United States 💰 USD Last updated2026-05-28

Mortgage Calculator United States

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Quick answer (United States)

A $400,000 mortgage at 6.5% on a 30-year fixed works out to a monthly payment of about $2,528, with total interest of $510,178 over the full term.

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Mortgage Calculator

USD

Home Value

LTV 80% · No PMI ✓

Loan Amount

Interest Rate

Term

Total Monthly

$3,195

PITI

Principal + Interest

$2,528

56% goes to interest

Total Interest

$510,178

over 30 years

Monthly Breakdown

Principal & Interest$2,528

Property Tax (1.1%/yr)$458

Homeowner's Insurance (0.5%/yr)$208

Total Monthly$3,195

Principal vs Interest Split

44% principal

56% interest

✨ Live recalculation·Includes P&I, property tax, insurance. Estimates only — consult a licensed lender for exact rates.

Reviewed by

Aisha Rahman, CFP®, MBA LinkedIn ↗

CFP® with 12+ years in mortgage & retirement planning.

Local context

Mortgages in United States

Typical loan

$400,000

in United States

Typical rate

6.5% p.a.

prime borrower, 2026

Typical term

30 years

most common

Market overview

US mortgages are uniquely structured around the 30-year fixed-rate loan — a structure that exists primarily in the US due to Fannie Mae and Freddie Mac securitization. Major lenders include Rocket Mortgage, Wells Fargo, Chase, and Bank of America. Following Fed rate cuts in 2024-2025, 30-year fixed rates have settled in the 6-7% range.

Why 6.5% is the typical rate

6.5% is the typical 30-year fixed conforming-loan rate for a 740+ FICO borrower at 80% LTV. Jumbo loans (>$766K) and lower-FICO borrowers see premiums.

Tax & regulatory notes

Mortgage interest deduction available on the first $750,000 of debt (Tax Cuts and Jobs Act). State and local property taxes (SALT) capped at $10,000 federal deduction. PMI required below 20% down (removable at 78% LTV). FHA, VA, and USDA loans have separate rules.

🧮 Worked example

A $400,000 mortgage at 6.5% on a 30-year fixed

Loan amount

$400,000

Annual interest rate

6.5%

Term

30 years (360 months)

Monthly payment

$2,528

Total interest paid

$510,178

Total paid (principal + interest)

$910,178

❓ FAQ (United States)

Common questions in United States.

15-year vs 30-year mortgage — which is better?

A 15-year has a 50-75 basis point lower rate and pays about 3× less total interest, but the monthly payment is roughly 50% higher. For a $400K loan at 6.5% (30yr) vs 5.75% (15yr): $2,528/mo total $510K interest vs $3,322/mo total $198K interest.

Conventional vs FHA vs VA — what is the difference?

Conventional: 5-20% down, requires PMI below 20%. FHA: 3.5% down, MIP for the life of the loan, available to lower-FICO buyers. VA: 0% down for eligible veterans, no PMI. Each has different rates and qualification rules.

When should I refinance?

The rule of thumb: refinance when current rates are at least 0.75-1.0% below your locked rate AND you plan to stay in the home long enough to recoup closing costs (typically 2-3 years). Use a refinance break-even calculator to verify.

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