30-Year Mortgage Calculator: $400,000 at 20% Down
Calculate your monthly mortgage payment from the home price, down payment, rate and term — with property tax and insurance included.
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Result
About this tool
This page opens the mortgage calculator prefilled with the reference scenario most quotes are measured against: a $400,000 home, 20% down ($80,000), a 6.5% fixed rate, and the standard 30-year term. The result is computed the moment the page loads.
On that principal of $320,000, the 30-year annuity formula works out to roughly $2,023 a month in principal and interest alone — before property tax and home insurance, which you can add in the optional fields to see the full payment you would actually budget for.
The 30-year term is the default for a reason: stretching repayment over 360 months keeps the required monthly payment as low as the math allows, which is why it remains the most common mortgage length in the US even though it costs far more in total interest than a shorter loan at the same rate.
Example. A 200000 home price with 40000 down, 6 percent interest, a 30 year term, and zero tax and insurance returns a principal-and-interest payment of 959.28 on the 160000 loan.
Limit. A down payment that is not strictly below the home price is rejected, and tax plus insurance are added as a flat monthly extra rather than escrowed by a lender rule.