Mortgage Calculator

Mortgage Calculator

Estimate monthly mortgage payments, total interest and view a full amortization schedule. Enter loan details and click Calculate.
Tip: Add extra monthly payment to see faster payoff and interest savings.
Monthly Payment
$0.00
Total Payments
$0.00
Total Interest
$0.00
Number of Payments
0
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🟡 How Mortgage Calculator Works

A mortgage calculator helps you estimate your monthly loan repayment schedule by combining principal (loan amount), interest rate, loan term, and payment frequency. By entering these values, the calculator instantly shows you your monthly payment, total interest cost, and full amortization schedule.

🟡 Formula Explanation

The standard formula for calculating mortgage payments is:

M = (P × r) / (1 – (1 + r)-n)

Where:
M = Monthly payment
P = Loan amount (after down payment)
r = Monthly interest rate (Annual Rate ÷ 12)
n = Total number of payments (Years × 12)

👉 If extra payments are made, the principal decreases faster, reducing total interest paid.

🟡 Example

Suppose you take a $200,000 mortgage at 5% annual interest for 30 years:

  • Loan amount = $200,000
  • Interest rate = 5% per year
  • Loan term = 30 years (360 months)

Using the formula:

  • Monthly payment ≈ $1,073.64
  • Total interest ≈ $186,511
  • Total payments = $386,511

This means you’ll pay almost as much in interest as the original loan if no extra payments are made.

🟡 FAQs

Q1. What is a mortgage?

A mortgage is a loan taken from a bank or financial institution to purchase a property, where the property itself is used as collateral.

Q2. What is EMI in mortgage?

EMI (Equated Monthly Installment) is the fixed monthly payment that covers both principal and interest over the loan term.

Q3. How can I reduce my mortgage interest?

  • Make extra payments towards principal
  • Refinance at a lower interest rate
  • Choose bi-weekly payments instead of monthly

Q4. What is an amortization schedule?

It is a complete breakdown of every mortgage payment into principal repayment, interest charges, and remaining balance.

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