30-Year Fixed Mortgage Calculator
Reviewed by James Wilson, CFA — Chartered Financial Analyst
Last reviewed June 2026
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Financial Disclaimer
This calculator provides estimates for educational purposes only. Results are not a loan offer, guarantee of financing, or financial advice. Actual payments, rates, and costs vary based on your credit score, lender, location, and individual financial circumstances. Consult a licensed mortgage professional before making home purchasing decisions. For personalized rate quotes, contact multiple lenders and compare APRs, not just interest rates.
The 30-year fixed-rate mortgage stands as the absolute bedrock of the modern housing market, offering a unique blend of predictability, affordability, and long-term financial stability. For the vast majority of homeowners, this loan structure provides the lowest possible monthly payment among standard fixed-rate options, thereby maximizing their monthly cash flow and increasing their overall purchasing power. By spreading the principal and interest over three decades, the 30-year mortgage makes homeownership accessible to families who might otherwise be priced out by the higher monthly commitments of shorter-term loans. One of the primary advantages of the 30-year fixed-rate mortgage is its protection against inflation. While the cost of living, property taxes, and home values may rise over 30 years, your core principal and interest payment remains locked in, effectively decreasing in 'real' dollar value over the life of the loan. Our professional mortgage estimator is built to account for this long-term horizon, providing you with a high-fidelity look at your amortization schedule and the total cost of borrowing. We analyze every component of the monthly payment—including the Principal, Interest, property Taxes, and homeowners Insurance (PITI)—to ensure you have a clinically precise view of your financial obligations. Furthermore, for those with a down payment of less than 20%, our tool automatically factors in Private Mortgage Insurance (PMI) and shows you exactly when you can expect to reach the equity threshold required to remove it. Whether you are a first-time homebuyer or a seasoned real estate investor, understanding the nuanced trajectory of a 30-year loan is essential for master-level budgeting. Use our tool to visualize the equity-building process and see how your home becomes one of your most significant long-term assets.
Quick Answer Box
Monthly mortgage payment (principal + interest) = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P = loan principal, r = monthly interest rate (annual rate ÷ 12), and n = total number of payments.
At the current national average 30-year rate of 6.23% (Freddie Mac, April 23, 2026), a $320,000 loan (20% down on a $400,000 home) produces a monthly P&I payment of approximately $1,971. Add property taxes, homeowners' insurance, and PMI (if applicable) for your full monthly housing cost.
The Number the Mortgage Industry Doesn’t Want You to Focus On:
The mortgage industry is very good at getting you to focus on one number: your monthly payment. It’s the number in every ad, the number your real estate agent references, and the number lenders optimize to fit your budget. But it’s not the most important number.
The most important number is the total cost of your home.
On a $400,000 home with 20% down at the current national average 30-year rate of 6.23% (Freddie Mac, April 23, 2026), your monthly principal and interest payment is approximately $1,971. Over 360 payments, your total repayment is approximately $709,560 in principal and interest, meaning you pay for your $320,000 loan nearly two and a quarter times over. Add origination fees, property taxes, insurance, and maintenance over 30 years, and the true all-in cost of that $400,000 home can exceed $900,000.
That is not an argument against buying a home. Homeownership builds equity, provides housing stability, and historically outperforms renting for long-term wealth building. It is an argument for entering the transaction with complete information, because the decisions you make at the start (down payment size, loan term, rate negotiation, extra payments) have compounding effects measured in tens of thousands of dollars.
This calculator shows you both numbers: your monthly payment and your true total cost. Use both.
The Mortgage Payment Formula Explained:
The standard mortgage payment formula calculates your fixed monthly principal and interest (P&I) payment:
Where:
- - P = Loan principal (home price minus down payment)
- - r = Monthly interest rate (annual rate ÷ 12)
- - n = Total number of monthly payments (years × 12)
Example at current rates:
- - Home price: $400,000 | Down payment: $80,000 (20%) | Loan: $320,000
- - Annual rate: 6.23% → Monthly rate: 0.5192%
- - Term: 30 years → 360 payments
- - Monthly P&I = $1,971
Your full monthly housing payment adds: property taxes (typically 1–1.5% of home value annually ÷ 12), homeowners' insurance (approximately $150–$250/month for most US homes), HOA fees (if applicable), and PMI (if your down payment is under 20%).
What’s Included in Your Monthly Mortgage Payment PITI Explained:
Most people know their monthly mortgage includes principal and interest. Most people don’t fully account for the other two components:
P - Principal
The portion of your payment that reduces your loan balance. In the early years of a 30-year mortgage, very little of each payment goes to principal. On the first payment of a $320,000 loan at 6.23%, approximately $312 goes to principal and $1,659 goes to interest. By payment 200 (year 16), that split begins to reverse.
I - Interest
The cost of borrowing money. At 6.23%, a $320,000 loan generates approximately $19,932 in interest in year one alone before you’ve meaningfully reduced the balance.
T - Taxes
Property taxes in the US average approximately 0.9–1.2% of assessed home value annually, though rates vary dramatically by state. Texas (1.7%), New Jersey (2.2%), and Illinois (2.0%) have among the highest rates. Hawaii (0.3%), Alabama (0.4%), and Colorado (0.5%) have among the lowest. On a $400,000 home, annual property taxes range from $1,200 to $8,800, depending on where you live.
I - Insurance
Homeowners insurance averages approximately $1,900–$2,400 annually for a $400,000 home in most US states, though Florida, Louisiana, and Oklahoma have dramatically higher premiums due to weather risk. Lenders require homeowners' insurance as a condition of any mortgage.
PMI (if applicable)
Private mortgage insurance is required by most lenders when your down payment is below 20% of the home’s value. PMI averages 0.46–1.50% of the loan amount annually (Bankrate, 2026), or approximately $0.46–$1.50 per $100 borrowed. On a $320,000 loan, PMI adds $123–$400 per month. PMI is not permanent; see the PMI removal section below.
15-Year vs. 30-Year Mortgage: The True Cost Comparison at April 2026 Rates
Comparison at Freddie Mac rates (April 2026): 30-year at 6.23% vs 15-year at 5.58%
| Feature | 30-Year Fixed | 15-Year Fixed |
|---|---|---|
| Monthly P&I | ~$1,971 | ~$2,630 |
| Monthly difference | — | +$659 more |
| Total interest paid | ~$389,560 | ~$153,400 |
| Total repayment | ~$709,560 | ~$473,400 |
| Interest saved | — | ~$236,160 |
| Payoff date | April 2056 | April 2041 |
The 15-year borrower pays $659 more per month but saves over $236,000 in interest and pays off their home 15 years earlier. That’s a return on the higher monthly payment of approximately $358 in savings for every extra dollar paid monthly, over the life of the loan.
Who the 15-year makes sense for:
- Borrowers with stable, sufficient income where the higher payment is comfortable, typically households where housing costs represent under 25% of gross income.
- Borrowers close to retirement who want to eliminate their mortgage payment before leaving the workforce.
- Buyers who plan to stay in the home for the full term.
Who the 30-year makes more sense for:
- First-time buyers stretching to afford their home purchase.
- Borrowers with other high-interest debt can benefit from lower housing payments and redirecting cash to debt payoff.
- Buyers in early career with a strong income growth trajectory who plan to refinance or make extra payments.
The Extra Payment That Changes Everything:
If you can’t swing the 15-year payment but want to reduce your total interest burden on a 30-year loan, extra payments are your most powerful tool.
At 6.23% on a $320,000 loan:
| Extra Monthly Payment | Years Saved | Interest Saved |
|---|---|---|
| $100/month extra | ~2.5 years | ~$34,200 |
| $200/month extra | ~4.7 years | ~$62,800 |
| $500/month extra | ~10.2 years | ~$121,400 |
| $1,000/month extra | ~16.1 years | ~$176,600 |
The $200/month insight: Paying an extra $200 per month, roughly the cost of a streaming subscription bundle and two restaurant dinners, saves nearly $63,000 in interest and finishes your mortgage almost 5 years early. That’s the highest-return, lowest-friction financial move available to most homeowners.
Rules for extra payments:
- Confirm with your lender that extra payments apply to principal (not future payments), specify “apply to principal” on each extra payment.
- Extra payments are most impactful in the first 5–10 years of the loan, when your balance is highest.
- If your mortgage rate is below 6%, compare the interest savings to what the same money would earn invested in index funds before committing to aggressive extra payments
PMI How to Get Rid of It Faster Than You Think:
If your down payment was under 20%, you’re likely paying PMI. Here’s how to remove it:
Method 1: Scheduled removal (automatic):
The Homeowners Protection Act (HPA) requires lenders to automatically cancel PMI when your loan balance reaches 78% of the original home value (assuming you’re current on payments). On a $400,000 home with 10% down, this occurs at month 67 (approximately 5.6 years) on a standard 30-year at 6.23%.
Method 2: Request removal at 80% LTV:
You can request PMI cancellation when your balance reaches 80% of the original purchase price. At 6.23% with 10% down, this occurs at approximately month 56 (year 4.7). Contact your servicer, request a cancellation, and they may require a home appraisal.
Method 3: Home appreciation (fastest route):
If your home’s value has increased, you may reach 80% LTV faster than the amortization schedule suggests. If you bought a $400,000 home with 10% down ($40,000), your original loan is $360,000. If the home appreciates to $450,000, your loan-to-value is now $360,000 ÷ $450,000 = 80%. You can request an appraisal and PMI cancellation immediately. At the current US average home appreciation rate of approximately 4% per year, this scenario can occur in under 2 years.
Current Mortgage Rate Context April 2026:
Understanding where rates are and why matters for timing decisions and expectation setting.
Where rates stand today: The 30-year fixed-rate mortgage averaged 6.23% for the week ending April 23, 2026, according to Freddie Mac’s Primary Mortgage Market Survey, down from 6.30% the prior week and down significantly from 6.81% a year ago. The 15-year fixed averaged 5.58%, also down from 5.65% the week prior.
Why rates are elevated: Mortgage rates are primarily driven by the 10-year US Treasury yield, to which lenders add a risk premium of 1.5–3.0%. The 10-year Treasury currently trades around 4.24%. The Iran War, which began February 28, 2026, has pushed oil prices higher, contributing to elevated inflation. The March 2026 CPI showed 3.3% annual inflation, the fastest pace since April 2024. Higher inflation pressures the Federal Reserve to keep rates elevated.
Where rates are headed: Freddie Mac’s chief economist and most major forecasters expect 30-year rates to remain above 6% through 2026. The Fed began a rate-cutting cycle in September 2024 and has reduced the federal funds rate to 3.5–3.75%, but the transmission from Fed rate cuts to mortgage rates is indirect. Rates hit a 2026 low of 6.09% before rising on Iran War concerns. Unless inflation moderates significantly, a return to 5% rates is not expected in the near term.
The borrower takeaway:
Rates are lower than a year ago (6.81% in April 2025) but elevated by historical standards. The spring buying season is active. Shopping multiple lenders remains the single most impactful action any borrower can take. Freddie Mac data consistently shows borrowers who get 5 quotes save an average of $1,500+ over those who accept the first offer.
Source: Freddie Mac PMMSHow Much House Can You Afford in 2026?
The traditional guideline is that your total monthly housing costs (PITI) should not exceed 28% of your gross monthly income. But this rule was calibrated for a lower-rate environment. Here’s how it translates at current rates:
| Gross Annual Income | 28% Monthly Housing Budget | Max Home Price (20% down, 6.23%) |
|---|---|---|
| $60,000 | $1,400/month | ~$195,000 |
| $80,000 | $1,867/month | ~$265,000 |
| $100,000 | $2,333/month | ~$335,000 |
| $120,000 | $2,800/month | ~$405,000 |
| $150,000 | $3,500/month | ~$510,000 |
| $200,000 | $4,667/month | ~$685,000 |
These figures include P&I only. Add property taxes, insurance, and HOA to the monthly budget before finalizing affordability.
The DTI rule that lenders actually use: Most conventional lenders cap your total debt-to-income ratio (DTI) at 43–45%, which includes all monthly debt payments (mortgage + car loans + student loans + minimum credit card payments) relative to gross monthly income. FHA loans allow up to 57% DTI in some cases. Being within the 28% housing ratio but above 43% DTI on total debt will likely result in a higher rate or denial.
Frequently Asked Questions
What is the monthly payment on a $400,000 mortgage?
At the current national average 30-year fixed rate of 6.23% (Freddie Mac, April 23, 2026) with a 20% down payment ($80,000), the loan is $320,000, and the monthly principal and interest payment is approximately $1,971. Adding estimated property taxes ($350–$550/month, depending on location), homeowners' insurance ($160–$200/month), and PMI if applicable, a typical total monthly payment on a $400,000 home with 20% down ranges from $2,500 to $2,800 per month, depending on your state and local tax rate.
What is today’s mortgage interest rate?
As of April 23, 2026, the national average 30-year fixed mortgage rate is 6.23% according to Freddie Mac’s Primary Mortgage Market Survey. The 15-year fixed-rate mortgage averages 5.58%. These are weekly averages, daily rates from Bankrate and U.S. News show slightly higher figures (6.33–6.40%), reflecting different lender samples. Actual rates vary based on your credit score, down payment, loan size, and lender. Borrowers with credit scores above 760 and 20%+ down payments typically receive rates 0.25–0.50% below the national average.
How much do I save by choosing a 15-year mortgage instead of 30 years?
At April 2026 rates (30-year: 6.23%, 15-year: 5.58%), on a $320,000 loan, the 30-year costs approximately $709,560 in total principal and interest repayment, while the 15-year costs approximately $473,400, a savings of roughly $236,000. The 15-year requires a higher monthly payment of approximately $659 more per month. The breakeven: if you can comfortably afford the higher payment, the 15-year is almost always the more financially sound choice at current rates.
How do extra mortgage payments save money?
Extra payments go directly toward reducing your principal balance, which reduces the total amount of interest that accrues over the remaining loan term. On a $320,000 loan at 6.23%, an extra $200/month eliminates approximately 4.7 years from your loan term and saves roughly $62,800 in interest. The savings are larger when made early in the loan (when the balance is highest) because interest accrues on the outstanding balance. Always confirm with your lender that extra payments are applied to principal, not credited as future payments.
How do I get rid of PMI on my mortgage?
PMI cancels automatically when your loan balance reaches 78% of the original home value under the Homeowners Protection Act. You can request cancellation earlier when you reach 80% LTV through a combination of your regular payments and home appreciation. If your home has appreciated significantly, you can request an appraisal and PMI cancellation even before the scheduled removal date. On a $400,000 home appreciating at 4% per year with 10% down, appreciation alone can push you to 80% LTV in approximately 14–18 months. Removing PMI at an average rate of 0.85% on a $360,000 loan saves $255/month, $3,060 per year.
What credit score do I need to get the best mortgage rate?
Most conventional lenders reserve their best rates for borrowers with credit scores of 760 or higher and down payments of 20% or more. Borrowers with scores of 700–759 typically pay 0.25–0.50% more. Scores below 620 generally do not qualify for conventional mortgages, though FHA loans are available with scores as low as 500 (with 10% down) or 580 (with 3.5% down). A 0.5% rate difference on a $320,000 30-year loan equals approximately $108/month more and approximately $38,800 more in total interest over the life of the loan, making credit score improvement before applying one of the highest-ROI pre-purchase actions available.
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