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30 year mortgage calculator

30 year mortgage calculator online in the USA in 2022. How to figure out a mortgage yourself?

Calculation according to the property value
Calculation according to the loan amount
30 year mortgage
Mortgage amount

The amount you want to receive

50000 $
1000000 $
30 year mortgage calculator 30 year mortgage calculator 30 year mortgage calculator 30 year mortgage calculator 30 year mortgage calculator
Mortgage amount

Mortgage amount

50000 $
1000000 $
Down payment

Specify the percentage of the down payment

Your 30 year mortgage amount
Mortgage term

Specify the desired length of the mortgage

Interest rate

Choose the interest rate on the loan

1 %
10 %
Type of payments

Specify the type of payment for calculating

Fill out an application for a 30 year mortgage loan!
Fill out an application for a 30 year mortgage loan!

Take advantage of our mortgage loan selection system with a free credit rating check!

What is a Mortgage Calculator?

A mortgage calculator is an automatic tool that allows you to input certain values so that you are able to determine the financial impact of a single variable within a mortgage loan. By utilizing this tool, you can receive the closest estimates of how much it will cost you to pay a mortgage, depending on HOA fees, loan term, and several other variables.

Why You Need a Mortgage Calculator

It's plain to see that a mortgage calculator can be a very useful tool for borrowers. The situations in which it can provide the greatest assistance are:

Additional Uses for Mortgage Calculators

Aside from the obvious benefits, a mortgage calculator also has numerous other uses:

Mortgage Payment Calculator Terms

The best thing to do when you're setting out to use a mortgage calculator is to familiarize yourself with key definitions.

How to Calculate Payments on a 30-Year Mortgage

It's not that complicated to calculate the monthly payment if you apply the following equation.

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where

M is the monthly mortgage payment,

P is the principal loan amount,

i is the interest rate,

n is the number of monthly mortgage payments.

In order to figure out the exact number of monthly mortgage payments, you will have to multiply the amount of years of the loan by 12. So, a 15-year fixed-rate mortgage will result in 180 monthly mortgage payments. If you’re looking for a 30-year mortgage, you will have 360 payments.

The monthly interest rate (i) is estimated by dividing the annual rate offered by your mortgage lender. In case you're offered a 6% rate on your loan, your monthly rate will be 0.005%.

A mortgage payment calculator can simplify the process of calculating your monthly mortgage payment. It becomes possible to closely compare the monthly payments on a new home with what you can afford.

Here's a step-by-step guide to how to use a calculator in order to save on your monthly payment:

  1. Find out which calculator suits your needs the best.

  2. Input the total amount that you need to pay for your home.

  3. Input the additional information regarding the term, down payment, and other important data.

  4. Press the "calculate" button.

  5. Compare offers from different mortgage lenders.

How to Lower Monthly 30-Year Mortgage Payments

Your total monthly mortgage payment, no matter how small or big it may be, has to be paid. Sometimes it can feel like a serious strain on your budget. You will need to pay off both principal and interest to get rid of it, and most mortgage lenders require you to pay closing costs at the end.

The most popular and uncomplicated way to reduce your monthly payment is through refinancing. There are three major ways of refinancing your loan:

Refinancing is not the only option available for those that want to make their monthly house payment more manageable. If you are interested in lowering your payments, you can try the following methods:

Comparing Lenders with a 30-Year Mortgage Calculator

With the assistance of a calculator, a future homeowner can easily compare the conditions offered by different lenders. If you get several pre-approvals, it's very uncomplicated to find the best mortgage lender to go with, since you will have a very close estimation of how much your monthly payments will be.

Using a calculator to find the best deal is a must, because a mortgage is a serious commitment that must be carefully weighed before going ahead with a mortgage application. Pre-qualify or pre-approve for a few mortgage options.

Once you learn the loan terms, you can calculate your monthly payment based on the annual percentage rate, the amount, down payment, and the life of your mortgage. Fill in the mortgage details of different offers to estimate the best amount of monthly payments and total interest. These calculations will make borrowing money more efficient and help you not to overpay on interest.


Is it better to get a 30-year mortgage and pay it off in 15 years?

It's best to perform all the calculations necessary to figure out which payment strategy suits your unique financial circumstances. Paying off a 30-year mortgage earlier can save you a substantial sum of money and enable you to invest those savings for a better return. However, there might be pre-payments penalties and other drawbacks that make it preferable to not pay off a mortgage one and a half decades earlier than planned.

What is the formula for a 30-year mortgage?

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where M is the estimated monthly payment; i is your yearly interest rate divided by 12; p is the principal of loan amount; and n equals 360.

What is the monthly payment on a 30-year $300000 mortgage?

At an interest rate of 4%, the monthly mortgage payment is $1,432.

How do I calculate a 30-year mortgage in Excel?

=PMT(rate,NPER,PV). Rate is your interest rate, NPER is 30*12, and PV is your full loan amount.