Mortgage Calculator – Estimate Your Monthly Home Loan Payments
A Mortgage Calculator helps you estimate your monthly mortgage payment based on your home price, down payment, loan term, and interest rate. Whether you're buying your first home or refinancing an existing mortgage, this tool helps you understand the financial commitment involved in homeownership.
This calculator gives you a quick breakdown of your monthly payments, total interest over the loan term, and the overall amount you'll repay. It also displays a full amortization schedule so you can plan your finances with confidence.
How to Use This Mortgage Calculator
To get started, simply enter the following details into the calculator:
- Home Price: The total cost of the property you plan to buy.
- Down Payment: The amount or percentage you'll pay upfront.
- Loan Term: The number of years you'll take to repay the mortgage.
- Interest Rate: The annual percentage rate (APR) charged by the lender.
- Start Date: When your mortgage payments will begin.
The calculator instantly updates the following:
- Monthly Mortgage Payment
- Total Interest Over the Loan Term
- Total Amount Payable (Principal + Interest)
- A breakdown of Principal & Interest
- Amortization Schedule by month or year
Why Use a Mortgage Calculator?
Before taking out a mortgage, it's important to fully understand the long-term impact on your finances. Our Mortgage Calculator helps you:
- Budget your monthly housing expenses
- Compare loan offers from multiple lenders
- See how different down payments affect your payments
- Understand how much you'll pay in interest over the loan term
- Make smarter, more informed home-buying decisions
For example, with a home price of $400,000, a 20% down payment ($80,000), a 30-year term, and a 6.5% interest rate, your estimated monthly payment is around $2,022.62. Over time, you'll pay approximately $408,142.36 in interest, with a total loan repayment of $728,142.36.
How Mortgage EMI is Calculated
The formula used is the standard mortgage/EMI formula:
EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]
Where:
- P = Loan amount (Home Price – Down Payment)
- R = Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
- N = Loan tenure in months
This helps you get an accurate monthly payment projection based on your exact loan terms.
Tips to Reduce Your Mortgage Interest
- Choose a shorter loan term if possible
- Make a larger down payment to reduce the loan amount
- Compare interest rates from different banks and credit unions
- Refinance when interest rates are lower
- Make extra payments to reduce interest over time
Frequently Asked Questions
This tool works best for estimating fixed-rate mortgages. For variable-rate loans, the results may vary.
Yes, advanced options allow you to include property tax, PMI, HOA fees, and home insurance, making your monthly estimate more realistic.
Yes. Our Mortgage Calculator is completely free and accessible anytime, with no login required.
No. All calculations happen in your browser. We do not store or access your personal data.
Final Words
A mortgage is one of the biggest financial decisions you'll ever make. Use this calculator to fully understand your monthly obligations and long-term repayment strategy before signing any agreements. It's a simple, effective way to plan for a secure and stress-free homeownership journey.
Disclaimer: This tool is designed for informational purposes only. Please consult with a mortgage advisor or lending professional for precise financial guidance.