What is the monthly payment on a 30-year mortgage?

With the calculator's starting example, a 350,000 home with 20% down (a 280,000 loan) at 6.5% for 30 years, principal and interest come to 1,769.79 a month and total interest to 357,124.57. The same loan over 15 years costs 2,439.10 a month and 159,038.11 in interest. Calculations are estimates for informational purposes only. Consult a financial professional for advice.

Why is a 30-year mortgage so popular?

Spreading payments over 360 months produces the smallest monthly payment for a given loan amount, which keeps housing costs more manageable on a monthly basis. The trade-off is more total interest over the life of the loan compared to a 15 or 20 year term.

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

Roughly speaking, a 30-year mortgage at the same rate as a 15-year will produce more than double the total interest, because the principal pays down more slowly. The exact figure depends on the interest rate. Enter your numbers and switch the term to compare.

Can I pay extra to shorten a 30-year mortgage?

Yes. Making additional principal payments reduces the loan balance early, which reduces the interest accrued on every subsequent payment. Even small extra payments each month can cut years off the term and save substantial interest.

30-Year Mortgage Calculator

Calculate the monthly payment and total interest on a 30-year fixed mortgage. Enter your loan amount, down payment, and interest rate to see the principal and interest payment, plus optional tax and insurance. Compare the lifetime cost of a 30-year term against shorter terms with the same inputs.

Currency

Home price

Down payment

Loan amount: $280,000.00

Interest rate (% per year)

Term (years)

Property tax (% per year, optional)

Home insurance ($ per year, optional)

Formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P = loan amount, r = monthly rate, n = months

Monthly payment (P&I)

$1,769.79

Monthly P&I: $1,769.79
Total interest: $357,124.57
Total paid over 30 years: $637,124.57
Loan amount: $280,000.00

Calculations are estimates for informational purposes only. Consult a financial professional for advice.

How it works

For a 30-year mortgage, the term plugs into the amortization formula M = P[r(1+r)^n] / [(1+r)^n - 1] as n = 360 monthly payments. The same formula then multiplies the monthly payment by 360 to reveal the lifetime cost, and subtracts the original loan amount to show how much of that total is interest. Switching the term to 15 or 20 years recomputes the payment and total interest, so you can compare the trade-off between monthly cash flow and total interest paid.

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Calculations are estimates for informational purposes only. Consult a financial professional for advice.

Frequently asked questions

What is the monthly payment on a 30-year mortgage?: With the calculator's starting example, a 350,000 home with 20% down (a 280,000 loan) at 6.5% for 30 years, principal and interest come to 1,769.79 a month and total interest to 357,124.57. The same loan over 15 years costs 2,439.10 a month and 159,038.11 in interest. Calculations are estimates for informational purposes only. Consult a financial professional for advice.
Why is a 30-year mortgage so popular?: Spreading payments over 360 months produces the smallest monthly payment for a given loan amount, which keeps housing costs more manageable on a monthly basis. The trade-off is more total interest over the life of the loan compared to a 15 or 20 year term.
How much more interest does a 30-year term cost versus 15?: Roughly speaking, a 30-year mortgage at the same rate as a 15-year will produce more than double the total interest, because the principal pays down more slowly. The exact figure depends on the interest rate. Enter your numbers and switch the term to compare.
Can I pay extra to shorten a 30-year mortgage?: Yes. Making additional principal payments reduces the loan balance early, which reduces the interest accrued on every subsequent payment. Even small extra payments each month can cut years off the term and save substantial interest.

Last reviewed September 30, 2026

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