Estimate your monthly payments accurately with our 30 years mortgage calculator. As the most popular loan term in the United States, the 30-year fixed mortgage offers stability and lower monthly payments compared to shorter terms.
30 years mortgage calculator
30 years mortgage calculator Formula
The calculation uses the standard amortization formula, assuming a fixed interest rate over a 360-month period.
Variables
- M: Total monthly payment (Principal + Interest).
- P: Principal loan amount.
- i: Monthly interest rate (Annual Rate / 12).
- n: Total number of payments (30 years × 12 months = 360).
Related Calculators
- 15 vs 30 Year Mortgage Calculator
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- Amortization Schedule Calculator
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What is a 30 Years Mortgage Calculator?
A 30 years mortgage calculator is an essential tool for homebuyers committed to the long-term conventional loan structure. In the U.S., the 30-year fixed-rate mortgage is the standard because it spreads payments out over a longer period, making homeownership more affordable on a monthly basis compared to 15 or 20-year terms.
However, because the term is so long, the total interest paid over the life of the loan is significantly higher. This calculator helps you visualize that trade-off between low monthly payments and total interest cost.
How to Calculate 30 Years Mortgage (Example)
- Enter Loan Amount: Input the amount you need to borrow (e.g., $300,000).
- Input Interest Rate: Enter your expected annual interest rate (e.g., 7.0%).
- Verify Term: Ensure the term is set to 30 years (360 months).
- Calculate: The tool computes the monthly payment required to pay off exactly $300,000 over 360 payments.
Frequently Asked Questions (FAQ)
It offers the lowest monthly amortization payment for a fixed-rate loan, allowing buyers to qualify for more expensive homes or keep their monthly budget manageable.
It is common to pay more in interest than the original loan amount. For example, on a $300k loan at 7%, you would pay over $418,000 in interest alone over 30 years.
Yes, most 30-year mortgages have no prepayment penalty. Making just one extra payment per year can shave years off your loan term.
No, this calculates Principal and Interest (P&I). You must add property taxes, homeowners insurance, and potentially PMI to get your full monthly housing cost.