30 Year Fixed Mortgage Calculator – NerdWallet


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

How much does a 30-year mortgage payment cost?

The 30-Year Fixed Rate Mortgage Calculator estimates your monthly payment as well as the total cost of the loan over time. With a home 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 contributions from homeowners associations.

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-monthly mortgage payments. For a more complete picture, you can also enter cost estimates for annual property tax, annual home insurance, and monthly homeowner’s association contributions.

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 expect to pay up front for the house.

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

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

  1. Directory property tax. Check with your county treasurer’s office to find out 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 quote for Home Insurance and property taxes. You can also ask your real estate agent or auto insurance agent, if you have one, for a rough home insurance estimate.

  3. Monthly owners association rights. Only homes in communities governed by homeowners 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 contributions, if you entered values ​​for these costs.

  • Total monthly mortgage payment including any optional fees you entered.

  • Bi-weekly mortgage payment.

  • Total interest paid over the life of the loan.

  • Total cost of the mortgage, including principal and interest, over 30 years.

The calculator does not include the cost of mortgage insurance. You will 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 advantages of a 30-year fixed rate home loan?

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

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

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

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 equity, and you pay more total interest over a 30-year term than with a 15- or 20-year fixed rate mortgage.

Can you prepay a 30-year mortgage?

Yes, you can pay off a 30-year mortgage faster by making additional payments or increasing 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 in the desired period of time.

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