Mortgage Calculator — 30-Year Fixed

Why the 30-year fixed is the default

The 30-year fixed-rate mortgage is the most common home loan in the United States because it spreads repayment over 360 months, which keeps the monthly payment as low as a fixed loan gets. The rate never changes, so the principal-and-interest portion is identical in month 1 and month 360 — predictable for budgeting even as taxes and insurance drift over time.

The trade-off is interest. Because the balance falls slowly in the early years, most of each early payment goes to interest, and the total interest over 30 years can rival or exceed the amount you borrowed. This page pre-fills a 30-year term so you can watch how the rate and down payment move that principal-and-interest figure.

Lowering the lifetime cost

You are not locked into paying for the full 30 years. Adding even a small amount to principal each month shortens the loan and cuts total interest, because every extra dollar skips all the future interest that dollar would otherwise have accrued. Many borrowers take the low required payment for flexibility, then overpay whenever their budget allows.

Questions

How much more interest does a 30-year cost versus a 15-year?

On the same balance and rate, a 30-year loan typically costs roughly double the total interest of a 15-year, because you borrow the money for twice as long. The 30-year's monthly payment is lower, but the lifetime cost is much higher — compare the total-interest figure shown on each page.

Can I pay off a 30-year mortgage early?

Yes. Standard fixed-rate mortgages have no prepayment penalty, so extra principal payments shorten the term and reduce total interest. Confirm your loan has no penalty and tell your servicer to apply extra amounts to principal rather than the next month's payment.

More ways to use this calculator

Start with the main mortgage calculator or compare the other published scenarios.