🏠 Home Buying
Mortgage Calculator 2026
Calculate your exact monthly mortgage payment, total interest paid, and full amortization schedule. Updated with current 2026 federal interest rates.
📅 Amortization Schedule
See exactly how much of each payment goes to principal vs interest over the life of your loan.
| Year | Principal Paid | Interest Paid | Total Paid | Balance Remaining |
|---|
How To Use This Mortgage Calculator
Our mortgage calculator gives you a complete picture of your home loan — not just the monthly payment, but the full cost over the life of the loan. Here's what each field means and how to use it effectively.
Home Price
Enter the total purchase price of the home you want to buy. The median home price in the United States in 2026 is approximately $420,000, though this varies significantly by location — from under $200,000 in many Midwest markets to over $1 million in coastal cities like San Francisco and New York.
Down Payment
The down payment is the amount you pay upfront. The traditional down payment is 20% of the home price, which allows you to avoid Private Mortgage Insurance (PMI). However, many loan programs allow lower down payments — FHA loans allow as little as 3.5%, and VA loans for veterans allow 0% down. A larger down payment reduces your monthly payment and total interest paid significantly.
Interest Rate in 2026
After the Federal Reserve's rate adjustments in recent years, the average 30-year fixed mortgage rate in 2026 is approximately 7.0–7.2%. Your personal rate depends on your credit score, debt-to-income ratio, loan type, and lender. Borrowers with excellent credit (760+) typically qualify for rates 0.5–1% lower than average.
Loan Term
The most common loan term is 30 years, which offers the lowest monthly payment but the highest total interest cost. A 15-year mortgage typically has a lower interest rate (about 0.5–0.75% less) and you pay roughly half the total interest — but monthly payments are significantly higher. Use this calculator to compare both options side by side.
Understanding Your Results
Principal & Interest (P&I) is the base mortgage payment. Adding property taxes and homeowner's insurance gives you the full PITI payment (Principal, Interest, Taxes, Insurance) — this is what most lenders use to calculate your debt-to-income ratio.
The amortization schedule shows how your payments are split between principal and interest each year. In early years, the vast majority goes to interest. Over time, more goes toward principal as the balance decreases.
Frequently Asked Questions
What credit score do I need for a mortgage? +
Most conventional loans require a minimum credit score of 620, though you'll get the best rates with a score of 740 or higher. FHA loans allow scores as low as 580 with a 3.5% down payment, or even 500 with a 10% down payment. VA loans (for veterans) and USDA loans (for rural areas) have more flexible credit requirements.
Should I get a 15-year or 30-year mortgage? +
A 30-year mortgage offers lower monthly payments and more flexibility, but you'll pay significantly more in total interest. A 15-year mortgage has higher monthly payments but a lower interest rate and you build equity much faster. If you can comfortably afford the higher payments, a 15-year mortgage saves a substantial amount in interest. Use this calculator to compare both options for your specific loan amount.
What is PMI and when do I need it? +
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% on a conventional loan. PMI typically costs 0.5% to 1.5% of your loan amount per year, added to your monthly payment. Once you've built 20% equity in your home (through payments or appreciation), you can request PMI cancellation. This calculator does not include PMI — remember to add it if your down payment is less than 20%.
How much house can I afford? +
A common rule of thumb is the 28/36 rule: your monthly mortgage payment should not exceed 28% of your gross monthly income, and your total debt payments (mortgage plus car loans, student loans, credit cards) should not exceed 36%. For example, if your gross income is $8,000/month, your target mortgage payment would be around $2,240 or less.
What are current mortgage rates in 2026? +
As of 2026, the average 30-year fixed mortgage rate is approximately 7.0–7.2%, and the average 15-year fixed rate is approximately 6.3–6.5%. Rates vary based on your credit score, loan amount, down payment, and lender. Shopping multiple lenders and comparing rates can save you thousands of dollars over the life of your loan.
Is it better to make extra mortgage payments? +
Making extra payments toward your principal can dramatically reduce your total interest paid and shorten your loan term. Even one extra payment per year can shave years off a 30-year mortgage. However, if your mortgage rate is lower than what you could earn investing that money, investing might be a better financial choice. This depends on your personal financial situation and risk tolerance.