Mortgage Calculator

Buying a home is the largest financial commitment most people make. A mortgage calculator gives you the numbers you need to make that decision with confidence rather than guesswork.

Avoiding payment shock. Many first-time buyers focus only on the loan EMI and discover later that property tax, insurance, and HOA fees add 25–40% on top. This calculator surfaces all those costs upfront so your budget is accurate from day one.

Comparing scenarios instantly. Adjusting the interest rate slider by 0.25% or switching from a 30-year to a 20-year term shows you the monetary impact in seconds. What would take an accountant 20 minutes to model manually takes one slider movement here.

Planning your down payment. The down payment percentage directly affects your monthly payment, your LTV ratio, and whether PMI applies. Toggling between percentage and rupee/dollar amount lets you reverse-engineer how much you need to save before the purchase. Pair this with our Down Payment Calculator to build a savings plan.

Understanding the true cost of the loan. The Total Interest figure is often the number that stops people in their tracks, on a $400,000 home at 7% over 30 years, the total interest paid exceeds $400,000. Seeing this figure motivates borrowers to consider prepayments or shorter tenures.

Sharing and revisiting calculations. Every input you change is reflected in the page URL, so you can bookmark or share any specific scenario with a partner or financial adviser without re-entering values.

First-time home buyers planning their budget before approaching a bank. Most lenders pre-qualify based on income ratios, but knowing your all-in monthly cost before that conversation helps you negotiate from a position of knowledge. Pair this with our Home Affordability Calculator to determine your price ceiling first.

Home upgrade buyers deciding whether to sell and buy larger or renovate. Comparing the mortgage on a new home against the remaining balance on the current one requires exactly the kind of side-by-side scenario modelling this calculator enables.

NRIs and expatriates buying property in India or abroad. The multi-currency support means you can model home purchases in USD, GBP, EUR, CAD, or AUD, or switch to INR for an Indian property, without leaving the tool.

Investors evaluating rental yield vs mortgage cost. If the monthly rent a property can generate is less than the total monthly payment (P&I + tax + insurance + HOA), the investment is cash-flow negative from day one. This calculator makes that comparison obvious.

Anyone considering refinancing. If market interest rates have fallen since you took your original mortgage, reducing your interest rate by even 0.5% can save lakhs of rupees or tens of thousands of dollars over the remaining term. Model the new rate here, then see how many months of savings it takes to recover closing costs.

Borrowers evaluating prepayment. Once you know your current monthly P&I, use our Loan Prepayment Calculator to quantify how much interest you save by making annual lump-sum payments.

Monthly P&I (highlighted result) is the core mortgage EMI, the fixed amount you pay every month that covers interest on the outstanding balance and reduces the principal. This is the number your lender quotes you, and it remains the same for the entire loan term on a fixed-rate mortgage.

Total Monthly Payment adds property tax, home insurance, PMI (if applicable), HOA fees, and other costs to the P&I. This is the actual amount leaving your bank account each month and the number to use when evaluating affordability against your income.

Total Interest is the cumulative interest cost over the entire loan term. On a long-tenure loan at typical rates, total interest often equals or exceeds the original loan amount, meaning you effectively pay for the house twice. This figure is a powerful motivator for making additional principal payments or choosing a shorter term.

Total Cost adds every cost, principal, interest, property tax, insurance, PMI, and HOA, paid over the full loan term. This represents the true economic cost of the home purchase and is the right number to use when comparing renting versus buying.

Loan Amount is the home price minus your down payment, the actual sum you are borrowing. A lower loan amount reduces both your monthly payment and your total interest bill, which is why maximising the down payment where possible is financially prudent.

Payoff Date tells you the month and year your mortgage will be fully repaid. Seeing that a 30-year loan taken today will not be paid off until 2056 is a useful reality check, especially when planning retirement timelines.

PMI notice appears when your LTV exceeds 80%. This auto-calculated cost disappears from your results once you increase the down payment to 20% or above, a concrete illustration of why lenders and financial advisers push for that threshold.

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.