30 Year Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and total payment for a 30-year fixed-rate loan.
Published by:
isCalculator Editorial Team
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How to use this tool?
This calculator determines your monthly payment for a 30-year fixed-rate mortgage. Follow these steps:
- Enter Loan Amount ($): The total amount you plan to borrow (e.g., 200000).
- Enter Annual Interest Rate (%): The yearly interest rate (e.g., 6.5 for 6.5%).
- Enter Down Payment ($) (optional): Any upfront payment you make. Leave as 0 if none.
- Click "Calculate": The calculator will show your monthly payment, total interest paid, and total payment over 30 years.
Note: All amounts are in US dollars. The down payment must be less than the loan amount. The calculator uses the standard monthly payment formula with 360 payments (30 years).
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Frequently Asked Questions
A 30-year mortgage is a home loan that is repaid over 30 years with fixed monthly payments, typically at a fixed interest rate.
The monthly payment is calculated using the formula M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount (principal minus down payment), r is the monthly interest rate, and n is the number of payments (360 for 30 years).
Yes, you can enter a down payment amount, which reduces the loan principal and thus the monthly payment and total interest.
