30-Year Fixed Mortgage Payment Calculator
Calculate your 30-year fixed mortgage payment, total interest, and see the full amortization schedule.
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Monthly Payment
Estimated • Based on your inputs
Total Interest
$382,184.24
Detailed Breakdown
Principal vs Interest Over Time
Amortization Schedule
| Year | Principal | Interest | Total Paid | Balance |
|---|---|---|---|---|
| 1 | $2,913 | $19,159 | $22,073 | $277,087 |
| 2 | $3,120 | $18,953 | $22,073 | $273,966 |
| 3 | $3,342 | $18,731 | $22,073 | $270,625 |
| 4 | $3,579 | $18,494 | $22,073 | $267,046 |
| 5 | $3,833 | $18,240 | $22,073 | $263,213 |
Disclaimer: This calculator provides estimates for informational purposes only. Results should not be considered financial, tax, or legal advice. Consult a qualified professional for your specific situation.
How This Calculator Works
Calculation methodology and assumptions
The 30-year fixed-rate mortgage is the most common home loan in the US. Monthly payments are calculated using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal, r is the monthly interest rate, and n is the number of payments (360 for a 30-year loan). Extra payments reduce principal faster, cutting total interest and payoff time.
Read a 30-year payment and its payoff schedule
- 1
Set the loan with price and down payment
The loan is the price minus your down payment: at the opening $350,000 and 20% that is $280,000. Change either one and the 360 payments are recomputed.
- 2
Enter the rate on your Loan Estimate
The quoted rate decides most of the payment. Use the rate from your own quote or rate lock; the opening rate is only an example.
- 3
Test an extra principal amount
The Extra Monthly Payment field goes straight to principal every month. Interest Saved and Years Saved show what that amount buys against the same loan without it.
Example: the opening loan with and without $200 a month extra
A $350,000 home with 20% down leaves a $280,000 loan at 6.875% for 30 years.
The payment is $1,839 a month for 360 months, and $382,184 of everything paid is interest. Adding $200 to every payment cuts total interest to $271,377.
Result: The extra $200 saves $110,807 and ends the loan 7 years and 5 months early.
What moves a 30-year payment
The rate
On the $280,000 loan, a rate a quarter point higher (7.125%) raises the payment to $1,886, $47 more every month for 30 years.
The amount borrowed
Every dollar of down payment is a dollar not amortized over 360 months, so a larger down payment lowers both the payment and the total interest.
Extra principal
Extra payments do not lower the required payment; they shorten the loan, and they save the most when they start early.
Before you commit to 30 years
- Early payments are mostly interest: in year one of the example, $19,159 of the $22,073 you pay goes to interest.
- The result is principal and interest only. Property tax, homeowners insurance and any mortgage insurance are added on top, usually through an escrow account.
- Before planning extra payments, check the Prepayment Penalty line in the Loan Terms table of your Loan Estimate, and ask your servicer how to mark an extra amount as principal.
StateCalc Team
Editorial Team
The StateCalc team builds financial calculators using data from official government sources including the IRS, U.S. Census Bureau, BLS, and state revenue departments. All formulas are validated by an automated test suite and cross-referenced against published data.
Our editorial standardsFrequently Asked Questions
What is a 30-year fixed mortgage?
A 30-year fixed-rate mortgage is a home loan with a constant interest rate and monthly payments that remain the same for 30 years (360 payments). It is the most popular mortgage type in the United States.
What 30-year rate should I enter?
The rate on your own Loan Estimate or rate-lock letter. Rates move every week, and Freddie Mac publishes the national average for a 30-year fixed loan in its Primary Mortgage Market Survey each Thursday; your quote depends on your credit, down payment and points. The 6.875% this calculator opens with is an example input, not a current quote.
How much house can I afford?
A common rule is the 28/36 rule: spend no more than 28% of gross income on housing and 36% on total debt. On a $100,000 income, that means up to $2,333/month for housing.
Should I make extra mortgage payments?
Extra payments go directly to principal, reducing total interest and payoff time. $100 a month extra on a $300,000 loan at 7% over 30 years saves $69,338 in interest and pays the loan off 4 years and 2 months sooner (this calculator's own amortization).
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