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Mortgage Calculator
Estimate the monthly principal-and-interest payment on a home loan, with total interest and total repayment — using the standard amortization formula. Runs in your browser.
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Quick Answer
Enter the loan amount, annual interest rate and term and the calculator shows the monthly principal-and-interest payment on a home loan, the total interest, and the total repayment, using the standard amortization formula. One important limit: it covers principal and interest only — not property tax, home insurance or mortgage insurance — so your actual monthly housing payment will be higher. It runs entirely in your browser.
What the Mortgage Calculator Does
Put in the mortgage amount, the annual interest rate and the term in years, and you get the monthly principal-and-interest payment, the total interest over the loan, and the total you would repay. It is the core mortgage maths that decides your base monthly payment.
What it deliberately leaves out matters: a real monthly mortgage payment usually also includes property tax, homeowners insurance and, with a small down payment, mortgage insurance — often bundled into an escrow account. This tool shows the loan portion, so add those to see your full housing cost.
How It Works
The calculator uses the same amortization formula behind every fixed-rate mortgage: it converts the annual rate to a monthly rate and the term to a number of months, then computes the constant monthly payment that pays the loan off exactly over the term. Interest is charged on the outstanding balance, so early payments are mostly interest and later ones mostly principal.
From that monthly payment it derives the totals — payment times the number of months for the total repayment, minus the loan amount for the total interest. The payment stays level for the whole term on a fixed-rate loan; only the interest-and-principal split inside it changes.
Methodology
- Convert the inputs. Turn the annual rate into a monthly rate (rate divided by 12 then by 100) and the term into months (years times 12).
- Compute the payment. Apply the amortization formula to get the level monthly principal-and-interest payment.
- Find the total repayment. Multiply the monthly payment by the number of months.
- Find the total interest. Subtract the loan amount from the total repayment.
Amortized monthly payment (principal and interest)
Payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
r = annual rate ÷ 12 ÷ 100 (monthly rate)
n = years × 12 (months)Worked example
₹50,00,000 at 9% for 20 years → principal and interest ₹44,986 / month, total interest ₹57.97 lakhThis is principal and interest only; property tax, insurance and any mortgage insurance are extra.
Assumptions
- The rate is fixed for the whole term. An adjustable-rate mortgage changes after its initial period, so the payment shown applies only while the rate is fixed.
- The payment is principal and interest only. Property tax, homeowners insurance and mortgage insurance are not included, yet they are usually part of the actual monthly bill through escrow.
- No down payment is modelled — enter the amount you are actually borrowing (the price minus your down payment) as the loan amount.
- No closing costs, points or fees are included. Those are paid around closing and add to the true cost of the mortgage.
- No extra principal payments. Paying more than the scheduled amount reduces interest and shortens the term, which this level-payment view does not reflect.
Technical Details
| Inputs | loan amount, annual rate, term (years) |
|---|---|
| Outputs | monthly principal and interest, total interest, total repayment |
| Covers | principal and interest only |
| Excludes | property tax, insurance, mortgage insurance, association dues |
| Method | fixed-rate amortization, monthly |
| Currency | rupees (formula is currency-neutral) |
| Where it runs | In your browser — nothing uploaded |
Standards & references
- PITI — the full payment — a complete mortgage payment is principal, interest, taxes and insurance (PITI), often plus mortgage insurance and homeowners-association dues; this tool computes the principal and interest part only.
- Amortization — the level payment is split between interest (charged on the outstanding balance) and principal; the interest share is largest at the start and shrinks over the term.
- Mortgage insurance — with a down payment under 20%, lenders usually require mortgage insurance until you reach roughly 20% equity — an added monthly cost not shown here.
Accuracy & Limitations
It is exact for the principal-and-interest portion of a fixed-rate mortgage. But that is not your whole payment: property tax and insurance — and mortgage insurance if your down payment is small — are added through escrow, so the real monthly figure is higher.
Taxes and insurance vary widely by location and property, so they cannot be assumed here. Get your local property-tax rate and an insurance quote and add them to the principal and interest to see the full payment.
Mortgage insurance applies when you put down less than about 20%. It is an extra monthly charge that typically drops off once you reach roughly 20% to 22% equity — not reflected in this figure.
An adjustable-rate mortgage is not modelled. The payment shown holds only for a fixed rate; after an adjustment period the rate and payment can change.
Closing costs, points and fees are excluded. They are real costs of taking the mortgage, paid up front, and should be considered alongside the monthly payment.
Real-World Use Cases
Affordability check
See the base monthly payment for a home price and rate before house-hunting.
Comparing terms
Weigh a 15-year against a 20- or 30-year term — payment versus total interest.
Rate shopping
See how a fraction of a percent changes the monthly payment and total cost.
Budget planning
Use the principal and interest as the base, then add tax and insurance for the full housing cost.
When to use it — and when not to
Good for
- The monthly principal-and-interest payment
- Comparing rates and loan terms
- A base figure to build a housing budget on
- Fixed-rate home loans
Not the best choice for
- The full PITI payment (taxes and insurance)
- Adjustable-rate mortgages after the fixed period
- Closing costs, points or fees
- Mortgage insurance estimates
Want the complete monthly housing cost? Add your property tax and insurance to the principal and interest here. Just need the down payment and loan amount? Use a down-payment calculator. Comparing any fixed-rate loan? The loan calculator uses the same maths.
Frequently Asked Questions
Does this show my full mortgage payment?
No — only the principal-and-interest part. A real monthly payment usually also includes property tax, homeowners insurance and, with a small down payment, mortgage insurance, often collected through escrow. Add those to get your true monthly cost.
What does PITI mean?
Principal, Interest, Taxes and Insurance — the four parts of a typical monthly mortgage payment. This calculator covers the first two; taxes and insurance depend on your location and property.
Why is my early payment mostly interest?
Interest is charged on the outstanding balance, which is largest at the start. So early payments are mostly interest, and as the balance falls more of each payment goes to principal — the essence of amortization.
Should I enter the home price or the loan amount?
The loan amount — the price minus your down payment. If you are paying 20% down on a home, enter the remaining 80% as the loan amount.
What is mortgage insurance and is it included?
It is insurance lenders require when your down payment is under about 20%, protecting them if you default. It is an extra monthly cost not included here, and it usually drops off once you reach roughly 20% equity.
How does the term affect the cost?
A shorter term means a higher monthly payment but much less total interest; a longer term lowers the payment but raises the total interest. Compare both against your budget.
Does it handle an adjustable-rate mortgage?
No. It assumes a fixed rate for the whole term. For an adjustable-rate loan, the figure applies only during the fixed period; re-run it with the new rate after an adjustment.
Are closing costs included?
No. Closing costs, points and fees are paid around closing and are not part of the monthly payment. Factor them in separately when comparing offers.
Is this the same formula as a loan EMI?
Yes. A mortgage payment uses the same amortization formula as any fixed-rate loan EMI. This version is framed for home loans and flags what a mortgage payment leaves out.
Can I use it outside India?
Yes. The figures show rupees, but the amortization formula is the same everywhere — enter your loan amount, rate and term and the principal-and-interest payment is correct in any currency.
Is my data uploaded?
No. Everything is calculated in your browser; nothing is sent anywhere.
How can I lower the total interest?
A shorter term, a lower rate, or extra principal payments all reduce total interest. A larger down payment lowers the loan amount, which lowers both the payment and the interest.
References
Uses the standard fixed-rate amortization formula for the monthly principal-and-interest payment; it is explicit that this is the principal and interest only — not the full PITI — so property tax, homeowners insurance and any mortgage insurance must be added for the real monthly cost.
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It is free, private and runs entirely in your browser — no sign-up, no uploads, no limits.