Buying a home is one of the most significant financial decisions, and understanding your mortgage payments is crucial before committing to a loan. Our Mortgage Calculator Online helps you calculate monthly payments, interest payable, and the total cost of your loan quickly and accurately. Whether you are a first-time homebuyer or a property investor, this tool simplifies mortgage planning and ensures you make informed decisions.
Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, and insurance (PITI)
| Year | Principal | Interest | Tax/Ins | Balance |
|---|
About Mortgage Payments
A mortgage payment typically includes four components (PITI): Principal, Interest, Taxes, and Insurance.
Mortgage Calculation Formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1]
Where:
M = Monthly payment
P = Principal loan amount
i = Monthly interest rate (annual rate ÷ 12)
n = Number of payments (loan term in months)
Key Terms:
- Down Payment: Typically 10-20% of home price
- PMI (Private Mortgage Insurance): Required if down payment < 20%
- Amortization: Gradual repayment through monthly installments
What is a Mortgage Calculator?
A mortgage calculator is a free online tool that estimates your monthly loan repayment based on factors like principal amount, interest rate, and loan tenure. It’s an essential tool for anyone planning to take a home loan or refinance an existing mortgage.
How to Use Our Mortgage Calculator
- Enter Loan Amount – Input the amount you plan to borrow.
- Select Interest Rate – Choose the annual interest rate your bank or lender offers.
- Set Loan Tenure – Choose repayment period (in months or years).
- Calculate – Instantly get monthly EMI, total interest payable, and overall loan cost.
Benefits of Using Our Mortgage Calculator
- Accurate Planning – Avoid surprises with precise repayment figures.
- Saves Time – Quick calculations without manual effort.
- Comparison Tool – Compare different loan options and interest rates.
- Budget-Friendly – Helps you decide how much you can afford to borrow.
Why Choose Our Calculator?
Unlike complex spreadsheets, our Mortgage Calculator is simple, mobile-friendly, and gives instant results. It’s also integrated with other finance tools like:
For more details about mortgages and home loans, check Investopedia‘s Mortgage Guide.
FAQs on Mortgage Calculator
Q1. Can this calculator be used for both fixed and floating interest rates?
Yes, you can input any interest rate. For floating rates, you may need to recalculate when rates change.
Q2. Does the calculator show the total interest paid?
It shows the monthly EMI, total interest payable, and total loan cost.
Q3. Can I use this calculator for a home loan prepayment plan?
You can calculate the EMI and adjust figures based on the reduced principal after prepayment.
Q4. Is the mortgage calculator free to use?
Absolutely, our mortgage calculator is entirely free and accessible anytime.