|
6 |
$311,172.27 |
$1,475.61 |
$9,219.09 |
$8,488.28 |
$302,683.99 |
|
7 |
$302,683.99 |
$1,475.61 |
$8,960.91 |
$8,746.46 |
$293,937.52 |
|
8 |
$293,937.52 |
$1,475.61 |
$8,694.87 |
$9,012.50 |
$284,925.03 |
|
9 |
$284,925.03 |
$1,475.61 |
$8,420.75 |
$9,286.62 |
$275,638.41 |
|
10 |
$275,638.41 |
$1,475.61 |
$8,138.29 |
$9,569.08 |
$266,069.33 |
|
11 |
$266,069.33 |
$1,475.61 |
$7,847.24 |
$9,860.13 |
$256,209.20 |
|
12 |
$256,209.20 |
$1,475.61 |
$7,547.33 |
$10,160.04 |
$246,049.16 |
|
13 |
$246,049.16 |
$1,475.61 |
$7,238.30 |
$10,469.07 |
$235,580.09 |
|
14 |
$235,580.09 |
$1,475.61 |
$6,919.88 |
$10,787.49 |
$224,792.60 |
|
15 |
$224,792.60 |
$1,475.61 |
$6,591.77 |
$11,115.60 |
$213,677.00 |
|
16 |
$213,677.00 |
$1,475.61 |
$6,253.67 |
$11,453.70 |
$202,223.30 |
|
17 |
$202,223.30 |
$1,475.61 |
$5,905.30 |
$11,802.07 |
$190,421.23 |
|
18 |
$190,421.23 |
$1,475.61 |
$5,546.33 |
$12,161.04 |
$178,260.19 |
|
19 |
$178,260.19 |
$1,475.61 |
$5,176.44 |
$12,530.93 |
$165,729.26 |
|
20 |
$165,729.26 |
$1,475.61 |
$4,795.30 |
$12,912.07 |
$152,817.18 |
|
21 |
$152,817.18 |
$1,475.61 |
$4,402.56 |
$13,304.81 |
$139,512.38 |
|
22 |
$139,512.38 |
$1,475.61 |
$3,997.80 |
$13,709.48 |
$125,802.90 |
|
23 |
$125,802.90 |
$1,475.61 |
$3,580.90 |
$14,126.47 |
$111,676.43 |
|
24 |
$111,676.43 |
$1,475.61 |
$3,151.23 |
$14,556.14 |
$97,120.28 |
|
25 |
$97,120.28 |
$1,475.61 |
$2,708.49 |
$14,998.88 |
$82,121.40 |
|
26 |
$82,121.40 |
$1,475.61 |
$2,252.28 |
$15,455.09 |
$66,666.32 |
|
27 |
$66,666.32 |
$1,475.61 |
$1,782.20 |
$15,925.17 |
$50,741.15 |
|
28 |
$50,741.15 |
$1,475.61 |
$1,297.82 |
$16,409.55 |
$34,331.61 |
|
29 |
$34,331.61 |
$1,475.61 |
$798.71 |
$16,908.66 |
$17,422.95 |
|
30 |
$17,422.95 |
$1,475.61 |
$284.42 |
$17,422.95 |
$0.00 |
Total Interest Paid on a $350,000 Mortgage
You’ll also need to consider the total interest you’ll pay on the mortgage. This amount is where APR comes into the picture.
The longer the loan is, the more interest you’ll pay. A 30-year fixed loan costs lower per month, but the interest is higher. A 15-year loan costs more per month, but you’ll pay less in interest over time.
How Do You Get a $350,000 Mortgage?
If you want to get a $350,000 mortgage, you need to know where to get one. All you need to do is fill out a mortgage application with critical information on hand.
To apply for a mortgage, you will need to:
- Estimate your budget for purchasing a home
- Look at your credit report, ensuring it decent and is free of late payments
- Get a pre-approval letter before starting to view homes
- Look for the mortgage rate that will work best for you
- Negotiate purchase information to an affordable level if possible
- Finish your application with necessary documents, such as pay stubs
- Receive underwriter approval
- Get ready to close
- Close on the mortgage
These nine steps will help you gain access to a $350,000 mortgage.
There is plenty of information online to help you get through this process. Once you have your mortgage, you can focus on making the payments and moving into your new place.