Mortgage Calculator

As of early 2026, 30-year fixed mortgage rates range between 6.25% and 7.5% for prime borrowers (760+ FICO). 15-year fixed runs 5.75%-6.75%. Rates move with the 10-year Treasury yield and Fed policy.

The 28/36 rule: housing costs (PITI) should be ≤ 28% of gross monthly income, total debt ≤ 36%. On $100k/year income, that means ~$2,333/mo max mortgage payment, roughly a $350k-400k home at 7% rate.

Principal, Interest, Taxes, Insurance — the four components of your full monthly housing cost. This calculator covers P+I; add estimated property tax (~1-2% of home value/year) and homeowners insurance ($1-2k/year) separately.

30-year has lower monthly payments but ~2x total interest. 15-year has higher payments but builds equity fast and saves $100k+ on a $400k home. Choose 15-year if payment fits comfortably in budget; 30-year if you want flexibility.

Yes. Extra principal payments reduce the balance and total interest. No prepayment penalty on most conforming loans. Even an extra $200/month on a 30-year mortgage can shave 6-8 years off the term.

Yes, for mortgages up to $750,000 on a primary or secondary residence, if you itemize deductions. With the higher standard deduction post-TCJA, most homeowners now take the standard deduction instead.