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BlogThinking about buying a home and want to know what your monthly payment will be? Our free mortgage calculator gives you an instant breakdown of your monthly payment, total interest paid, and full amortisation schedule.
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How Does a US Mortgage Work?
A mortgage is a loan from a bank or lender to finance a home purchase. Each monthly payment covers two components:
- Principal: the portion of the loan balance you're paying down
- Interest: the lender's fee for providing the loan
In the early years, most of your payment goes toward interest. Over time, the balance shifts — you pay more principal and less interest each month. This is called amortisation.
Mortgage Payment Formula
M = P × [r(1+r)^n] ÷ [(1+r)^n − 1]
Where:
- M = monthly payment
- P = principal loan amount
- r = monthly interest rate (annual rate ÷ 12)
- n = number of payments (years × 12)
Skip the math — use our free Mortgage Calculator for an instant result.
Real Examples for 2026
Estimated average rate: 6.8% on a 30-year fixed mortgage
| Loan Amount | Term | Monthly Payment | Total Interest Paid |
|---|
| $200,000 | 30 years | $1,303 | $268,900 |
| $300,000 | 30 years | $1,955 | $403,800 |
| $400,000 | 15 years | $3,555 | $239,900 |
| $500,000 | 30 years | $3,258 | $672,900 |
2026 US Mortgage Rates
After the rate spike of 2023-2024, rates have begun to ease but remain elevated by historical standards:
| Loan Type | Estimated Rate (Good Credit) |
|---|
| 30-year fixed | ~6.5–7.0% |
| 15-year fixed | ~6.0–6.5% |
| 5/1 ARM | ~6.0–6.5% |
Always compare rates from multiple lenders — even a 0.5% difference saves tens of thousands over the life of a loan.
Hidden Costs to Budget For
Your monthly payment is just the start. Budget for these additional costs:
- Down payment: typically 3–20% of the purchase price
- PMI (Private Mortgage Insurance): required if down payment is under 20% (~0.5–1.5% of loan annually)
- Property taxes: average ~1.1% of home value per year (varies hugely by state)
- Homeowner's insurance: ~$1,500–$2,500/year on average
- HOA fees: $200–$500/month if applicable
- Closing costs: typically 2–5% of the loan amount
The 28/36 Rule
Most financial advisors recommend the 28/36 rule for home affordability:
- 28%: Your monthly mortgage payment (PITI — Principal, Interest, Taxes, Insurance) should not exceed 28% of your gross monthly income
- 36%: Your total debt payments (mortgage + car loans + student loans + credit cards) should not exceed 36% of gross income
Example: With $8,000/month gross income, your max mortgage payment is $2,240/month.
Tips to Get the Best Mortgage Rate in 2026
- Aim for a credit score of 740+ for the best rates
- Save at least 20% for a down payment to avoid PMI
- Get pre-approved by multiple lenders and compare APRs (not just rates)
- Consider a 15-year mortgage if you can afford higher payments — you'll save massively on interest
- Lock your rate when you find a good one — rates can change daily
👉 Calculate your mortgage payment free on Kalkulo
Disclaimer: These figures are estimates based on 2026 market conditions. Actual rates and payments will vary based on your credit score, lender, and local taxes. Consult a licensed mortgage professional for personalised advice.