Mortgage Payment Calculator 2026
Find your exact monthly P&I payment on any loan amount — or flip it around and calculate how much you can borrow on a given monthly budget. Includes bi-weekly savings and rate comparison.
Quick Answer
A $350,000 mortgage at 6.8% for 30 years costs $2,290/month (P&I) and $474,245 in total interest. Switching to bi-weekly payments saves ~$80,000 and cuts 4–5 years off the loan. A 1% lower rate saves over $83,000.
Loan Details
30-yr avg 2026: ~6.8%
Mortgage Payment Results
Monthly Payment
$2,281.74
principal + interest
Total Interest
$471,426
Total Paid
$821,426
Bi-Weekly Payment Strategy
Paying $1,140.87 every two weeks instead of $2,281.74 monthly saves $113,269 in interest and pays off your loan 6y 1m earlier. (You make 26 half-payments = 13 full payments per year vs 12.)
Payment at Different Rates — $350,000 / 30 years
| Rate | Monthly P&I | Total Interest | vs Current |
|---|---|---|---|
| 5.0% | $1,878.88 | $326,395 | -$402.86/mo |
| 5.5% | $1,987.26 | $365,414 | -$294.48/mo |
| 6.0% | $2,098.43 | $405,434 | -$183.31/mo |
| 6.5% | $2,212.24 | $446,406 | -$69.50/mo |
| 6.8% | $2,281.74 | $471,426 | ← current |
| 7.0% | $2,328.56 | $488,281 | +$46.82/mo |
| 7.5% | $2,447.25 | $531,010 | +$165.51/mo |
| 8.0% | $2,568.18 | $574,543 | +$286.44/mo |
P&I only — does not include property tax, insurance, or PMI. For a full PITI payment, use the Mortgage Calculator.
Monthly P&I — Loan Amount × Rate (30-Year Fixed)
Principal and interest only.
| Loan Amount | 6.0% | 6.5% | 7.0% | 7.5% |
|---|---|---|---|---|
| $150,000 | $899 | $948 | $998 | $1,049 |
| $200,000 | $1,199 | $1,264 | $1,331 | $1,398 |
| $250,000 | $1,499 | $1,580 | $1,663 | $1,748 |
| $300,000 | $1,799 | $1,896 | $1,996 | $2,098 |
| $350,000 | $2,098 | $2,213 | $2,329 | $2,447 |
| $400,000 | $2,398 | $2,528 | $2,661 | $2,797 |
| $500,000 | $2,998 | $3,160 | $3,327 | $3,496 |
| $600,000 | $3,597 | $3,792 | $3,992 | $4,195 |
Frequently Asked Questions
What is the monthly payment on a $350,000 mortgage?
At 6.8% for 30 years: $2,290/month (principal + interest). At 6.8% for 15 years: $3,100/month. At 7.0% for 30 years: $2,329/month. At 6.0% for 30 years: $2,098/month. The difference between 6% and 7% on a $350,000 loan is about $231/month — $83,160 over the life of the loan. These figures are P&I only; add property tax (~$300–$500/mo), insurance (~$100–$170/mo), and PMI if applicable.
How do I calculate my monthly mortgage payment?
Monthly P&I = L × [r(1+r)^n] / [(1+r)^n − 1], where L = loan amount, r = monthly rate (APR ÷ 12), n = total months. Example: $350,000 at 6.8% for 30 years — r = 0.068/12 = 0.005667, n = 360. Payment = $350,000 × [0.005667 × (1.005667)^360] / [(1.005667)^360 − 1] = $2,290. This fixed payment never changes. What changes each month is the split between principal and interest.
How much mortgage can I afford on $100,000 salary?
Using the 28% rule: 28% of $100,000 gross income = $28,000/year = $2,333/month for housing. If $2,333 covers P&I only (no tax/insurance), at 6.8% for 30 years that finances a ~$356,000 loan. If you have 20% down, that's a ~$445,000 home. With the 36% total-debt rule (including car loans, student loans), you may need to lower this. Most lenders want your total debt-to-income ratio below 43%.
Does paying bi-weekly actually save money on a mortgage?
Yes — significantly. Making half your monthly payment every two weeks results in 26 half-payments per year, which equals 13 full monthly payments instead of 12. That one extra payment per year reduces principal faster. On a $350,000 mortgage at 6.8% for 30 years: monthly payment $2,290, total interest $474,245. Bi-weekly payment $1,145 every 2 weeks, total interest ~$394,000 — saving ~$80,000 and paying off 4–5 years early. Check that your lender applies bi-weekly payments immediately rather than holding them.
What is included in a full PITI mortgage payment?
PITI = Principal + Interest + Taxes + Insurance. On a $350,000 loan at 6.8%: P&I = $2,290. Property tax ($4,800/yr) = $400/mo. Home insurance ($1,500/yr) = $125/mo. Total PITI = ~$2,815/month. If your down payment is under 20%, add PMI: typically 0.5–1.5% of loan amount annually, or roughly $145–$438/month on a $350,000 loan. PMI is removed once you reach 20% equity.
What's the difference between APR and interest rate on a mortgage?
The interest rate is used to calculate your monthly P&I payment. The APR (Annual Percentage Rate) is higher because it includes fees like origination points, mortgage insurance, and some closing costs spread over the loan term. For comparing lenders, use APR. For calculating your actual monthly payment, use the quoted interest rate. Example: a 6.75% interest rate with 1 point ($3,500 fee) might show as 6.95% APR on a $350,000 loan.
How much does 1% difference in mortgage rate cost over 30 years?
On a $350,000 30-year mortgage: at 6%: $2,098/mo, total interest $405,359. At 7%: $2,329/mo, total interest $488,487. The 1% rate difference costs $231/month and $83,128 in total interest over 30 years. This is why mortgage rate shopping matters enormously — getting a rate 0.25% lower on a $350,000 loan saves about $20,000 over the life of the loan.
Should I get a 15-year or 30-year mortgage?
On a $350,000 mortgage at current rates (6.8% / 30yr, 6.1% / 15yr): 30-year: $2,290/mo, total interest $474,245. 15-year: $2,979/mo, total interest $186,253. The 15-year saves $287,992 in interest — but costs $689 more per month. If you can afford the higher payment, the 15-year builds equity faster, has a lower rate, and you own the home outright in half the time. If cash flow is tight, the 30-year's lower payment gives flexibility to invest the difference or handle emergencies.