Example 1
Inputs
- homePrice
- 5000000
- downPayment
- 1000000
- interestRate
- 8
- loanTerm
- 20
Result
For a ₹50,00,000 home with a ₹10,00,000 down payment, 8% annual interest and a 20-year term, the estimated monthly payment is approximately ₹33,457.
Finance
Mortgage Calculator
Calculate your estimated monthly mortgage payment, total interest and total amount paid.
Mortgage Calculator calculator
🏠
Mortgage Calculator
Enter the values below to calculate your result.
₹
₹
%
years
🏠
Your result will appear here
Enter the required values and click Calculate to see your result.
Advertisement
How does the mortgage calculator work?
Enter the home price, down payment, annual interest rate and loan term. The calculator determines the loan amount after the down payment and estimates the fixed monthly payment using the standard mortgage payment formula.
Formula
M = P × [r(1 + r)^n] ÷ [(1 + r)^n − 1]Examples
Example 2
Inputs
- homePrice
- 7500000
- downPayment
- 1500000
- interestRate
- 8.5
- loanTerm
- 25
Result
For a ₹75,00,000 home with a ₹15,00,000 down payment, 8.5% annual interest and a 25-year term, the estimated monthly payment is approximately ₹46,667.
About this calculator
A mortgage calculator helps estimate the monthly payment and total cost of financing a home. It can be useful when comparing different home prices, down payments, interest rates and loan terms.
The calculation first subtracts the down payment from the home price to determine the loan principal. It then uses the interest rate and loan term to estimate the monthly principal-and-interest payment.
The basic calculation does not include property taxes, home insurance, maintenance costs, processing fees or other expenses. Actual home-loan payments and costs can vary depending on the lender and loan agreement.
Frequently asked questions
What is a mortgage calculator?
A mortgage calculator estimates the monthly principal-and-interest payment, total interest and total amount paid for a home loan.
How is the mortgage payment calculated?
The calculation uses the loan principal, monthly interest rate and total number of monthly payments to determine the estimated fixed payment.
Does a down payment reduce the mortgage payment?
Yes. A larger down payment reduces the amount borrowed, which generally reduces the monthly payment and total interest paid.
Does this calculator include taxes and insurance?
No. This calculator estimates principal and interest only. Property taxes, insurance, maintenance and other homeownership costs are not included.
What happens if the interest rate is zero?
If the interest rate is zero, the calculator divides the loan amount equally across the number of monthly payments.
Advertisement
Related calculators
Loan Calculator
Calculate your monthly loan payment, total interest, and total repayment based on the loan amount, interest rate, and loan term.
EMI Calculator
Calculate your monthly EMI, total interest, and total loan repayment for personal, car, home, and other loans.
Compound Interest Calculator
Calculate compound interest, total interest earned, and the estimated future value of an investment.