30-Year Fixed Mortgage Calculator

Andrea Riquier is a New York-based writer covering mortgages and the housing market for Forbes Advisor. She was previously at Dow Jones MarketWatch, on the housing market and financial markets beats. Before that, she covered macro and central banks for Investor's Business Daily, and municipal bonds for Debtwire.

Andrea Riquier

Andrea RiquierForbes Advisor Staff

Forbes Advisor Staff

Rachel WitkowskiCorrespondent/Editor

Rachel Witkowski is an award-winning journalist whose 20-year career spans a wide range of topics in finance, government regulation and congressional reporting. Ms. Witkowski has spent the last decade in Washington, D.C., reporting for publications including The Wall Street Journal, American Banker and Bankrate. Ms. Witkowski's deep knowledge of government and policy aided a series of investigative stories that triggered congressional hearings on employee claims of discrimination at a federal agency and how indirect auto lenders were being reviewed by regulators.

Reviewed

Rachel Witkowski

Rachel WitkowskiCorrespondent/Editor

Correspondent/Editor

Reviewed

Updated: Jul 27, 2022, 11:23am

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Mortgages lasting 30 years are some of the most popular home loans available. Before deciding on a loan product, you can check how much you would pay on a monthly basis with this 30-year mortgage calculator to help you decide which mortgage is right for you.

How to Use the 30-year Mortgage Calculator

Our calculator lets you play around with key factors that go into your monthly mortgage costs, such as: house price, down payment amount and interest rate.

While a 30-year, fixed-rate mortgage is the most common—and a 15-year close behind—most lenders will offer a handful of home loans that last for different stretches of time.

To use the calculator, input a value in each of these fields: home price, down payment, interest rate and loan term (years). In the down payment field, you can populate either the amount or the percentage, and the calculator will automatically fill in the other field.

The calculator also allows you to get a more detailed cost estimate by adding any homeowners insurance, mortgage insurance or homeowners association (HOA) fees you might pay for the house. These costs, which you can see by clicking on the “additional options” menu, can add up. And while some of these costs may not be built within your mortgage payment, they’re certainly part of your monthly housing budget.

When you click “calculate” you’ll see a breakdown of your monthly payment, but also an amortization schedule. That is, how long you’ll be paying mostly interest every month and when you start to pay more toward your principal.

Related: You can also use our calculator to workshop different scenarios, such as the length of your loan term, size of your down payment and so on.

30-year Mortgage: Costs and Requirements

As of late-July 2022, the average national interest rate for a 30-year, fixed-rate mortgage was in the mid 5% range. There are also closing costs associated with getting a mortgage, typically from 2% to 5% of the loan amount, so it can add up.

You’ll also need to have a strong credit score to get the best interest rate. But for many people, the most burdensome part of getting a mortgage is the paperwork. You’ll need to be able to prove that you have the funds and means to make mortgage payments on time.

You’ll need to show tax returns for the last two years as well as recent pay stubs or W-2 forms. If you’re self-employed, you’ll need to verify your income with recent 1099s or profit-and-loss statements.

You should also expect to provide bank statements for checking and savings accounts, retirement and other brokerage accounts from at least the last 60 days.

There are other things lenders may require, too, such as a list of all your liabilities, like credit card balances or other loans. The lender may also want to see past rent checks or a letter from your landlord as proof that you pay housing expenses on time.

Also, if you plan to use gifted funds for your down payment, you’ll need to provide a detailed paper trail showing where that money came from.

Comparing 30-year Mortgages to Other Loan Terms

The 30-year, fixed-rate mortgage is by far the most popular for a simple reason: it’s the longest stretch of time most lenders make readily available. That means the lowest, most affordable monthly payment, which is what many people prioritize.

But that affordability comes with a price. You’ll pay far more in interest costs over the 30-year loan span than you would with a 15-year mortgage. If you’re interested in building equity more quickly, or if you can swing the larger monthly mortgage payment relatively easily, you should consider a shorter term loan than 30 years.

There’s one caveat: in certain circumstances, mortgage interest may be tax-deductible. For some people, that may help offset the larger mortgage payments.

How to Find the Best 30-year Mortgage

You can start by contacting a lender you already have a relationship with, like a checking account or another loan. But you should always compare multiple lenders so you can find the best rate and terms for your situation.

To find the best loan, you’ll want to get your credit score in the best shape possible, gather your documentation and use our calculator to get a rough estimate on what you can afford.

Frequently Asked Questions (FAQs)

What is the current 30-year mortgage rate?

The current average 30-year mortgage rate is 7.12% compared to the rate a week before of 7.24%.

What is a 30-year, fixed-rate mortgage?

The 30-year, fixed-rate mortgage is the most popular home loan product for a good reason: it lets homeowners stretch their payments over a long period of time. And with a fixed rate that never changes, it gives them certainty on how much they’ll be paying every month for that entire period.

However, you can also refinance your mortgage at any time during the loan term. So if rates go down after you take out your mortgage, you can refinance into a lower rate or an adjustable rate if it makes financial sense.