30-Year Mortgage—360 Months Pre-Filled, Instant P&I

Try 180 months for 15-year compare · taxes/insurance not included

Monthly Payment

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Total Payment

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Total Interest

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Any term: full mortgage calculator. Vehicles: car loan.

P&I only—no taxes, insurance, or PMI. Home · Personal loan

Why choose a 30-year mortgage?

A 30-year fixed-rate loan spreads repayment over 360 months, so your monthly payment is lower than a 15-year loan for the same amount and rate. That can make homeownership affordable when a 15-year payment would strain your budget.

The trade-off: you pay significantly more total interest over the life of the loan. On a $300,000 loan at 6.5%, a 30-year term might cost over $380,000 in interest; a 15-year term at the same rate might cost around $170,000. Use the calculator above, then change the term to 180 months to compare.

30-year vs 15-year: when each makes sense

A 30-year loan suits borrowers who want the lowest possible payment, plan to stay in the home long-term, or expect to invest the difference. A 15-year loan suits those who can afford higher payments and want to pay off the mortgage sooner with less interest.

Some borrowers choose 30 years and make extra principal payments when they can—effectively shortening the loan without committing to a higher minimum. There is no prepayment penalty on most conventional mortgages, but confirm with your lender.

What this calculator shows

We display principal and interest only. Your real housing payment often includes property tax, homeowners insurance, and sometimes mortgage insurance (PMI) if you put less than 20% down. Those are not included here.

Frequently asked questions

How much is a $400,000 mortgage payment for 30 years?
It depends on the rate. At 6.5%, the principal-and-interest payment is roughly $2,528 per month. At 7%, it’s about $2,661. Use the calculator with your quoted rate.
Should I get a 30-year or 15-year mortgage?
Compare the payments. If the 15-year payment fits your budget and you want to save on interest, it can be a good choice. If not, a 30-year gives flexibility; you can always pay extra when you can.
Does this include property taxes?
No. We only show principal and interest. Taxes and insurance are usually paid through escrow and add to your total monthly housing cost.
Can I change the term to compare 15 years?
Yes. Edit the term field to 180 months and recalculate to see the 15-year payment and total interest.