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🇺🇸 United States 💰 USD Last updated2026-05-13

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

$
%
Monthly Payment
$1,996
/month
Total Interest
$418,527
58% of total
Total Paid
$718,527
over 30 years
Principal vs Interest Split
42% principal
58% interest
✨ Live recalculation·Includes principal + interest only (no taxes or PMI)
🇺🇸 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.
🌍 Other countries

Mortgage calculator for other countries.

🇮🇳
India
~8.5% rate
🇬🇧
United Kingdom
~4.5% rate
🇨🇦
Canada
~5% rate
🇦🇺
Australia
~6% rate
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