30 Year Fixed Mortgage Calculator – NerdWallet

A long repayment period and a predictable interest rate make the 30-year fixed rate mortgage the home loan of choice for 9 out of 10 buyers.

How much does a 30-year mortgage payment cost?

The 30-year fixed rate mortgage calculator estimates your monthly payment and the total cost of the loan over the term. With a house price of $400,000, a down payment of $80,000 and an interest rate of 4%, the monthly mortgage payment would be $1,528, excluding other costs, such as property taxes. , home insurance and homeowners association dues.

30 Year Mortgage Calculator

What our 30-year mortgage calculator does

NerdWallet’s 30-Year Fixed Mortgage Calculator uses your home price, down payment, and annual interest rate to estimate your monthly and bi-weekly mortgage payments. For a more complete picture, you can also enter cost estimates for annual property tax, annual home insurance, and monthly homeowners association dues.

How to Calculate a 30 Year Fixed Rate Mortgage

Enter the following into the calculator:

  1. The amount of the deposit. This is the amount you plan to pay upfront for the house.

  2. The term of the loan. This calculator is only for 30 year fixed rate mortgages, so enter “30”.

If you wish, you can enter the following advanced options:

  1. The directory property tax. Check with your county treasurer’s office for the current tax rate in your area or ask your real estate agent, if you have one.

  2. Annual home insurance premium. Check your loan estimate if you already have one from a lender. It will include a monthly estimate for Home Insurance and property taxes. You can also ask your realtor or car insurance agent, if you have one, for a rough estimate of your home insurance.

  3. Monthly owners association rights. Only homes located in communities governed by homeowner associations will be subject to HOA dues. Ask a real estate agent what the HOA fees are for the homes you are considering.

Once you have entered everything, the calculator will provide these results:

  • The combined principal and interest of your monthly mortgage payment.

  • Monthly costs for property taxes, home insurance, and HOA dues, if you entered values ​​for these costs.

  • Total monthly mortgage payment, including any optional charges you entered.

  • Mortgage payment every two weeks.

  • Total interest paid over the life of the loan.

  • Total cost of the mortgage, capital and interest included, over 30 years.

The calculator does not include the cost of mortgage insurance. You’ll likely pay for private mortgage insurance on a conventional loan if your down payment is less than 20%. See our mortgage calculator with PMI for an estimate of monthly payments including the cost of private mortgage insurance.

Thinking about an FHA mortgage? See NerdWallet FHA Mortgage Calculator to estimate your monthly payment, including FHA mortgage insurance.

What are the benefits of a 30-year fixed rate mortgage?

A 30-year fixed mortgage gives you a more affordable monthly payment than a 15- or 20-year mortgage because it spreads the repayment over a longer period. But it also provides flexibility – you can pay off the mortgage faster by making additional payments or adding to your monthly payment.

Unlike a variable rate mortgage, a fixed rate mortgage is predictable. The principal and interest portion of your mortgage payment stays the same no matter what happens in the economy.

What are the disadvantages of a 30-year fixed rate mortgage?

A 30-year fixed mortgage generally has a higher interest rate than a mortgage with a shorter repayment term. It also takes longer to build up equity and you pay more total interest over a 30 year term than with a 15 or 20 year fixed rate mortgage.

Can you pay off a 30-year mortgage early?

Yes, you can pay off a 30-year mortgage faster by making extra payments or adding to your monthly payment. If you want to pay it off in 15 or 20 years, ask your lender for a Amortization schedule showing how much you have to pay each month to pay off the mortgage within the desired time period.

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