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Mortgage Calculator 2026

Calculate your exact monthly mortgage payment and total interest paid over the life of the loan. See how rate, term, and down payment change what you owe each month.

Quick answer: A mortgage payment is driven by loan amount, interest rate, term, taxes, insurance, and any PMI. Small rate changes can materially change monthly payment and lifetime interest.

Principal & Interest
$2,328
Principal & Interest
$2,328
Down Payment %
20.00%
Loan Amount
$360,000
PMI (if down < 20%)
$0
Total Monthly Payment
$2,328
Total Interest Paid
$478,000
Total Cost of Home
$928,000
Diagnostic

Over 30 years you pay $478,000 in interest on a $360,000 loan.

Even an extra $100/month toward principal can shave years off your loan and tens of thousands in interest. Compare lenders on rate AND points before locking.

See current mortgage rates

Year-by-year amortization

30 years to payoff
YearPrincipal PaidInterest PaidBalance
1$3,859$24,075$356,141
2$4,126$23,807$352,015
3$4,412$23,521$347,603
4$4,718$23,215$342,885
5$5,045$22,888$337,840
6$5,395$22,539$332,445
7$5,769$22,165$326,677
8$6,168$21,765$320,508
9$6,596$21,337$313,912
10$7,053$20,880$306,859
11$7,542$20,391$299,318
12$8,065$19,869$291,253
13$8,624$19,310$282,629
14$9,221$18,712$273,408
15$9,860$18,073$263,548
16$10,544$17,390$253,004
17$11,275$16,659$241,730
18$12,056$15,877$229,674
19$12,892$15,042$216,782
20$13,785$14,148$202,997
21$14,740$13,193$188,257
22$15,762$12,171$172,495
23$16,855$11,079$155,640
24$18,023$9,911$137,617
25$19,272$8,661$118,345
26$20,608$7,326$97,738
27$22,036$5,897$75,702
28$23,563$4,370$52,139
29$25,196$2,737$26,943
30$26,943$991$0
What to do next

Total lifetime interest: $478,000. Compare at least 3 lenders — a 0.25% rate difference saves thousands over 30 years.

Your action plan
  1. 1

    Calculate the baseline result with your current numbers

    Calculate your monthly payment, total interest, and full amortization schedule.

  2. 2

    Compare the result against current market-rate options

    Assumptions change the answer, especially when rates, taxes, or timing matter.

  3. 3

    Save the result to Money Map or use the linked next action

    Turn the result into a prioritized action instead of treating it as a one-off number.

Compare Top Mortgage Lenders

This is an educational estimate, not tax, legal, investment, or lending advice. Tax rules, rates, and eligibility change and depend on your full situation. Confirm with a qualified professional or the provider before acting.

Calculator action path

Turn this result into a decision

Every SwitchWize calculator connects to a product comparison, rate context, guidance, alerts, and Money Map.

Rate authority hub
Compare
Compare Top Mortgage LendersMove from calculation to current product options.
Rate Trend
Track mortgage ratesUse market context before you decide when to act.
Guide
HELOC vs Home Equity Loan vs Cash-Out Refi: Which Home Equity Strategy Wins?HELOC: variable rate, flexible draw. Home equity loan: fixed rate, lump sum. Cash-out refi: replaces your mortgage with a larger one. Here's how to choose the right home equity strategy in 2026.
Money Map
Add this scenario to Money MapTurn the result into a saved opportunity or plan item.
Alert
Create a rate alertWatch the market instead of checking manually.

About mortgage rates

Mortgage rates depend on loan type (30-yr fixed, 15-yr fixed, ARM, FHA, VA, jumbo), your credit score, down payment, points paid, loan amount, property state, and whether you're purchasing or refinancing. The calculator above uses a representative market rate for payment estimates — your actual rate will vary.

For a personalized rate comparison, use the tool below to see lenders ranked by APR, loan type, and your profile.

Compare mortgage rates
30-yr fixed · 15-yr fixed · FHA · VA · ARM — ranked by APR
Compare rates →

Mortgage rates shown on SwitchWize compare pages include loan type, assumed FICO, LTV, and points. Representative only — verify all terms directly with the lender. Advertising disclosure

Frequently Asked Questions

Everything you need to know.

What is a good mortgage rate in 2026?
The 30-year fixed average is 6.72% as of 2026. Borrowers with 760+ credit scores are seeing rates around 6.50%. Rates below 6.25% are available from some lenders for strong credit profiles. Compare multiple lenders — the spread between best and worst can be 0.5%+.
How much house can I afford on my salary?
The 28/36 rule: your mortgage payment should be no more than 28% of gross monthly income, and total debt payments no more than 36%. On a $100,000 salary ($8,333/month), that's roughly a $2,333 max payment — corresponding to about a $350,000 mortgage at current rates.
Should I choose a 15 or 30-year mortgage?
A 15-year mortgage saves enormous interest but requires higher payments. On a $400,000 loan, a 15-year saves over $150,000 in interest vs a 30-year. Choose 15-year if the payment is comfortably under 28% of income. Choose 30-year if you need flexibility or expect to invest the payment difference.
What is PMI and when can I remove it?
Private Mortgage Insurance (PMI) is required when your down payment is under 20%. It typically costs 0.5–1.5% of the loan annually. You can request removal once your equity reaches 20%, and lenders must automatically cancel it at 22% equity under the Homeowners Protection Act.
Is the Mortgage Calculator 2026 free to use?
Yes. SwitchWize calculators are free, and you do not need an account to run scenarios or view the result.
Does using the Mortgage Calculator 2026 affect my credit score?
No. Using a calculator does not trigger a credit check. A credit impact can occur only if you apply directly with a lender, card issuer, or provider.
Are the results personalized financial advice?
No. Calculator outputs are educational estimates based on the inputs you enter. Review assumptions and confirm terms directly with providers before making a financial decision.
What should I do after seeing the result?
Use the recommendation module on this page to compare top mortgage lenders, or run Money Map to compare this home & mortgage decision with your other opportunities.
How does SwitchWize choose related offers?
Related offers are matched by the calculator surface (mortgage) and ranked using SwitchWize data such as rate, fees, trust signals, product fit, and switching friction. Paid relationships do not change organic ranking order.
How fresh are the rates and offers shown?
Rate and offer data is reviewed on a recurring cadence and every offer module shows review context or links to the methodology and disclosure pages.
Where can I see the ranking methodology?
The SwitchWize methodology page explains how rate freshness, editorial review, affiliate disclosure, and category ranking factors work.
Can Money Map use this result?
Yes. Money Map is the broader diagnostic path: it compares savings, mortgage, cards, and debt so you can see whether this calculator result is your highest-impact next move.

Why This Matters

A 0.5% difference in mortgage rate on a $400,000 loan costs $43,200 over 30 years. At today's average of 6.72%, small rate differences have enormous long-term consequences. Always run the math before accepting a rate.

How to Use It

  1. 1Enter your home price and down payment amount
  2. 2Set the interest rate — use our comparison page for live rates
  3. 3Choose your loan term (15 or 30 years)
  4. 4Add property tax and insurance for your true monthly cost
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Compare Top Mortgage Lenders
Mortgage Calculator 2026 | SwitchWize