30 Year Mortgage Calculator

A 30-year mortgage calculator shows your monthly payment, total interest, and amortization breakdown–helping you compare loan options and plan your budget.

Enter the home price, down payment, interest rate, and loan term (360 months) to see your monthly principal and interest payment. Toggle on annual property taxes and homeowners insurance for a complete PITI estimate. The amortization schedule reveals exactly how each payment is divided between interest and principal over the life of the loan.

How Does a 30-Year Fixed Mortgage Work?

A 30-year fixed-rate mortgage spreads repayment over 360 equal monthly installments. The interest rate never changes, so your principal and interest payment remains constant for the entire term. This predictability makes it the most common home loan in the United States–according to the Federal Housing Finance Agency, more than 85% of homebuyers chose a fixed-rate mortgage in 2025.

Your monthly payment is calculated so that after 30 years, the loan balance reaches zero. In the early years, most of each payment goes toward interest; later, the split flips, and you pay down principal faster.

What Determines Your Monthly Payment?

The amount you pay each month consists of four components, often called PITI:

• Principal: The original loan amount divided into 360 payments, with a growing portion each month.
• Interest: The cost of borrowing, calculated on the remaining balance. At a 6.75% rate, a $300,000 loan accrues about $1,688 in interest in the first month alone.
• Property Taxes: Vary by location. If you escrow, they add 1/12th of the annual tax bill to each payment.
• Homeowners Insurance: Required by lenders; also escrowed monthly.

If your down payment is less than 20%, you will likely pay private mortgage insurance (PMI). PMI can cost 0.5%–1.5% of the original loan amount per year, adding $125–$375 a month on a $300,000 loan.

Amortization: Why You Pay More Interest Early

Because interest is charged on the outstanding balance, your first payment goes overwhelmingly to interest. Over time, as the principal drops, less interest accrues.

For a $300,000 loan at 6.75%, here is how the first five years look:

By the end of year 5, you have paid just $26,531 in principal–even though you sent 60 payments totaling over $116,000. The calculator’s amortization schedule lets you scroll through all 360 months to see this pattern.

30-Year vs. 15-Year Mortgage: Which Is Better?

Choosing between a 30-year and a 15-year mortgage means trading lower monthly payments for lower total cost. Using the same $300,000 loan, compare a 30-year term at 6.75% with a 15-year term at 6.25% (rates are typically 0.5–0.75% lower for shorter terms):

• 30-year: $1,945/month, total interest $427,360
• 15-year: $2,569/month, total interest $162,500

The 15-year loan saves you $265,000 in interest but requires 32% more cash each month. Many buyers start with a 30-year for flexibility and later make extra payments to simulate a 15-year payoff without locking in the higher minimum.

What Interest Rate Can You Expect in 2026?

As of early 2026, the average 30-year fixed mortgage rate hovers around 6.75%, according to Freddie Mac’s weekly survey. Rates fluctuate with the 10-year Treasury yield, Federal Reserve policy, and inflation expectations. Your rate will also depend on:

• Credit score (740+ often gets the best pricing)
• Down payment amount
• Loan type (conventional, FHA, VA)
• Property occupancy (primary home vs. investment)

For the most accurate payment estimate, enter a rate that reflects your financial profile–not just the national average.

How to Use the Calculator to Plan Your Purchase

The calculator lets you experiment with multiple what‑if scenarios. Try these:

• Increase your down payment: See how adding $10,000 to your down payment reduces monthly P&I and eliminates PMI if you cross the 20% threshold.
• Add extra principal each month: Enter an additional $100 or $500 to see how much interest you save and how many years you shave off the loan.
• Compare two properties: Run two sets of numbers–one with a higher home price and one with a lower price but higher taxes–to find which fits your budget better.

Each change instantly recalculates total interest and your amortization table, helping you make a confident home‑buying decision.

Disclaimer: This calculator provides estimates for informational purposes and does not guarantee loan availability or final terms. Mortgage rates and requirements vary by lender and market conditions. Always consult a licensed loan officer for a full qualification review.