Quick answer
On a $400,000 home with 20% down ($80K) at 7% for 30 years, your monthly payment is $2,129/month. Total paid over 30 years: $766,428 — of which $446,428 is interest.
Calculator · Updated 2026
Mortgage Calculator (2026)
Compare monthly payments across home prices, down payment percentages, and loan terms. All calculations use a 7.0% interest rate— today's baseline for a 30-year fixed conventional loan.
Last updated: April 23, 2026
Monthly Payment by Home Price & Down Payment
Based on 7% interest rate. Excludes property taxes, insurance, and HOA fees.
| Home Price | Down | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| $200K | 5% ($10K) | $190,000 | $1,264 | $1,708 | $265,067 |
| $200K | 20% ($40K) | $160,000 | $1,064 | $1,438 | $223,214 |
| $300K | 5% ($15K) | $285,000 | $1,896 | $2,562 | $397,600 |
| $300K | 20% ($60K) | $240,000 | $1,597 | $2,157 | $334,821 |
| $400K | 5% ($20K) | $380,000 | $2,528 | $3,416 | $530,134 |
| $400K | 20% ($80K) | $320,000 | $2,129 | $2,876 | $446,428 |
| $500K | 5% ($25K) | $475,000 | $3,160 | $4,269 | $662,667 |
| $500K | 20% ($100K) | $400,000 | $2,661 | $3,595 | $558,036 |
| $700K | 5% ($35K) | $665,000 | $4,424 | $5,977 | $927,734 |
| $700K | 20% ($140K) | $560,000 | $3,726 | $5,033 | $781,250 |
PMI applies when down payment < 20% — add ~$100–300/month for loans under 20% down.
Amortization Breakdown
$400K home · 20% down ($320K loan) · 7% · 30 years · $2,129/month
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly payment on a $400,000 mortgage?
With a 20% down payment ($80,000) and a 30-year loan at 7%, the monthly payment is $2,129. With only 5% down ($20,000) it rises to $2,528/month.
Is it better to get a 15-year or 30-year mortgage?
A 15-year mortgage builds equity faster and pays significantly less total interest — on a $320K loan at 7%, you save over $140,000 in interest vs a 30-year. But monthly payments are roughly 40% higher. Choose 30-year if cash flow is tight; choose 15-year if you can comfortably afford the higher payment.
How much do I need to earn to afford a $400,000 home?
Using the 28% rule (mortgage payment ≤ 28% of gross monthly income), you need roughly $91K–101K in annual gross income to comfortably afford a $400K home with 20% down at 7%.
What is PMI and when do I need it?
PMI (Private Mortgage Insurance) is required when your down payment is less than 20%. It typically costs 0.5–1.5% of the loan amount annually, adding $100–300/month on a $300K loan. It can be canceled once you reach 20% equity.
What are current mortgage rates in 2026?
In 2026, the average 30-year fixed mortgage rate is around 6.5–7.5%. This calculator uses 7.0% as a baseline. Rates vary by credit score, loan type (conventional vs FHA), and lender. Excellent credit (760+) can get rates 0.25–0.5% below average.
Mortgage Calculator by City
Pre-filled with each city's median home price — see what a local mortgage actually costs.
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