Free Mortgage Calculator 2026 with AI Explanation
Calculate your 2026 mortgage payment at current rates and get an AI explanation of affordability.
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Calculator Inputs
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Key Facts
Updated April 2026
- Average 30-year fixed rate: 6.4% (April 2026)
- Average US mortgage payment: $2,290/month
- PMI costs $100-300/month if down payment is under 20%
- Closing costs run 2-5% of the purchase price
- The 28% rule: housing costs should stay under 28% of gross income
Pro Tips
A 0.25% rate reduction on a $350k loan saves $52/month and $18,700 over 30 years. Shop at least 3 lenders.
Put 20% down to avoid PMI. If you cannot, FHA loans require only 3.5% down but charge mortgage insurance for the life of the loan.
A 15-year mortgage has higher payments but saves 50%+ in total interest versus a 30-year.
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