Mortgage Calculator
30-Year Mortgage Calculator
A 30-year fixed loan is the default for many U.S. first-time buyers because the payment is lower than a 15-year loan on the same balance. This page locks the term at 30 years so you can focus on price, rate, and down payment.
Quick Answer: On a $300,000 loan at 6.5%, a 30-year payment is about $1,896 of principal and interest. The same loan over 15 years is about $2,613. The 30-year term costs more interest over time and less cash each month.
30-year payment
What this result means
Stretching repayment over 360 months lowers the monthly principal-and-interest bill and increases the share of early payments that go to interest.
First-time buyers often choose 30 years to keep housing cost under a 28% front-end ratio, then make extra principal payments later if cash flow allows.
Compare the 15-year page before you decide. A higher payment that you can sustain usually saves a large amount of interest.
Worked example
Worked example: $375,000 home, 20% down, $300,000 loan, 6.5% 30-year. P&I ≈ $1,896. Taxes at 1.2% ≈ $375. Insurance at 0.35% ≈ $109. Estimated PITI ≈ $2,380/month with no PMI. Educational only.