30-Year Fixed Mortgage Calculator
This calculator can be used to understand your monthly payments for a 30-year fixed-rate mortgage. The results will show the expected interest costs for the life of the loan. Use this 30-Year Fixed Mortgage Calculator to generate different scenarios by varying the interest rates on the same mortgage loan. You can compare the mortgage payments to see how much you can save each month. With the same calculation, you can compare total interest payments across the entire loan term. The results from your calculations may be saved as a PDF.
30-Year Fixed Rate Mortgage Calculator
|Number of Months to Pay Off:|
|Additional Principal Per Month:|
|Total Interest Paid on Mortgage:|
Remaining Loan Balance
By using this calculator you agree to terms and conditions. These calculators are designed to be informational and educational tools only, and when used alone, do not constitute investment or financial advice. We strongly recommend that you seek the advice of a financial services professional before making any type of investment or deciding on your financial matters. This model is provided as a rough approximation of future financial performance. The results presented by this calculator are hypothetical and may not reflect the actual growth of your own investments. We can't take into account potential lender fees, payoff schedule can be longer than in the estimation. Mortgagecalculator and its affiliates are not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Mortgagecalculator is not responsible for any human or mechanical errors or omissions.
Step-by-Step Instructions for Using the 30-Year Fixed Mortgage Calculator
Please note that some inputs can be either manually entered in the correct box or adjusted using the sliding scale.
- Enter the total amount of the proposed mortgage.
- Add the interest rate of your mortgage, represented as an APR (a percentage). The calculator will display the total interest over the life of the loan, in dollars.
- Input how many months you will need to pay off the mortgage. For a 30-year loan, it’s 360 months. It will be less if you intend to pay off the mortgage faster.
- Enter any additional principal you intend to pay. Leave this value as $0 if you do not have any principal to add.
The 30-year fixed mortgage calculator will adjust your results as you provide input.back to menu ↑
Important Terms and Definitions
- Mortgage Amount – The original amount of the mortgage loan. This may also be known as the principal.
- Interest Rate – The cost of taking on the loan, represented as an annual percentage rate (APR).
- Number of Months to Pay Off – The exact time, in months, that it will take to reimburse the lender for the mortgage loan. This will vary depending on if you’re adding extra money to the monthly agreed payments.
- Additional Principal – An extra expense that may be added to the mortgage loan total. Whether you are granted extra time on the mortgage terms to pay this combined total depends on your loan’s terms.
- Monthly Payment – The actual amount that you will need to spend each month to pay off your mortgage on time. To avoid penalties, this should be done by the due date each month.
- Total Interest Paid – The overall value of the interest generated over the life of your mortgage.
How to Interpret the 30-Year Fixed Mortgage Calculator Results
The results will be shown in three forms: a bar chart, a detailed table, and an amortization schedule.
- The Bar Chart of Remaining Loan Balance versus Time shows how each payment decreases your mortgage. To see exactly how much is owed for that month, hover your mouse pointer over a given bar.
- The Table presents the information as a summary. It shows your inputs, as well as your proposed monthly payments and total interest paid.
- The Amortization Schedule breaks down your monthly payment into the principal and interest. It also shows you a schedule that displays your mortgage balance once payment is received.
Let’s say you have a $300,000 mortgage loan, and you are offered an interest rate of 4.5%. Currently, you do not have any additional principal to pay. The inputs would look like this:
Your results would be as seen below. For your $300,000 mortgage loan at 4.5%, you would pay $1520.06 each month. The total interest that you would pay on the loan would be $247,220.13 over 30 years.
REMAINING LOAN BALANCE
You decide to delay purchasing the house by a year to work on your credit. At that time, your bank offers you a 3.9% interest rate for the same loan. You will use the following inputs:
Your results would be as shown below. By qualifying for a lower rate, your monthly payments drop over $100. You also see a decrease in the total interest paid, from $247,220.13 to $209,401.66, saving you almost $40,000.