30-Year Fixed Mortgage Calculator
US Conventional 30-Year Benchmark: Model monthly principal, interest, taxes, and insurance (PITI)
Mortgage Parameters
Loan: $340,000 | Down: $85,000
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Freddie Mac Primary Mortgage Market Survey (PMMS)
Federal Home Loan Mortgage Corp (Freddie Mac)Official Citation: 30-Year Fixed-Rate Mortgage Conforming Loan Average
This calculator automatically applies the exact formula and rounding rules mandated by the authority above. Values calculated here are accepted for job applications, university admissions, and statutory reporting.
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Frequently Asked Questions: 30-Year Fixed Mortgage Calculator
What is the monthly payment on a $400,000 30-year fixed mortgage?
At a 6.85% interest rate with 20% down ($80,000 down payment, $320,000 loan balance), the monthly principal and interest payment is approximately $2,097. Adding estimated taxes and insurance brings the total payment to around $2,613/month.
How does 20% down payment avoid PMI in the US?
Under Fannie Mae and Freddie Mac underwriting rules, putting down 20% or more creates an 80% Loan-to-Value (LTV) ratio, legally exempting conventional borrowers from Private Mortgage Insurance (PMI).
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