Finance
Estimate monthly mortgage or home loan payments, total interest, payoff date, and amortization with optional extra payments.
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Enter the home price, down payment, interest rate, loan term, and start date.
Review or edit the calculated loan amount for your scenario.
Add optional monthly taxes, insurance, PMI, or HOA costs if you want a broader payment estimate.
Add extra monthly or one-time payments to compare payoff time and interest savings.
Calculate the mortgage estimate and review the monthly payment, total interest, and payoff date.
Use the monthly or yearly amortization schedule for planning, then verify details with a lender or qualified professional.
The Mortgage & Home Loan Calculator estimates monthly home loan payments, total interest, total repayment, payoff date, and an amortization schedule. It is designed for home buyers, homeowners comparing refinance scenarios, and anyone who wants to understand how principal, interest, down payment, and extra payments affect a loan over time.
Mortgage payments are calculated with the standard amortized loan formula. The calculator uses the loan principal, monthly interest rate, and total number of monthly payments to estimate the scheduled principal-and-interest payment. If the interest rate is 0%, it divides the principal by the number of payments.
Amortization means each payment is split between interest and principal. Early payments usually include more interest because the remaining balance is higher. As the balance falls, more of each scheduled payment goes toward principal. The amortization table shows this month by month or as a yearly summary.
Down payment affects the loan amount directly. A larger down payment usually reduces the amount borrowed and may reduce the monthly principal-and-interest payment. This calculator keeps down payment amount and percentage in sync, while also allowing the loan amount to be edited for custom scenarios.
Optional monthly costs such as property tax, home insurance, PMI or mortgage insurance, and HOA or maintenance fees can be added to the estimated monthly total. These costs are not part of the amortized loan formula and may change over time, but including them can make a planning estimate more realistic.
Extra monthly payments or a one-time extra payment are treated as additional principal payments in the comparison. They may reduce total interest and shorten payoff time, but actual prepayment rules, fees, and lender handling can vary. This calculator does not guarantee savings or approval.
This calculator provides estimates for general planning only. It is not financial, legal, tax, or lending advice. Actual loan terms, fees, taxes, insurance, escrow, and eligibility can vary by lender, location, credit profile, and official documents. Verify important numbers with a lender, financial advisor, tax professional, or relevant authority before making major financial decisions.
Estimate monthly mortgage or home loan payments before comparing loan options.
Review a yearly or monthly amortization schedule for principal, interest, extra payments, and remaining balance.
Compare how different down payments change the loan amount and monthly payment.
Test extra monthly payments to estimate possible interest savings and payoff time changes.
Compare loan terms such as 15 years, 20 years, and 30 years for planning purposes.
Add taxes, insurance, PMI, and HOA costs to create a broader monthly home ownership estimate.
Use the quoted annual interest rate from the lender, not the monthly rate.
Include property tax, insurance, PMI, and HOA costs when estimating the broader monthly payment.
Compare multiple loan terms because a lower monthly payment can still mean more total interest.
Test extra payments carefully and confirm whether your lender allows prepayments without penalties.
Check total interest and payoff date, not only the monthly payment.
Verify important estimates with a lender or qualified professional before making a purchase or refinance decision.
Do not treat the calculator result as a loan approval, official quote, or guaranteed offer.
Do not ignore taxes, insurance, PMI, HOA fees, closing costs, escrow changes, or lender fees.
Do not enter a monthly interest rate when the calculator asks for an annual rate.
Do not assume extra payments always work the same way with every lender or loan type.
Do not focus only on monthly payment while overlooking total interest and total repayment.
Calculate monthly EMI, total interest, and total repayment for home loans, car loans, personal loans, or any fixed-rate borrowing.
Estimate future SIP value, total investment, and potential returns from monthly contributions, expected rate, and investment duration.
Add GST to a base price or remove GST from an inclusive amount for invoices, quotes, purchases, and India-focused tax estimates.
Calculate compound interest, maturity amount, and growth over time using principal, rate, duration, and compounding frequency.
These optional costs are added to the monthly estimate, but they are not part of the loan amortization formula.
How the payment is calculated
Monthly payment = P x r x (1+r)n / ((1+r)n - 1), where P is loan principal, r is monthly interest rate, and n is total monthly payments. At 0% interest, payment is principal divided by months. You can also compare this with the EMI Calculator.