Calculate your monthly mortgage payment based on your input loan amount, interest rate, term, and down payment. Check your full amortization table with charts.
A mortgage is a loan used to buy a home or property. You borrow money from a lender (such as bank), then repay it over time with interest. Most mortgages are paid monthly for 15 to 30 years.
Because it helps you:
Let's say you are planning to buy a home worth $300,000 and make a 20% down payment. A mortgage calculator shows your estimated monthly payment, how much interest you’ll pay over the life of the loan, and a full year-by-year payment breakdown.
The above example includes principal + interest, but you can add property tax, insurance, and fees to get your full payment.
Assume, you borrow $250,000 at 6.5% interest for 30 years, you’ll pay over $318,000 in interest alone. But if you refinance to 5.5%, you save more than $55,000.
Try running both scenarios in this calculator and compare.
A mortgage calculator shows you how much your monthly home payment will be. You just type in your numbers—like home price, down payment, loan term, and interest rate—and it tells you what you will pay every month, how much goes to interest, and what the loan will cost in total.
EMI means Equated Monthly Installment. It includes two things: the interest charged by the lender and a part of the actual loan amount you are paying back.
You can use this formula to calculate your mortgage manually: EMI = [P x R x (1+R)^N] / [(1+R)^N - 1], Where: P = loan amount, R = monthly interest rate, N = total number of monthly payments.
Mortgage payments usually include Principal (the amount you borrowed), Interest (charged by the lender), Taxes (property tax), and Insurance (homeowners insurance). It is called PITI.
There are many ways to lower your monthly mortgage payment. For example, Choose a longer loan term, Increase your down payment, Find a lower interest rate, and Remove optional costs like HOA fees.
Amortization schedule breaks down your monthly payment. The amortization table will show how much goes toward interest vs principal and tracks your remaining balance over time.
Making extra payments reduces your loan balance faster. It can shorten your loan term and cut down on how much interest you'll pay overall.
Yes, you can use the advanced options link toggle to include property tax, homeowners insurance, and HOA fees for a more realistic monthly estimate.
You can use this calculator to test different loan amounts, terms, and rates.