What is the monthly payment on a $350,000 mortgage at 7% for 15 years?
Answer
$3,146/month
Principal & interest onlyTotal interest over 15 years: $216,262Total cost: $566,262
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How We Calculated This
M = P × [r(1+r)^n] / [(1+r)^n - 1]
P=$350,000, r=7%/12=0.5833n=180. M = $3,146
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Calculated using verified formulas. Last updated March 2026.