Mortgage Calculator
Calculate your monthly mortgage payment with today's live rates pre-filled automatically from Freddie Mac.
Rate data sourced from FRED® API — Updated: October 4, 2026
Loan Details
Monthly Payment
$2,189.48
Total Interest
$468,213
Total Cost
$788,213
Principal vs Interest
Annual Breakdown
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,189.48 | $248.15 | $1,941.33 | $319,752 |
| 2 | $2,189.48 | $249.65 | $1,939.83 | $319,502 |
| 3 | $2,189.48 | $251.17 | $1,938.31 | $319,251 |
| 4 | $2,189.48 | $252.69 | $1,936.79 | $318,998 |
| 5 | $2,189.48 | $254.22 | $1,935.26 | $318,744 |
| 6 | $2,189.48 | $255.76 | $1,933.71 | $318,488 |
| 7 | $2,189.48 | $257.32 | $1,932.16 | $318,231 |
| 8 | $2,189.48 | $258.88 | $1,930.60 | $317,972 |
| 9 | $2,189.48 | $260.45 | $1,929.03 | $317,712 |
| 10 | $2,189.48 | $262.03 | $1,927.45 | $317,450 |
| 11 | $2,189.48 | $263.62 | $1,925.86 | $317,186 |
| 12 | $2,189.48 | $265.22 | $1,924.26 | $316,921 |
| 13 | $2,189.48 | $266.83 | $1,922.65 | $316,654 |
| 14 | $2,189.48 | $268.44 | $1,921.03 | $316,386 |
| 15 | $2,189.48 | $270.07 | $1,919.41 | $316,116 |
| 16 | $2,189.48 | $271.71 | $1,917.77 | $315,844 |
| 17 | $2,189.48 | $273.36 | $1,916.12 | $315,570 |
| 18 | $2,189.48 | $275.02 | $1,914.46 | $315,295 |
| 19 | $2,189.48 | $276.69 | $1,912.79 | $315,019 |
| 20 | $2,189.48 | $278.37 | $1,911.11 | $314,740 |
| 21 | $2,189.48 | $280.05 | $1,909.42 | $314,460 |
| 22 | $2,189.48 | $281.75 | $1,907.73 | $314,179 |
| 23 | $2,189.48 | $283.46 | $1,906.02 | $313,895 |
| 24 | $2,189.48 | $285.18 | $1,904.30 | $313,610 |
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Frequently Asked Questions
What is the current 30-year mortgage rate?
The current national average 30-year fixed mortgage rate is 7.28% as of October 4, 2026, according to Freddie Mac via the Federal Reserve FRED® API. This rate is automatically pre-filled in the calculator above.
How is a monthly mortgage payment calculated?
Your monthly payment is calculated using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is your loan amount, r is your monthly interest rate (annual rate ÷ 12), and n is your total number of payments (years × 12). This calculator uses this exact formula.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage typically has a lower interest rate and you pay significantly less total interest, but your monthly payment will be higher. A 30-year mortgage has lower monthly payments but costs more in total interest over the life of the loan. Use the term selector above to compare both scenarios with today's live rates.
What is an amortization schedule?
An amortization schedule shows every payment you will make over the life of your loan, broken down into principal and interest. Early payments are mostly interest. As the loan matures, more of each payment goes toward paying down the principal balance.
How much house can I afford?
A common rule of thumb is to keep your total monthly housing costs at or below 28% of your gross monthly income. For example, if you earn $8,000 per month before taxes, your target mortgage payment would be no more than $2,240. Enter different home prices above to find a payment that fits your budget.
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