Mortgage Calculator
Calculate monthly mortgage payments, total interest, and amortization for US home loans.
Mortgage Calculator
Loan Details
Adjust amount, rate, and tenure to see your EMI instantly
Live EMI Breakdown
Loan Repayment Journey
See how your loan balance reduces over time.
Amortization Overview
What Are You Planning For?
Select a goal to see your progress update in real time.
How Does Your EMI Compare?
See how your loan stacks up against typical borrowers.
Smart Insights
Personalized takeaways from your numbers.
Real-Life Examples
₹50L · 8.5% · 20 yrs
₹8L · 9% · 5 yrs
₹3L · 12% · 3 yrs
The Formula Behind It
M = P × r × (1+r)^n / ((1+r)^n - 1)Variables
- P — Principal loan amount
- r — Monthly interest rate (annual ÷ 12)
- n — Tenure in months
About Mortgage Calculator
Calculate monthly mortgage payments, total interest, and amortization for US home loans.
Frequently Asked Questions
How is a mortgage payment calculated?
Monthly payment uses the standard amortization formula with principal, annual interest rate, and loan term in months.
What is included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance. This calculator covers principal and interest only.
How does down payment affect my mortgage?
A larger down payment reduces principal, lowering monthly payments and total interest paid.
What is PMI?
Private Mortgage Insurance is required on many loans with less than 20% down. It is not included in this basic calculator.
Should I choose a 15 or 30 year mortgage?
15-year loans have higher monthly payments but much less total interest. 30-year loans offer lower monthly payments.
How do interest rates affect payments?
Even a 0.25% rate difference can change your monthly payment by tens or hundreds of dollars on large loans.
Can I pay off my mortgage early?
Yes. Extra principal payments reduce total interest. Check your lender for prepayment terms.
What is an amortization schedule?
A breakdown of each payment showing how much goes to principal vs interest over the loan life.
Are property taxes included?
No. Add property taxes and insurance separately for a complete housing cost estimate.
Is this calculator for US mortgages?
Yes. It uses standard US mortgage amortization. For other countries, see our EMI calculator for similar loan math.
Community Stories
Real experiences from people like you.
"Reduced tenure by 3 years with annual prepayments."
Saved ₹4.2L in interest
"Compared 5 banks before finalizing home loan."
0.4% lower rate = ₹2.8L saved