30-Year Mortgage Calculator
The 30-year fixed-rate mortgage is America's most popular home loan. Calculate your monthly payment, total interest, and understand how your payments are structured over three decades.
Calculate Your 30-Year Mortgage Payment
Why the 30-Year Mortgage Is America's Most Popular Term
Roughly 90% of homebuyers choose a 30-year fixed-rate mortgage, and the reasons are straightforward:
- Lowest monthly payment — spreading the loan over 360 months keeps each payment manageable. For a $320,000 loan at 6.5%, your monthly payment is about $2,023 compared to $2,653 on a 15-year term.
- Predictable budgeting — the fixed rate means your principal and interest payment never changes over the entire 30-year period, shielding you from rising interest rates.
- Greater purchasing power — lower monthly obligations mean you may qualify for a larger loan, expanding your home search to include properties that would be out of reach with a shorter term.
- Investment flexibility — the difference between a 30-year and 15-year payment can be invested elsewhere. If your investment return exceeds your mortgage rate, you come out ahead financially.
The primary trade-off is the total cost: over 30 years, you will pay significantly more in interest than with a 15-year or 20-year term. Understanding that trade-off is key to making the right decision for your situation.
Amortization Snapshot: Where Your Payment Goes
In the early years of a 30-year mortgage, the vast majority of each payment goes toward interest rather than reducing your principal balance. Here is how a $320,000 loan at 6.5% breaks down at key milestones:
| Year | Monthly Payment | Principal Portion | Interest Portion | Remaining Balance |
|---|
Notice how in Year 1, nearly 77% of your payment goes to interest. By Year 20, the split is roughly even, and by Year 30 almost all of your payment reduces the balance. This is why extra principal payments in the early years have the biggest impact on total interest saved.
Strategies to Pay Off a 30-Year Mortgage Faster
You can enjoy the safety net of low required payments while still reducing total interest cost with these approaches:
- Make biweekly payments — pay half your monthly amount every two weeks. This results in 26 half-payments (13 full payments) per year instead of 12, shaving roughly 4 to 5 years off the loan.
- Round up each payment — rounding a $2,023 payment up to $2,100 or $2,200 adds extra principal each month with minimal budget impact but significant long-term savings.
- Apply windfalls to principal — tax refunds, work bonuses, and inheritance money applied directly to the loan balance can shave years off your term.
- Refinance when rates drop — if rates fall 1% or more below your current rate, refinancing to a lower rate or a 15-year term can save tens of thousands of dollars.
- Make one extra payment per year — even a single extra monthly payment applied each year can cut roughly 4 years off a 30-year mortgage.
Frequently Asked Questions
How much total interest do you pay on a 30-year mortgage?
The total interest depends on your loan amount and rate. For a $320,000 loan at 6.5%, you will pay approximately $408,000 in interest over 30 years — more than the original loan amount. Even a small rate reduction of 0.5% could save you over $38,000 in total interest on that same loan.
Is a 30-year mortgage better than a 15-year?
It depends on your financial goals. A 30-year mortgage gives you lower required payments and more financial flexibility, while a 15-year mortgage saves you substantially on total interest and builds equity faster. If you can comfortably afford the higher 15-year payment and still save for retirement and emergencies, the 15-year is usually the more cost-effective choice. Many buyers choose the 30-year for its safety margin and invest the difference.
Should I pay extra on a 30-year mortgage?
Making extra payments is one of the best strategies for 30-year borrowers. Even modest additional principal payments — as little as $100 per month — can save tens of thousands of dollars in interest and reduce your payoff timeline by several years. The key advantage is flexibility: with a 30-year term, extra payments are optional, so if your financial situation changes, you can always revert to the standard payment.
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Compare Mortgage Rates
Even a small difference in interest rates can save you thousands over the life of your loan. Before committing to a mortgage, consider comparing offers from multiple lenders to find the best rate and terms for your financial situation.
What to Look For When Comparing Mortgage Rates
Even a 0.25% difference in your mortgage rate changes your total interest paid by tens of thousands of dollars over a 30-year term. When evaluating lenders, consider these factors alongside the headline rate:
- APR vs. interest rate — the APR includes origination fees and gives a more accurate total-cost comparison across lenders
- Points — paying discount points upfront lowers your rate but extends the break-even period; worthwhile only if you stay in the home long enough
- Fixed vs. adjustable — ARMs start lower but carry rate-reset risk after the initial period; fixed rates offer long-term payment certainty
- Lender type — banks, credit unions, and online lenders each offer different rate structures, underwriting timelines, and service models
- Rate lock period — confirm how long the quoted rate is guaranteed during the underwriting process before you are committed