Introduction
A 30 year mortgage is the most common home loan in the United States. It splits your loan into 360 equal monthly payments over 30 years. Because the term is so long, each payment stays low, but you end up paying a lot in interest over time.
This 30 year mortgage calculator shows you exactly what your monthly payment will be. Just enter your home price, down payment, and interest rate. It also includes property tax, homeowner's insurance, HOA fees, and PMI so you can see the full cost of owning your home each month.
The calculator builds a complete amortization schedule that breaks down every single payment into principal and interest. You can see how your loan balance drops over time and how your home equity grows. If you plan to make extra payments each month, it will show you how much interest you save and how many years earlier you can pay off your mortgage.
How to Use Our 30 Year Mortgage Calculator
Enter your home details and loan info below. The calculator will show your monthly payment, total interest paid, a full amortization schedule, and helpful charts that break down your costs over 30 years.
Home Price: Type the full purchase price of the home you want to buy. This is the total cost before any down payment.
Down Payment (Amount or Percent): Enter how much money you will pay upfront. You can type a dollar amount or a percent, and the other field will update on its own. The loan amount is then calculated for you.
Annual Interest Rate: Enter the yearly interest rate on your mortgage. You can use up to three decimal places, like 6.750%.
Property Tax (Annual): Enter the total property tax you expect to pay each year. Leave it blank or set it to 0 if you do not want to include it.
Homeowner's Insurance (Annual): Enter your yearly home insurance cost. Leave it blank or set it to 0 if you do not want to include it.
HOA Fees (Monthly): Enter any monthly homeowners association fee you must pay. Leave it blank or set it to 0 if you have none.
PMI Rate (Annual %): If your down payment is less than 20%, private mortgage insurance will apply. Enter the annual PMI rate your lender charges. This field is disabled when your down payment is 20% or more.
Extra Monthly Payment: Enter any extra amount you plan to pay toward your loan principal each month. This is optional but helps you see how much time and interest you can save.
Press the Calculate button to see your results, or edit any field and the calculator will update right away. Press Reset to return all fields to their default values.
What Is a 30-Year Mortgage?
A 30-year mortgage is a home loan that you pay back over 30 years, or 360 monthly payments. It is the most common type of home loan in the United States. Each month, part of your payment goes toward the principal (the amount you borrowed) and part goes toward interest (the fee the lender charges you for borrowing the money).
In the early years of a 30-year mortgage, most of your monthly payment goes toward interest. Over time, this shifts, and more of your payment starts going toward the principal. This shift is called amortization. The point where your principal payment first exceeds your interest payment is known as the crossover point, which typically happens around year 18 to 22 on a standard 30-year loan.
Why Choose a 30-Year Mortgage?
The main benefit of a 30-year mortgage is a lower monthly payment compared to shorter loan terms like 15 or 20 years. This makes it easier for many borrowers to afford a home. The trade-off is that you pay more in total interest over the life of the loan because you are borrowing the money for a longer period.
Key Costs Included in Your Monthly Payment
Your total monthly mortgage payment often includes more than just principal and interest. This combined payment is sometimes called PITI (Principal, Interest, Taxes, and Insurance). Here are the common parts:
- Principal & Interest (P&I): The core loan payment calculated using your loan amount, interest rate, and 30-year term.
- Property Tax: A tax charged by your local government based on the value of your home, typically paid monthly through an escrow account.
- Homeowner's Insurance: Insurance that protects your home against damage, also usually collected monthly through escrow.
- HOA Fees: Monthly fees charged by a homeowners association if your property is part of one. Not all homes have HOA fees.
- Private Mortgage Insurance (PMI): An extra monthly cost required when your down payment is less than 20% of the home price. PMI protects the lender, not you. It drops off once you build enough equity in your home.
It is also important to know your debt-to-income ratio (DTI), since lenders use it to determine how much you can afford to borrow. And do not forget to budget for closing costs, which are one-time fees due when you finalize the purchase.
How Extra Payments Help
Making extra payments each month, even small ones, goes directly toward your principal. This reduces your loan balance faster, which means you pay less interest overall and can pay off your mortgage years ahead of schedule. For example, adding just $100 per month to a typical 30-year mortgage can save tens of thousands of dollars in interest and cut several years off the loan.
What Is a Good Mortgage Interest Rate?
Mortgage interest rates change often and depend on the economy, your credit score, your down payment, and the lender you choose. A lower rate means a lower monthly payment and less total interest paid. Even a small difference, like 0.25%, can save you thousands of dollars over 30 years. It is always a good idea to compare rates from multiple lenders before choosing a loan.