Mortgage Calculator
Calculate your mortgage payment, amortisation, and total interest cost.
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Mortgage Calculator
Use the formula and worked example below to calculate manually.
Overview
A mortgage calculator computes the monthly payment, total interest, and full amortisation schedule for a home mortgage, helping you understand the true cost of homeownership.
How to use this calculator
- Enter the home price and down payment amount.
- Enter the annual mortgage interest rate.
- Set the loan term (15, 20, or 30 years).
- Optionally add property tax, home insurance, and PMI for a complete monthly payment picture.
- View the EMI, total interest, and year-by-year amortisation.
Understanding the inputs & results
Home price
The purchase price of the property.
Down payment
Your upfront contribution. The loan amount = home price − down payment.
Loan term
Duration of the mortgage — 15, 20, or 30 years are common.
Monthly payment
The fixed amount paid every month covering principal + interest (P&I).
Amortisation
The gradual payoff of the loan through scheduled payments — early payments are mostly interest; later payments are mostly principal.
The formula
Mortgage monthly payment
M = P × r × (1 + r)^n / ((1 + r)^n − 1)
P = loan principal, r = monthly interest rate, n = total months. Same as EMI formula. Over time, the interest portion of each payment decreases as the principal reduces.
Worked example
₹60 lakh home, ₹12 lakh down, 8% p.a., 20-year term.
- Loan = ₹48 lakh; r = 0.08/12 = 0.00667; n = 240.
- Monthly payment ≈ ₹40,149.
- Total paid = ₹96,35,760. Total interest = ₹48,35,760.
✓ Monthly payment ≈ ₹40,149. Total interest over 20 years ≈ ₹48.36 lakh.
Frequently asked questions
Mortgage terms vary by lender and market conditions. This calculator provides estimates for planning; verify with your lender.