Calculate your monthly home loan EMI, total interest payable, and see the full payment breakdown instantly.
This tool calculates your monthly mortgage payment, total interest paid, and full amortization schedule based on the home price, down payment, interest rate, and loan term. It's essential for budgeting a home purchase and comparing different mortgage offers.
Loan Amount = Home Price − Down Payment. Monthly Payment (Principal + Interest) = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments. Property taxes, insurance, and HOA fees are often added separately for a full monthly housing cost estimate.
Enter the home price, down payment, interest rate, and loan term, and the calculator returns your estimated monthly payment, total interest, and total cost over the life of the loan.
Example: A $400,000 home with a 20% down payment ($80,000), financed at 6.5% over 30 years, results in a loan amount of $320,000 and a principal-and-interest monthly payment of approximately $2,022.
Why does a 30-year mortgage have lower payments than a 15-year mortgage for the same loan amount? Spreading the same loan amount over more payments (30 years vs. 15) lowers each individual payment, though this comes at the cost of significantly more total interest paid over the life of the longer loan.
What does "PITI" mean in mortgage calculations? PITI stands for Principal, Interest, Taxes, and Insurance — the four components that typically make up a complete monthly mortgage payment, beyond just the base principal-and-interest amount this calculator's core formula produces.
How does down payment size affect my mortgage? A larger down payment reduces the loan amount needed, lowering both the monthly payment and total interest paid, and in some cases can help avoid additional costs like private mortgage insurance (PMI) required for smaller down payments.
Why do mortgage rates change over time? Mortgage rates fluctuate based on broader economic factors, including central bank policy, inflation expectations, and bond market conditions, meaning the rate available today may differ meaningfully from rates available in the past or future.
Should I choose a fixed-rate or adjustable-rate mortgage? A fixed-rate mortgage keeps the same interest rate for the entire loan term, providing payment stability, while an adjustable-rate mortgage (ARM) typically starts with a lower rate that can change periodically — the better choice depends on your risk tolerance and how long you plan to keep the loan.