Mortgage Calculator
Calculate monthly mortgage payments, total interest, and amortisation instantly.
Understanding your mortgage payment
A mortgage is one of the largest financial commitments most people make. Knowing exactly how much your monthly payment will be — and how much of that goes to interest versus principal repayment — helps you compare loan offers, plan your budget, and understand the true cost of borrowing over the full loan term.
The monthly payment on a fixed-rate mortgage is calculated using amortisation: each payment covers a month's interest first, and the remainder reduces the outstanding principal. Because early payments mostly cover interest, the split between interest and principal shifts gradually over time. Our calculator shows you this breakdown at a glance.
Reading the results
The Monthly Payment is the fixed amount you will pay each month for the entire loan term. The Total Payment is that monthly amount multiplied by the number of months — the actual amount of money that will leave your account over the life of the loan. The difference between Total Payment and Principal is the Total Interest: the cost you pay for borrowing the money. The percentage bar shows visually how much of your total payment goes to the lender as interest versus how much recovers your actual loan.
EMI for Indian home loans
Indian banks typically quote a home loan rate as an annual floating rate (linked to REPO or MCLR). Enter that annual rate in the calculator to get your EMI. Note that floating-rate loans mean your EMI may change when the benchmark rate changes — this calculator assumes a fixed rate for the entire term. For a variable-rate scenario, recalculate whenever your bank revises the rate.
Frequently Asked Questions
What formula does this mortgage calculator use?
It uses the standard amortisation formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate, and n is the total number of payments.Is this calculation accurate for Indian home loans?
The formula is mathematically identical regardless of country. However, some Indian lenders calculate interest on a daily or annual reducing balance basis — always verify with your bank's official amortisation schedule.Does this include property tax or insurance?
No. This calculator computes principal and interest (P&I) only. Add your expected property tax, home insurance (homeowners / HO-3), and PMI separately for total monthly costs.What interest rate should I use?
Use the annual interest rate from your loan offer or sanction letter. The calculator converts it to a monthly rate internally.Can I calculate EMI for a car loan or personal loan?
Yes. The formula is identical for any amortised loan. Enter your loan amount, annual rate, and term in years.Is my financial data stored anywhere?
No. All calculations happen in JavaScript in your browser. No numbers are transmitted or stored anywhere.