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Budgeting for your target home cost before you start your house search can give you an advantage in understanding your true expected cost. This starts with knowing what kinds of interest rates your local lenders have to offer and what your monthly payment would be. As of May 11, 2026 the current average interest rate for a 30-year fixed mortgage is sitting at 6.45% according to Bankrate. However, your rate also depends on your personal financial factors and credit history.
Enter your loan amount, term and interest rate into our calculator to see your monthly payment and your total cost, including principal and interest.
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At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $1,996 a month, while a 15-year might cost $2,696 a month.
On a 30-year mortgage with a 7.00% fixed interest rate, you’ll pay $418,527 in interest over the loan’s lifetime. That’s about two-thirds of what you borrowed in interest.
If you instead opt for a 15-year mortgage, you’ll pay $185,367 in interest over the loan’s lifetime — or about half the interest you’d pay on a 30-year mortgage.
Even a quarter of a percent difference in your interest rate on a $300,000 loan can add $40 to $50 a month onto your mortgage payment and cost you more than $15,000 in interest over the loan’s lifetime. But many borrowers don’t take the time to shop around for the best rate.
And as government surveys and studies have shown, interest rates offered between lenders can widely vary. Even different branches from a single lender might offer different rates for the same loan and borrower.
The only way to make sure you get the best rate for your mortgage is to compare lenders with your specific financial details for an accurate quote. Start your shopping with the lenders and lender marketplaces below. Select See rates to provide the company with basic property and financial details for personalized rates.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
How much income you need depends on your down payment, loan terms, taxes and insurance. With a 20% down payment on a 30-year mortgage and a 7.00% interest rate, you need a household income of $70,000 yearly or more before tax.
When you take out a mortgage, you agree to pay the principal and interest over the loan’s lifetime. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.
Amortization means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your balance.
Estimate your monthly loan repayments on a $300,000 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $300,000 | $1,996 | $20,903 | $3,047 | $23,951 | $296,953 |
| 2 | $296,953 | $1,996 | $20,683 | $3,268 | $23,951 | $293,685 |
| 3 | $293,685 | $1,996 | $20,447 | $3,504 | $23,951 | $290,181 |
| 4 | $290,181 | $1,996 | $20,194 | $3,757 | $23,951 | $286,424 |
| 5 | $286,424 | $1,996 | $19,922 | $4,029 | $23,951 | $282,395 |
| 6 | $282,395 | $1,996 | $19,631 | $4,320 | $23,951 | $278,075 |
| 7 | $278,075 | $1,996 | $19,318 | $4,632 | $23,951 | $273,442 |
| 8 | $273,442 | $1,996 | $18,984 | $4,967 | $23,951 | $268,475 |
| 9 | $268,475 | $1,996 | $18,625 | $5,326 | $23,951 | $263,149 |
| 10 | $263,149 | $1,996 | $18,239 | $5,711 | $23,951 | $257,437 |
| 11 | $257,437 | $1,996 | $17,827 | $6,124 | $23,951 | $251,313 |
| 12 | $251,313 | $1,996 | $17,384 | $6,567 | $23,951 | $244,746 |
| 13 | $244,746 | $1,996 | $16,909 | $7,042 | $23,951 | $237,704 |
| 14 | $237,704 | $1,996 | $16,400 | $7,551 | $23,951 | $230,153 |
| 15 | $230,153 | $1,996 | $15,854 | $8,097 | $23,951 | $222,057 |
| 16 | $222,057 | $1,996 | $15,269 | $8,682 | $23,951 | $213,375 |
| 17 | $213,375 | $1,996 | $14,641 | $9,310 | $23,951 | $204,065 |
| 18 | $204,065 | $1,996 | $13,968 | $9,983 | $23,951 | $194,082 |
| 19 | $194,082 | $1,996 | $13,247 | $10,704 | $23,951 | $183,378 |
| 20 | $183,378 | $1,996 | $12,473 | $11,478 | $23,951 | $171,900 |
| 21 | $171,900 | $1,996 | $11,643 | $12,308 | $23,951 | $159,592 |
| 22 | $159,592 | $1,996 | $10,753 | $13,198 | $23,951 | $146,395 |
| 23 | $146,395 | $1,996 | $9,799 | $14,152 | $23,951 | $132,243 |
| 24 | $132,243 | $1,996 | $8,776 | $15,175 | $23,951 | $117,069 |
| 25 | $117,069 | $1,996 | $7,679 | $16,272 | $23,951 | $100,797 |
| 26 | $100,797 | $1,996 | $6,503 | $17,448 | $23,951 | $83,349 |
| 27 | $83,349 | $1,996 | $5,242 | $18,709 | $23,951 | $64,640 |
| 28 | $64,640 | $1,996 | $3,889 | $20,062 | $23,951 | $44,579 |
| 29 | $44,579 | $1,996 | $2,439 | $21,512 | $23,951 | $23,067 |
| 30 | $23,067 | $1,996 | $884 | $23,067 | $23,951 | $0 |
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
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| 1 | $300,000 | $2,696 | $20,628 | $11,729 | $32,358 | $288,271 |
| 2 | $288,271 | $2,696 | $19,781 | $12,577 | $32,358 | $275,693 |
| 3 | $275,693 | $2,696 | $18,871 | $13,487 | $32,358 | $262,207 |
| 4 | $262,207 | $2,696 | $17,896 | $14,461 | $32,358 | $247,745 |
| 5 | $247,745 | $2,696 | $16,851 | $15,507 | $32,358 | $232,238 |
| 6 | $232,238 | $2,696 | $15,730 | $16,628 | $32,358 | $215,611 |
| 7 | $215,611 | $2,696 | $14,528 | $17,830 | $32,358 | $197,781 |
| 8 | $197,781 | $2,696 | $13,239 | $19,119 | $32,358 | $178,662 |
| 9 | $178,662 | $2,696 | $11,857 | $20,501 | $32,358 | $158,161 |
| 10 | $158,161 | $2,696 | $10,375 | $21,983 | $32,358 | $136,178 |
| 11 | $136,178 | $2,696 | $8,786 | $23,572 | $32,358 | $112,606 |
| 12 | $112,606 | $2,696 | $7,082 | $25,276 | $32,358 | $87,330 |
| 13 | $87,330 | $2,696 | $5,254 | $27,103 | $32,358 | $60,226 |
| 14 | $60,226 | $2,696 | $3,295 | $29,063 | $32,358 | $31,164 |
| 15 | $31,164 | $2,696 | $1,194 | $31,164 | $32,358 | $0 |
Extending a loan that large can mean paying over double the interest, so it’s probably not in your best interest.
Step-by-step guide to mortgage relief, refinance programs and down payment help for homeowners and buyers.
Academy Mortgage offers faster-than-normal closing times, but it’s not available in New York.
United Wholesale Mortgage is a loan wholesaler that partners with mortgage brokers and financial institutions.
Ameris Bank has a wide range of loans and multiple branches but only in the Southeast.
Neat Capital offers faster than normal closing times, but it’s only available in specific states.
This lender specializes in financing mobile homes, but customer support can be difficult to contact.
This lender offers a wide range of mortgage products, but branch locations are limited.
This lender offers a wide variety of mortgage products, but your experience may vary.
A top lender of FHA and VA loans, but customer reviews are very mixed.
