30-Year Mortgage Payment Calculator
Estimate your complete monthly payment: principal, interest, taxes, insurance, and HOA fees.
* This calculator is for educational purposes. Contact a mortgage professional for personalized advice.
Enter Mortgage Details
Example: 300000
Example: 60000 (20% down)
Loan: $240,000
Current average: 6.82% for 30-year fixed
Standard fixed mortgage terms
When you’ll make your first payment
Additional Monthly Costs:
$4,500/year ($375/month)
$1,920/year ($160/month)
Enter 0 if no HOA
$0/month
Extra amount paid toward principal each month
What is a 30-Year Fixed Mortgage Calculator?
A 30-Year Fixed Mortgage Calculator is a financial tool that helps you estimate your complete monthly payment for a 30-year mortgage. Unlike basic calculators that only show principal and interest, our comprehensive calculator includes all costs that make up your actual monthly housing expense:
| Payment Component | What It Covers | Example Amount |
|---|---|---|
| Principal | Repayment of loan balance | $398 |
| Interest | Cost of borrowing money | $1,034 |
| Property Taxes | Local tax based on home value | $375 |
| Homeowners Insurance | Protection for your property | $160 |
| HOA Fees | Community maintenance costs | $150 |
| PMI | Required with <20% down payment | $100 |
| Total Monthly Payment | Complete housing expense | $2,217 |
Mortgage Payment Calculation Formulas
The monthly payment for the principal and interest is calculated using the standard mortgage formula:
Where:
- M is the monthly payment for principal and interest.
- P is the principal loan amount.
- r is the monthly interest rate (annual rate divided by 12).
- n is the total number of payments (30 years × 12 = 360).
The total monthly payment includes additional costs:
If you’re making extra payments, the loan will be paid off earlier:
Key Mortgage Concepts
Principal & Interest (P&I)
This is the base monthly payment that goes toward paying off your loan. In the early years of your mortgage, the majority goes to interest. Over time, more goes to principal as your balance decreases.
PITI
PITI stands for Principal, Interest, Taxes and Insurance. This is your complete monthly housing payment and what lenders typically use to determine if you qualify for a mortgage.
Amortization
This is the process of paying off your mortgage through regular payments over time. An amortization schedule shows how each payment is split between principal and interest.
Private Mortgage Insurance (PMI)
PMI is required when your down payment is less than 20%. It protects the lender if you default on the loan and typically costs 0.3% to 1.5% of the loan amount annually.
Current Mortgage Rates (May 2025)
Mortgage rates fluctuate based on economic factors, Federal Reserve policies, and market conditions. Understanding current rates helps you determine if now is a good time to buy or refinance.
| Mortgage Type | Average Rate | Last Week | Last Year |
|---|---|---|---|
| 30-Year Fixed | 6.82% | 6.85% | 7.12% |
| 15-Year Fixed | 6.15% | 6.18% | 6.45% |
| 5/1 ARM | 6.24% | 6.28% | 6.32% |
Rates updated on May 1, 2025. National average rates shown for illustrative purposes only. Your actual rate may vary based on credit score, down payment, and other factors.
5 Ways to Lower Your Monthly Mortgage Payment
- Make a larger down payment – Every additional dollar towards your down payment reduces your loan amount and monthly payment. Our calculator shows that increasing your down payment from 10% to 20% on a $300,000 home reduces your monthly payment by approximately $171.
- Improve your credit score – A better credit score typically results in a lower interest rate. For example, improving your score from 680 to 740 could reduce your rate by 0.5%, saving around $86 per month on a $300,000 loan.
- Shop around with multiple lenders – Different lenders offer different rates and fees. Getting quotes from at least 3-5 lenders could save you thousands over the life of your loan.
- Consider a longer term – While a 30-year mortgage has lower monthly payments than a 15-year mortgage, be aware that you’ll pay significantly more in total interest over the life of the loan.
- Buy discount points – Purchasing discount points (prepaid interest) at closing can lower your interest rate. One point typically costs 1% of your loan amount and reduces your rate by 0.25%.
Frequently Asked Questions About 30-Year Mortgages
What salary do I need for a $300,000 mortgage?
For a $300,000 mortgage at 6.82% interest rate, your monthly payment for principal and interest would be approximately $1,958. Following the 28/36 rule (housing costs should be under 28% of gross income), you would need a minimum annual income of around $84,000 to comfortably afford this mortgage.
Is it better to get a 15-year or 30-year mortgage?
A 30-year mortgage offers lower monthly payments, making it more affordable for most homebuyers. A 15-year mortgage has higher monthly payments but significantly reduces the total interest paid and builds equity faster. For example, on a $300,000 loan at 6.82%, you would pay about $1,958 monthly for 30 years (total interest: $405,000) versus about $2,696 monthly for 15 years (total interest: $185,000).
How much house can I afford on a $70,000 salary?
With an annual salary of $70,000, assuming the 28/36 rule, you could afford a monthly housing payment of about $1,633 (28% of your monthly income). At a 6.82% interest rate with 20% down payment, property taxes at 1.5%, and insurance at 0.64%, this would translate to approximately a $225,000 mortgage (about a $281,000 home purchase price).
What happens if I make extra payments on my mortgage?
Making extra payments directly reduces your principal balance, which means you pay less interest over time and your loan is paid off faster. For example, paying an extra $200 per month on a $300,000 mortgage at 6.82% interest would save you approximately $67,000 in interest and pay off your mortgage 5.7 years earlier. Use our amortization schedule to see how extra payments impact your specific situation.
How does PMI affect my monthly payment?
Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home’s purchase price. PMI generally costs between 0.3% to 1.5% of your loan amount annually. For example, on a $270,000 loan with a 0.5% PMI rate, you’d pay approximately $112.50 per month in PMI. Once your equity reaches 20%, you can request PMI cancellation, and it automatically terminates at 22% equity.
Other Useful Mortgage Calculators
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