Select a mortgage amount to see monthly payments at every rate from 5.5%–8%, 15 vs 30 year comparison, total interest, and income needed.
How Mortgage Payments Are Calculated
Monthly mortgage principal and interest is calculated using the standard amortization formula. Payments shown are for principal and interest only — your actual monthly cost will be higher once property taxes, homeowner's insurance, and PMI (if applicable) are included. All rates shown use a 2026 mid-range estimate of 6.9% for the highlighted row. Use our Mortgage Calculator to model your exact scenario.
Mortgage Payment by Rate — 2026 Reference
Current 30-year fixed mortgage rates are running approximately 6.3–6.9% in mid-2026. Here's how your monthly payment changes with rate on a $400,000 loan:
$400,000 Mortgage — Monthly P&I by Rate (30-Year Fixed)
| 5.5% rate | $2,271/month |
| 6.0% rate | $2,398/month |
| 6.5% rate (mid-2026 estimate) | $2,528/month |
| 7.0% rate | $2,661/month |
| 7.5% rate | $2,797/month |
15-Year vs 30-Year Mortgage — Payment Comparison
A 15-year mortgage has a higher monthly payment but significantly less total interest. At $400,000 and 6.5%:
| 30-year fixed at 6.5% | $2,528/mo · $510,000 total interest |
| 15-year fixed at 6.0% | $3,375/mo · $207,000 total interest |
The 15-year saves over $300,000 in total interest — but requires $847 more per month. The right choice depends on your income stability, other financial goals, and how long you plan to stay in the home.
Income Needed for Common Mortgage Amounts (2026)
Using the standard 28% front-end DTI rule (housing costs should not exceed 28% of gross monthly income), here's the income needed to comfortably support each mortgage amount at 6.5%:
Income Needed by Mortgage Amount — 6.5%, 30-Year Fixed (2026)
| $200,000 loan ($1,264/mo) | ~$54,000/year income |
| $300,000 loan ($1,896/mo) | ~$81,300/year income |
| $400,000 loan ($2,528/mo) | ~$108,300/year income |
| $500,000 loan ($3,160/mo) | ~$135,400/year income |
| $600,000 loan ($3,792/mo) | ~$162,500/year income |
Note: these are P&I only. Add property taxes (~1–2% of home value annually) and homeowner's insurance ($1,500–$6,000/year depending on location) to get your true monthly housing cost — which may push the income requirement 10–20% higher.
Frequently Asked Questions
How much is a mortgage per month on a $300,000 house? +
At 6.5% on a 30-year fixed mortgage, a $300,000 loan costs approximately $1,896/month in principal and interest. With property taxes and insurance added, total monthly housing costs typically run $2,300–$2,700 depending on your location. See the full breakdown on our $300,000 mortgage page.
What mortgage can I afford on $80,000 salary? +
At $80,000/year income and 2026 rates (~6.5%), the 28% front-end DTI rule allows about $1,867/month in housing costs, supporting a loan of roughly $295,000. With a 10% down payment, that covers a home around $328,000. See our $80k affordability guide for the full breakdown.
Is it better to get a 15-year or 30-year mortgage? +
A 15-year mortgage saves significantly on total interest (often $200,000–$400,000 on larger loans) but requires a higher monthly payment — typically 25–35% more than a 30-year. Choose a 15-year if you have stable income, plan to stay in the home long-term, and the higher payment is comfortably within budget. Choose a 30-year if you want lower required payments (with the option to pay extra voluntarily) or need the flexibility for other financial goals.
What is included in a monthly mortgage payment? +
A full mortgage payment (sometimes called PITI) includes: Principal (the loan balance repayment), Interest (the lender's charge), Taxes (property taxes, escrowed monthly), and Insurance (homeowner's insurance, and PMI if your down payment was under 20%). The payment amounts shown on this page cover principal and interest only — property taxes and insurance add $300–$1,000+/month depending on your location and home value.