Mortgage Calculator USA — Calculate Your Home Loan Payment
Free mortgage calculator for US home buyers. Calculate monthly payments for 15-year and 30-year fixed mortgages with property tax and insurance estimates included.
Buying a home in the United States is a major milestone and understanding your monthly mortgage payment is the first step in the process. Most Americans choose between a 30-year fixed rate mortgage which offers lower monthly payments or a 15-year fixed rate which builds equity faster and saves significantly on total interest. Current mortgage rates in 2026 range from 5.5% to 7% depending on your credit score down payment and lender. Use our calculator to compare scenarios and find what fits your budget.
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Key Information
| Parameter | Details |
|---|---|
| Average 30-Year Fixed Rate | 6.5% (2026 estimate) |
| Average 15-Year Fixed Rate | 5.8% (2026 estimate) |
| Typical Down Payment | 3% - 20% of home price |
| Closing Costs | 2% - 5% of loan amount |
Calculate your mortgage payment
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Use Calculator NowFrequently Asked Questions
How much house can I afford on $80000 salary?
On an $80000 annual salary ($6667 monthly) following the 28% rule your maximum monthly housing payment should be about $1867. At a 6.5% interest rate with 20% down and 30-year term this translates to roughly a $350000-$380000 home depending on property taxes and insurance in your area.
Should I choose a 15 or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves you tens of thousands in interest. For a $300000 loan at 6% the 30-year total interest is $347515 while the 15-year total is only $155683 — a saving of nearly $192000. Choose 15-year if you can comfortably afford the higher payment without straining your budget.
How much should I put as a down payment?
A 20% down payment avoids Private Mortgage Insurance (PMI) which adds $100-$300 per month to your costs. However many first-time buyer programs accept 3-5% down. A larger down payment reduces your loan amount monthly payment and total interest paid. Save at least 20% if possible but do not delay buying if you have a stable income.
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Last updated: 24 March 2026