30-Year Mortgage Calculator
30-year mortgage calculator with flexible payments and PMI guidance.
30-Year Mortgage Calculator
30-year mortgage calculator with flexible payments and PMI guidance.
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Calculate
$
$
20% Down PaymentRecommended: 20%
%
Typical 30-year rate: 6.5-7.5%
$
$
$
PMI required if down payment < 20%: <20% Down Payment
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Real-world payment example: $300,000 Loan
Interest rate
7.0%
Monthly Payment
$1,996
Total payments
$718,560
Total Interest
$418,560
Why homebuyers choose a 30-year mortgage
- ✓Lower monthly payments keep housing costs manageable
- ✓More budget flexibility for childcare, travel, or savings goals
- ✓Easier debt-to-income ratios for mortgage approval
- ✓Free cash flow to invest in retirement, college, or renovations
- ✓Mortgage interest deduction remains available for longer
- ✓Fixed payment that stays steady while rents and inflation rise
Where a 30-year loan can fall short
- ✗Pay much more total interest over the life of the loan
- ✗Equity builds more slowly because payments are interest-heavy
- ✗Higher interest rate than a 15-year loan
- ✗30-year commitment requires income stability
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Smart payoff strategies
Extra Monthly Payments
Add an extra $50-$200 toward principal to cut years off the loan.
- • Pay off roughly 5 years early
- • Save roughly $45k in interest
- • Keep Flexibility
Biweekly Payments
Split your monthly payment in half and pay every two weeks to fit 13 payments per year.
- • Pay off 4-6 years early
- • Save $35k-$50k in interest
- • Align extra payments with your paycheck cycle for consistency
Refinance Strategically
Refinance when rates drop 0.75%+ or when you’ve gained 20% equity to remove PMI.
Frequently Asked Questions
Frequently Asked Questions
faq.should30Or15Year
faq.should30Or15YearAnswer
faq.canPayOffEarly
faq.canPayOffEarlyAnswer
faq.whatIsPMI
faq.whatIsPMIAnswer
faq.fixedVsARM
faq.fixedVsARMAnswer
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