Mortgage Payment Calculator

Calculate detailed mortgage payments, including interest and principal.

Inputs

Currency

Home price

₹

Purchase price of the property.

Enter a valid non-negative amount.

Down payment

₹

Cash paid upfront.

Enter a valid non-negative amount.

Loan term (years)

Typical terms are 15–30 years.

Enter a term between 1 and 40 years.

Interest rate (APR %)

Annual nominal rate.

Rate must be between 0 and 100.

Property tax (annual)

₹

Estimated yearly property tax.

Enter a valid non-negative amount.

Home insurance (annual)

₹

Estimated yearly premium.

Enter a valid non-negative amount.

HOA/maintenance (monthly)

₹

Optional monthly association fees.

Enter a valid non-negative amount.

Extra principal (monthly)

₹

Optional extra payment to reduce interest.

Enter a valid non-negative amount.

Results

Monthly payment

—

P&I only

Total interest

—

Total payments

—

Payoff date

—

Estimated monthly with escrow

—

Includes taxes, insurance, and HOA if provided.

Loan balance over time (with extra payments if any)

Amortization schedule

Showing

#	Date	Payment	Principal	Interest	Extra	Ending balance
Run a calculation to see the schedule.

Tips

Extra principal: Even small extras can shave years off your mortgage.
Taxes & insurance: Escrow spreads annual costs into monthly payments.
Compare rates: Lower APR can drastically reduce total interest.

What is an Online Mortgage Payment Calculator?

An Online Mortgage Payment Calculator is a tool that helps you estimate your monthly mortgage payments based on the loan amount, interest rate, loan term, and other relevant factors. It calculates how much you will need to pay each month to repay your mortgage over a given period, helping you plan your finances more effectively. This calculator is particularly useful when you're considering buying a home and need to understand what your monthly payments will look like.

How to Use an Online Mortgage Payment Calculator?

Enter the Loan Amount:
- Input the total amount of money you plan to borrow from the lender (the principal of your mortgage).
Enter the Interest Rate:
- Provide the annual interest rate (as a percentage) for your mortgage. This rate is set by the lender and can be fixed or variable.
Enter the Loan Term:
- Specify the loan term, typically in years (e.g., 15 years, 30 years). This is the amount of time you have to repay the loan.
Select the Payment Frequency:
- Most mortgage calculators calculate monthly payments, but some allow you to choose different payment schedules (e.g., bi-weekly, weekly).
Enter Additional Costs (optional):
- Some calculators allow you to enter additional factors such as property taxes, homeowner's insurance, or private mortgage insurance (PMI) to give you a more accurate estimate of your total monthly payment.
View the Results:
- The calculator will show you the estimated monthly mortgage payment. It may also break down the payment into principal and interest amounts and display the total cost of the loan over its term.

Frequently Asked Questions-

How does the interest rate affect my mortgage payment?
- A higher interest rate means higher monthly payments and more paid in interest over the life of the loan. Conversely, a lower interest rate leads to lower payments and less interest paid.
What is the difference between a fixed-rate and an adjustable-rate mortgage in the calculator?
- A fixed-rate mortgage means the interest rate stays the same for the entire loan term, providing predictable monthly payments. An adjustable-rate mortgage (ARM) has an interest rate that can change periodically, which can lead to fluctuating payments over time.
Does the mortgage payment calculator include property taxes and insurance?
- Most calculators only estimate the principal and interest portion of your payment. However, some calculators allow you to add property taxes, homeowner's insurance, and PMI for a more complete monthly payment estimate.
What is the impact of the loan term on the monthly payment?
- A longer loan term (e.g., 30 years) results in lower monthly payments but higher total interest paid over the life of the loan. A shorter term (e.g., 15 years) means higher monthly payments but less interest paid overall.
Can I use the calculator for refinancing my mortgage?
- Yes, the calculator can be used for refinancing as well. You can input the new loan amount, interest rate, and term to determine the monthly payment for your refinanced mortgage. Keep in mind that refinancing may include closing costs or fees, which may affect the loan amount.