30-Year Mortgage Calculator
Estimate the monthly payment, total interest and amortization schedule on a 30-year fixed-rate mortgage.
Free to use No sign-up needed Updates as you type
Default interest rate: 7.18% — Freddie Mac 30-year fixed average, week of Nov 5, 2026. Enter the rate from your own Loan Estimate.
How the 30-year mortgage calculator works
This calculator locks the term at 30 years and turns a home price, your down payment, and the interest rate into a single monthly principal-and-interest figure. Stretching repayment across 360 payments is what makes the standard American mortgage so affordable month to month — the same balance spread over more time means a smaller bill.
The catch is everything that small payment hides. Because the balance falls slowly, interest accrues for decades and the lifetime total dwarfs what a 15- or 20-year term would cost. The tool totals that interest and shows how even modest extra payments claw years back.
Worked example: with home price of $425,000, down payment of $85,000 and interest rate of 7.18%, the 30-year mortgage calculator shows estimated monthly payment of $2,303.28.
- Principal & interest
- $2,303.28
- Total interest
- $489,180
- Total of payments
- $829,180
- Loan-to-value
- 80.0%
| Home price | Estimated monthly payment |
|---|---|
| $300,000 | $1,456.48 |
| $425,000 | $2,303.28 |
| $550,000 | $3,150.07 |
| $700,000 | $4,166.22 |
The formula
Monthly payment M = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount (price minus down payment), r is the annual rate ÷ 12, and the term is fixed so n = 30 × 12 = 360 payments. Total interest = (M × 360) − P.
How every calculator here computes, what it assumes and how the defaults stay current: our methodology.
- Term is fixed at 30 years; this is a fixed-rate model, so an adjustable-rate 30-year loan will reprice once its introductory period ends.
- Shows principal and interest only — property tax, homeowners insurance, PMI, and HOA dues are billed separately and raise your real monthly cost.
- Thirty-year rates usually run higher than the 15- or 20-year equivalents, since lenders charge more to be repaid over a longer horizon.
- Extra-payment results assume each additional dollar posts to principal with no prepayment penalty — confirm both terms with your servicer.
- Total interest is the headline limitation here: a low payment over 360 months can cost more in interest than the home's original price.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender or a licensed advisor.
Questions about the 30-year mortgage calculator
Why does a 30-year loan cost so much more interest than a 15-year?
Two reasons stack up. The balance is outstanding twice as long, so interest accrues over far more months, and 30-year rates are typically higher than 15-year rates to begin with.
Even at the same rate, doubling the time roughly more than doubles the interest, because the principal stays large for years before it meaningfully falls.
Can I get the low 30-year payment but pay it off faster?
Yes, and that flexibility is the 30-year's quiet advantage. You keep the lower required payment as a safety floor, then add extra to principal whenever cash allows. Adding roughly one extra payment a year can shorten a 30-year loan by several years.
You get 15-year-style payoff on your own schedule, without being locked into the higher required bill.
Is the 30-year still the right default in 2026?
For most buyers, yes — it maximizes the home price you can qualify for and leaves monthly room for emergencies, retirement, and rate uncertainty. The trade-off is slow equity and heavy lifetime interest.
If your budget comfortably absorbs a bigger payment, compare a 20- or 15-year term before defaulting to 30 out of habit.
Is my information saved or shared?
No. Every calculation runs entirely in your browser. We never store, transmit or sell the numbers you enter.
What is the monthly payment on a 30-year mortgage?
A 30-year term spreads repayment over 360 months for the lowest fixed payment. At 6.5%, a $300,000 loan runs about $1,896 a month in principal and interest — enter your own loan amount and rate above for an exact figure.
Is a 30-year mortgage a good idea?
For most buyers, yes — the low payment maximizes flexibility and buying power. The trade-off is more total interest than a shorter term. A 30-year with occasional extra principal payments is a strong middle ground between low payments and fast payoff.
Sources
- Freddie Mac — Primary Mortgage Market Survey (weekly average rates)
- CFPB — Loan Estimate explainer
- CFPB — Fixed-rate vs adjustable-rate mortgages
How the figures on this site are calculated and tested: methodology · editorial policy.
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