Calculate your monthly payments instantly with our 30 yr mortgage calculator. The 30-year fixed mortgage remains the most popular choice for homeowners, offering a stable, long-term repayment plan with manageable monthly obligations.
30 yr mortgage calculator
30 yr mortgage calculator Formula
We use the industry-standard amortization formula to determine your monthly principal and interest payments over a 360-month period.
Variables
- M: Monthly Payment.
- P: Principal Loan Amount.
- i: Monthly Interest Rate (Annual Rate / 12).
- n: Number of Payments (30 Years x 12 = 360).
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What is a 30 yr mortgage calculator?
A 30 yr mortgage calculator is designed to help you plan for the most common home loan in America: the 30-year fixed-rate mortgage. By locking in an interest rate for three decades, homeowners enjoy predictable monthly payments that are generally lower than those of shorter-term loans like 15-year mortgages.
While the lower payment improves affordability, the longer term means you will pay more interest over the life of the loan. This tool helps you visualize that balance.
How to Calculate 30 yr mortgage calculator (Example)
- Enter Loan Amount: Input the total amount you are borrowing (e.g., $250,000).
- Input Interest Rate: Enter the current market rate (e.g., 6.8%).
- Verify Term: Ensure the term is set to 30 years (360 months).
- Review Result: The calculator computes the monthly payment needed to zero out the balance after exactly 30 years.
Frequently Asked Questions (FAQ)
It depends on your goals. A 30-year mortgage offers lower monthly payments, giving you more cash flow flexibility. A 15-year mortgage saves you significant money on interest but requires a higher monthly payment.
It is common for the total interest paid over 30 years to equal or exceed the original loan amount. For a $300,000 loan at 7%, the total interest would be over $418,000.
Yes. Most conventional loans do not have prepayment penalties. Adding just one extra payment per year can reduce your term by several years.
This specific tool calculates Principal and Interest (P&I). You should add property taxes and insurance to get your full monthly housing cost.