Monthly payment, true cost (APR), fixed or variable rate risk and how much you can afford, with the rules that apply in the US.
All calculations run in your browser. Nothing you type is sent or stored.
For a mortgage of 320,000 USD over 30 years at 7.4%, the monthly payment is about 2,215.62 USD. Change the amount, term and rate in the calculator above to see your own payment.
The APR includes fees and required costs on top of interest. In our example with typical fees the APR is 7.5% while the nominal rate is 7.4%. Compare loans by the APR and by the total amount you repay.
Adjustable-rate mortgages (ARMs) in the US are fixed for 5, 7 or 10 years and then follow SOFR plus a margin, with caps on each change. With the Fed funds rate at 3.75% to 4.00%, most buyers still choose a 30 year fixed. If rates rose by 2 points, the payment in our example would go up to 2,667.42 USD. A fixed rate protects you from that risk, a variable rate can be cheaper when rates fall.
US lenders usually want your total monthly debt payments, including the new mortgage, to stay below about 36% to 43% of gross monthly income. With less than 20% down you will usually pay PMI. Enter your gross monthly income to check your ratio.
Most US home loans are 30 year fixed-rate mortgages, so the payment never changes. Every Loan Estimate shows the interest rate and the APR, which adds points and lender fees spread over the term. Your full monthly cost also includes property tax, homeowners insurance and, with less than 20% down, private mortgage insurance (PMI).
The nominal interest rate only covers interest. The APR adds the fees and costs you must pay to get the loan, such as processing fees, account fees and required insurance, and turns everything into one yearly percentage. Two loans with the same interest rate can have very different APR. When you compare offers for the same amount and term, the lower APR is usually the cheaper loan.
A fixed rate keeps your payment the same for an agreed period, so you know exactly what you pay. A variable rate is a reference rate (for example Euribor) plus the bank's margin. It is often lower at the start, but your payment rises when the reference rate rises. Use the stress test above to see your payment if rates go up by 1, 2 or 3 points, and only choose variable if you could still pay that.
With equal payments (annuity) the monthly amount stays the same, and at the start most of it is interest. With equal principal the first payments are higher but fall every month, and you pay less interest in total. Switch the repayment option in the calculator to see the difference.
Look beyond the monthly payment. Add up interest, upfront fees, monthly account and insurance costs, valuation and notary costs. A longer term lowers the payment but increases the total interest a lot. The line "cost per 100 borrowed" shows how much you pay for every 100 you borrow.
Paying off part of the loan early saves interest. Many countries limit what banks may charge for it, and variable-rate loans can often be repaid without a fee. Read the early repayment clause before you sign.
Typical mortgage at today's average rate, equal monthly payments, without fees. Interest rate: 7.4%.
| Amount | Term (years) | Monthly payment | Total interest |
|---|---|---|---|
| 250,000 USD | 30 | 1,730.95 USD | 373,142 USD |
| 320,000 USD | 30 | 2,215.62 USD | 477,622 USD |
| 450,000 USD | 15 | 4,146.02 USD | 296,284 USD |
Usually yes. Most US mortgages have no prepayment penalty, and qualified mortgages can only charge one in the first 3 years. Extra payments go straight to principal and cut your total interest.
In October 2026 30 year fixed mortgages in the US average about 7.40%, and 15 year fixed about 6.71%. Personal loans average about 11.90% APR and new car loans about 7.54%.
No. It is an educational calculator. Your bank sets the final rate and costs. Use the results to understand and compare offers, and ask for the official pre-contract information before signing.
This page is educational. Rates are examples based on central bank statistics and published offers in October 2026, and your bank will price your loan individually. Always compare the official offer document (ESIS or standard information form) before you sign.