## How to calculate a 30 year mortgage?

n = the number of payments over the life of the loan. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments. The longer the term of your loan — say 30 years instead of 15 — the lower your monthly payment but the more interest you’ll pay.

## Why do most people get a 30 year mortgage?

While a 30-year mortgage can make your monthly payments more affordable, a 15-year mortgage generally costs less in the long run. Most homebuyers choose a 30-year fixed-rate mortgage, but a 15-year mortgage can be a good choice for some. A 30-year mortgage can make your monthly payments more affordable.

## What is the monthly payment for a 30 year mortgage?

For a 30-year fixed mortgage with a 3.5% interest rate, you would be looking at a $1,078 monthly payment. Please keep in mind that the exact cost and monthly payment for your mortgage will vary, depending its length and terms.

## Is a 30 year mortgage a bad idea?

But that’s not totally a bad thing for a couple of reasons. Right now, the average 30-year mortgage rate is … than what you’d pay for a $200,000 mortgage at 3.2%. While the idea of having mortgage rates go up next year may rattle you as a prospective …