Mortgage Calculator

A mortgage calculator is a financial tool that computes your monthly repayment obligation when you take a home loan, along with the full breakdown of costs over the life of the loan. Unlike a simple interest calculator, a mortgage accounts for amortisation — the way each monthly payment is allocated between reducing your principal and paying interest on the outstanding balance.

When you borrow money to buy a home, the lender does not simply divide the loan into equal chunks. In the early years of a mortgage, the vast majority of each payment goes toward interest, with only a small fraction reducing the principal. As the balance shrinks over time, the interest component falls and the principal component rises — even though your monthly payment stays fixed. This is the mechanics of a self-amortising loan, and it is why the first 10 years of a 30-year mortgage barely dents the outstanding principal.

This calculator goes well beyond the basic EMI formula. It factors in property tax (typically 1–2% of the home value per year), home insurance (which most lenders require), Private Mortgage Insurance or PMI (automatically applied when your down payment is below 20%), HOA fees, and any other recurring costs. The result is your true monthly housing expense — not just the figure that appears on your loan statement.

The tool supports six currencies — USD, INR, EUR, GBP, CAD, and AUD — making it useful whether you are buying a property in Mumbai, London, Toronto, or Sydney. For Indian home buyers, selecting INR will give you results formatted in the Indian numbering system. If you want to see how your EMI breaks down month by month, check our Loan Amortization Calculator for a full principal and interest schedule.

The mortgage calculator is also the starting point for comparing loan scenarios: what happens if you put down 25% instead of 20%? What does your payment look like on a 15-year term versus 30 years? How much does a 0.5% difference in the interest rate actually cost over the life of the loan? This tool answers all of those questions in real time.

1. Select your Currency — choose USD, INR, EUR, GBP, CAD, or AUD from the tab bar at the top. The calculator updates default values to sensible amounts for that market.

2. Enter the Home Price — the full purchase price or appraised value of the property. Use the slider for quick adjustments or type directly in the input field. For Indian properties, values in lakhs and crores are formatted automatically.

3. Set your Down Payment — use the % toggle to enter a percentage (e.g. 20%) or switch to the currency symbol to enter the exact amount. The helper text below the slider shows the equivalent in the other format in real time. Watch the Loan Summary for the PMI warning if your down payment falls below 20%.

4. Enter the Interest Rate — the annual interest rate quoted by your lender. In India, home loan rates from major banks currently range from 8.5%–11% p.a. In the US, 30-year fixed mortgage rates have ranged from 6.5%–8% in recent years. Use the slider to explore rate sensitivity.

5. Choose the Loan Term — click one of the term buttons: 10, 15, 20, 25, or 30 years. Switching from 30 years to 15 years roughly doubles the monthly P&I but more than halves the total interest paid.

6. Expand Taxes & Additional Costs — click the accordion to enter the Property Tax Rate (annual %, typically 1–2% in the US or 0.5–1% in India), Home Insurance (annual premium), PMI Rate (0.5% is a common default if applicable), HOA Fee (if your community charges one), and any Other Costs such as maintenance reserves.

7. Read your results — the dark result card shows your Total Monthly Payment. Below it, the Payment Breakdown donut chart segments the payment into P&I, property tax, insurance, and other costs. The Loan Summary card shows payoff date, total interest, and total cost.

8. Review the Amortisation Schedule — scroll down to see how your balance reduces year by year (Annual view) or month by month (Monthly view). The green Principal Paid column shows equity being built; the red Interest Paid column shows the cost of borrowing.