May 2026 Mortgage Rate Reference: The current Freddie Mac PMMS average is 6.81% for 30-year fixed and 6.12% for 15-year fixed. These are national averages — enter your actual quoted rate in any calculator below for accurate results.
All Mortgage Calculators
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How to Use Mortgage Calculators
Mortgage calculators help you estimate the monthly cost of home ownership and understand how different loan terms, rates, and down payments affect what you pay. Here's how to get the most from each tool:
Mortgage Payment Calculator
Start with the basic payment calculator to find your estimated monthly payment. You'll need three inputs: the loan amount (purchase price minus down payment), the interest rate (use your lender's quoted rate or the Freddie Mac PMMS average as a starting point), and the loan term (typically 15 or 30 years).
Understanding Amortization
In the early years of a mortgage, the majority of your payment goes toward interest. For example, on a $400,000 loan at 6.81% for 30 years, over 70% of your first payment covers interest. The amortization schedule shows exactly how this balance shifts over time — a useful tool for deciding whether to make extra payments or refinance.
Conforming Loan Limits (2026)
The standard conforming loan limit is $806,500 in most areas, and up to $1,209,750 in high-cost markets. Loans above these limits are considered jumbo mortgages and typically carry slightly higher rates.
Tip: When using the refinance calculator, include your total closing costs (typically 2–5% of loan amount) to see the true break-even point and whether refinancing makes financial sense given how long you plan to stay in the home.