30-Year Fixed Mortgage Calculator

A 30-year fixed-rate mortgage is a home loan repaid through 360 scheduled monthly payments. Its interest rate stays fixed for the life of the loan. That makes the required principal-and-interest payment predictable, even when market mortgage rates rise or fall after closing.

A longer repayment period can make the monthly payment more manageable than a shorter loan term. The tradeoff is that interest accrues over many years. The total cost of owning a home also includes expenses outside the loan payment, so comparing only principal and interest can understate your monthly budget.

Start with the home's purchase price and your planned down payment. You can adjust the down payment in dollars or as a percentage of the price. The calculator subtracts your down payment to determine the amount financed.

Next, enter the annual fixed mortgage rate you want to evaluate. Add estimated monthly property taxes, homeowners insurance and HOA fees. If your down payment is below 20%, you can also enter an estimated annual private mortgage insurance rate. Choose the first payment month and year to label the amortization schedule and estimated payoff date.

Review the initial monthly housing payment, the loan balance, total scheduled interest and the remaining-balance chart. The rate comparison shows how a rate 0.5 percentage points lower or higher affects principal and interest, subject to the calculator's supported rate range.

A fixed-rate mortgage uses an amortization formula. For a positive monthly interest rate, the monthly principal-and-interest payment equals the loan amount multiplied by the monthly rate, divided by one minus the quantity one plus the monthly rate raised to the negative number of payments.

In this formula, M is the monthly principal-and-interest payment, P is the starting loan balance, and r is the annual interest rate divided by 12 and expressed as a decimal. For a zero-interest loan, the monthly payment is simply the balance divided by 360.

Each month, interest is calculated on the remaining principal. The rest of the scheduled payment reduces that principal. Early payments generally contain more interest; later payments contain more principal. The amortization schedule displays that progression and the balance remaining after each payment.

Consider a $400,000 home with a $80,000 down payment. The loan amount is $320,000. At a hypothetical 6% fixed annual rate, the scheduled principal-and-interest payment is approximately $1,919 per month. Over 360 payments, scheduled interest is approximately $371,000, assuming no extra principal payments.

Now consider the same home with a $40,000 down payment. The loan amount increases to $360,000. At the same hypothetical 6% rate, principal and interest rise to approximately $2,158 monthly. A smaller down payment can also introduce PMI, making the initial housing payment higher still.

These examples illustrate loan mechanics rather than current lender quotes. Neither payment includes taxes, homeowners insurance, HOA fees or PMI. Your actual rate and expenses depend on your loan program, credit profile, property and lender.

Principal and interest repay the mortgage. Property taxes help fund local services and may change as assessments and tax rates change. Homeowners insurance protects against covered property losses and its premium can increase over time.

Private mortgage insurance may apply to a conventional mortgage with a down payment below 20%. It protects the lender rather than replacing homeowners insurance. HOA fees may apply to homes within a homeowners association and can change independently of the mortgage.

This calculator reports an estimated initial total payment. Taxes, insurance and HOA fees are treated as entered monthly amounts. PMI is an initial estimate rather than a projected month-by-month cancellation schedule. Closing costs, utilities, maintenance and repairs are not included.

Even a modest interest-rate difference can change both the required payment and the total interest paid over 30 years. A lower rate usually reduces monthly principal and interest when the balance and term stay the same. A higher rate generally increases both.

When comparing mortgage offers, examine the interest rate, annual percentage rate (APR), lender fees, discount points and closing costs. APR can help compare borrowing costs, but it is not the same as the interest rate used in the monthly payment formula. A lower advertised rate may require additional upfront points or fees.

The primary advantage is payment stability: the scheduled principal-and-interest amount remains consistent over the mortgage term. The longer term can also provide more room in a household budget for savings, maintenance and other financial priorities.

The principal tradeoff is slower repayment and potentially greater lifetime interest than a shorter mortgage. A lower required monthly payment does not mean the home costs less overall. Borrowers should compare affordability today with the total borrowing cost and their plans for staying in the home.

A 30-year fixed mortgage does not necessarily have to take 30 years to repay. Some borrowers choose to make additional payments toward principal when their budget allows. Reducing the outstanding principal sooner can lower future interest charges and shorten the time needed to pay off the loan.

For example, making an additional principal payment each month may reduce the remaining balance faster than the original amortization schedule. The savings depend on the loan balance, interest rate, extra payment amount and when the additional payments begin. An occasional lump-sum principal payment can also affect the repayment timeline.

Before making extra payments, confirm with your mortgage servicer that the additional money will be applied to principal rather than treated as an advance payment. Review your loan terms for any applicable prepayment restrictions or penalties, and consider whether maintaining emergency savings is a higher priority.

This calculator shows the standard 360-payment schedule without additional principal payments. Its lifetime interest and payoff date therefore do not include potential savings from early repayment. The displayed amortization schedule is a baseline for understanding how the loan would be repaid through regular scheduled payments.

To compare a shorter repayment term, try our 15-year fixed mortgage calculator. If you are deciding how much to spend on a home, try our mortgage affordability calculator. If you already have a mortgage and are considering replacing it, use the mortgage refinance calculator.

Estimates are for education and planning, not a loan approval or a guarantee of rates, payments or financing terms.