Is a 30-year mortgage better than a 15-year?

Better for cash flow; worse for total cost. The 30-year gives you margin to invest the difference or weather a downturn. The 15-year locks in lower total interest.

Why is my real mortgage quote higher than this?

Likely HOA, PMI (if less than 20% down), and an escrow cushion. Add those to the PITI number this calculator shows.

Money & Finance · Free tool

30-Year Mortgage Calculator

Estimate monthly payments on a 30-year fixed-rate mortgage, including principal, interest, property tax, and insurance.

Updated April 2026

Home price ($)Down payment (%)Rate (%)Term (years)Property tax (% / yr)Insurance ($ / yr)

Monthly payment (PITI)

$2,576

P&I

$2,076

Tax

$400

Insurance

$100

Loan amount: $320,000

What it does

A 30-year mortgage calculator with PITI: principal, interest, taxes, and insurance. The 30-year fixed is the most popular mortgage in the US for one reason — the monthly payment is about 40% lower than a 15-year on the same loan amount. That lower monthly is the tradeoff for paying much more total interest over the life of the loan.

A $320,000 loan (80% of a $400,000 home) at 6.75% for 30 years is roughly $2,076/month in P&I alone — $346,000 of interest over three decades. Taxes and insurance push the real monthly 20-30% higher. Know the PITI before you offer on a house.

Example input & output

Input

Home price: $400,000
Down payment: 20%
Rate: 6.75%
Term: 30 years

Output

P&I: $2,076/mo
Taxes: $400/mo (1.2%)
Insurance: $100/mo
Total PITI: $2,576/mo

Over 30 years you’ll pay about $747k total for a $320k loan. The 15-year version on the same loan pays about $510k total but at $2,830/mo.

How to use it

Enter the home price and down payment percent.
Enter the rate; 30-year fixed rates change with the market.
Estimate property tax rate (1-2.5% of home value is typical in the US).
Enter annual insurance; $1,200-$2,500 is typical.
Read the full PITI monthly payment.

When to use this tool

30-year fixed-rate conventional loans.
Refinance scenarios into a 30-year term.

When not to use it

Adjustable-rate mortgages.
Interest-only or balloon products.

Common use cases

Comparing homes at different price points.
Checking the affordability of a 30-year loan against the 28% income rule.
Comparing a new 30-year vs refinancing into a 15-year.

Frequently asked questions

Is a 30-year mortgage better than a 15-year?: Better for cash flow; worse for total cost. The 30-year gives you margin to invest the difference or weather a downturn. The 15-year locks in lower total interest.
Why is my real mortgage quote higher than this?: Likely HOA, PMI (if less than 20% down), and an escrow cushion. Add those to the PITI number this calculator shows.