30-Year Mortgage Payment Calculator (2026)
Calculate your monthly payment for a 30-year fixed mortgage. Understand the breakdown of principal, interest, taxes, and insurance over the life of your loan.
30-Year Mortgage Calculator
Monthly Payment (30-Year Fixed)
$2,737.49
Understanding 30-Year Mortgages
Long-Term Stability
A 30-year mortgage provides the longest term available, resulting in the lowest monthly payments and maximum budget flexibility.
Affordability
Lower monthly payments mean you can qualify for a larger loan amount, making homeownership more accessible.
30-Year vs. 15-Year Mortgage Comparison
30-Year Mortgage
- • Lower monthly payments
- • Easier to qualify for larger loans
- • More budget flexibility
- • More interest paid over time
- • Slower equity building
15-Year Mortgage
- • Higher monthly payments
- • Lower interest rates
- • Less total interest paid
- • Faster equity building
- • Pay off loan in half the time
Example: $400K House with 30-Year Mortgage
Assumptions
- • Home Price: $400,000
- • Down Payment: $80,000 (20%)
- • Interest Rate: 7.5%
- • Loan Term: 30 years
- • Property Tax: 1.2%
- • Home Insurance: $1,200/year
Results
- • Monthly Payment: $2,737.49
- • Principal & Interest: $2,237.49
- • Total Interest: $485,495.11
- • Total Payments: $805,495.11
30-Year Mortgage Payment by Loan Amount (2026)
As of 2026, here's what your monthly payment looks like at different loan amounts with a 7.5% interest rate (30-year fixed, principal & interest only):
| Loan Amount | Monthly P&I | Total Interest (30 Yrs) | Total Cost | Income Needed* |
|---|---|---|---|---|
| $200,000 | $1,398 | $303,000 | $503,000 | ~$60,000/yr |
| $300,000 | $2,097 | $455,000 | $755,000 | ~$90,000/yr |
| $400,000 | $2,796 | $607,000 | $1.01M | ~$120,000/yr |
| $500,000 | $3,496 | $758,000 | $1.26M | ~$150,000/yr |
*Estimated annual income needed based on 28% front-end DTI for P&I only. Actual requirements vary with taxes, insurance, and other debts.
Key Insight: On a 30-year loan at 7.5%, you pay more in interest than principal over the life of the loan. For every $100K borrowed, expect roughly $150K in total interest.
Frequently Asked Questions
What is a 30-year fixed mortgage?
A 30-year fixed mortgage is a home loan with a fixed interest rate and monthly payments spread over 30 years. It offers stability and predictable payments over the long term, making it the most popular mortgage choice in the US as of 2026.
What are the advantages of a 30-year mortgage in 2026?
Lower monthly payments compared to shorter terms, more affordable housing options in today's market, flexibility for changing financial situations, and continued tax deductibility of mortgage interest for most homeowners.
What are the disadvantages of a 30-year mortgage?
You pay more total interest over the life of the loan compared to shorter terms. For example, on a $400K loan at 7.5%, you'd pay ~$267K in interest over 30 years vs ~$113K over 15 years.
Can I pay off a 30-year mortgage early?
Yes, most conventional and FHA mortgages allow early prepayment without penalty. Making extra principal payments can significantly reduce the total interest paid and shorten the effective loan term.
Is a 30-year mortgage right for me?
A 30-year mortgage is ideal if you want lower monthly payments, need to qualify for a larger loan, prefer budget flexibility, or plan to move within 10-15 years. It's especially popular among first-time homebuyers.
What interest rate can I get on a 30-year mortgage in 2026?
As of 2026, 30-year fixed mortgage rates typically range from 6.5% to 8.0%, depending on your credit score, down payment, and lender. Borrowers with excellent credit (760+) may qualify for rates at the lower end of this range.
How much house can I afford with a 30-year mortgage?
Using the 28/36 rule, your monthly housing payment (PITI) should not exceed 28% of your gross monthly income, and total debt payments should not exceed 36%. With a $8,333 monthly income, you could afford approximately a $400K home.
What is the minimum down payment for a 30-year mortgage?
Conventional loans require as little as 3% down, while FHA loans require 3.5% down. However, putting down less than 20% will require private mortgage insurance (PMI), which adds to your monthly payment.
Does PMI go away on a 30-year mortgage?
Yes, PMI typically automatically cancels when you reach 22% equity in your home (based on the original purchase price) through regular payments. You can also request cancellation once you reach 20% equity.
How does a 30-year mortgage compare to a 15-year mortgage?
A 15-year mortgage has higher monthly payments but significantly lower total interest costs. On a $320K loan at 7.5%, a 30-year term costs ~$2,387/month with ~$267K interest, while a 15-year term at 6.75% costs ~$2,850/month with ~$113K interest.
Can I refinance a 30-year mortgage?
Yes, you can refinance at any time if rates drop or your financial situation improves. Refinancing from a 30-year to a 15-year mortgage can save significant interest but will increase your monthly payment.
What credit score do I need for a 30-year mortgage?
Most conventional lenders require a credit score of at least 620, though higher scores (740+) will qualify you for better interest rates. FHA loans accept scores as low as 580 with 3.5% down.
Related Tools & Resources
Mortgage Calculator
Calculate monthly payments for any loan term.
15-Year vs 30-Year Mortgage
Compare the pros and cons of different loan terms.
Affordability Calculator
Determine how much house you can afford.
Amortization Calculator
View your complete payment schedule.
Disclaimer: This article is for educational purposes only and does not constitute financial advice. Mortgage rates and terms vary by lender.
Always consult with a qualified mortgage professional before making financial decisions.