Mortgage Calculator
A mortgage calculator estimates the monthly principal-and-interest payment on a home loan. Enter the home price, your down payment, the interest rate, and the term to see your payment, the total interest over the life of the loan, and a full amortization schedule. The core math is the same in any country — only the currency and local add-ons like tax and insurance differ.
- Principal
- Interest
- Loan amount
- $280,000.00
- Down payment
- 20.00%
- Total interest
- $357,124.57
- Total of payments
- $637,124.57
- Term
- 30 yr
On this loan, more of your monthly payment goes to interest than to principal until month 233 (year 20). Until then you build equity slowly — a key reason early extra payments save so much.
Amortization schedule
| Year | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $21,237.49 | $18,107.85 | $3,129.63 | $276,870.37 |
| 2 | $21,237.49 | $17,898.26 | $3,339.23 | $273,531.14 |
| 3 | $21,237.49 | $17,674.62 | $3,562.86 | $269,968.28 |
| 4 | $21,237.49 | $17,436.01 | $3,801.47 | $266,166.80 |
| 5 | $21,237.49 | $17,181.42 | $4,056.07 | $262,110.74 |
| 6 | $21,237.49 | $16,909.78 | $4,327.71 | $257,783.03 |
| 7 | $21,237.49 | $16,619.94 | $4,617.54 | $253,165.49 |
| 8 | $21,237.49 | $16,310.70 | $4,926.79 | $248,238.70 |
| 9 | $21,237.49 | $15,980.74 | $5,256.74 | $242,981.95 |
| 10 | $21,237.49 | $15,628.69 | $5,608.80 | $237,373.15 |
| 11 | $21,237.49 | $15,253.06 | $5,984.43 | $231,388.72 |
| 12 | $21,237.49 | $14,852.27 | $6,385.22 | $225,003.51 |
| 13 | $21,237.49 | $14,424.64 | $6,812.85 | $218,190.66 |
| 14 | $21,237.49 | $13,968.37 | $7,269.12 | $210,921.54 |
| 15 | $21,237.49 | $13,481.54 | $7,755.94 | $203,165.60 |
| 16 | $21,237.49 | $12,962.11 | $8,275.37 | $194,890.22 |
| 17 | $21,237.49 | $12,407.89 | $8,829.59 | $186,060.63 |
| 18 | $21,237.49 | $11,816.56 | $9,420.92 | $176,639.71 |
| 19 | $21,237.49 | $11,185.62 | $10,051.86 | $166,587.84 |
| 20 | $21,237.49 | $10,512.43 | $10,725.05 | $155,862.79 |
| 21 | $21,237.49 | $9,794.16 | $11,443.33 | $144,419.46 |
| 22 | $21,237.49 | $9,027.77 | $12,209.71 | $132,209.75 |
| 23 | $21,237.49 | $8,210.07 | $13,027.42 | $119,182.33 |
| 24 | $21,237.49 | $7,337.60 | $13,899.89 | $105,282.44 |
| 25 | $21,237.49 | $6,406.70 | $14,830.79 | $90,451.65 |
| 26 | $21,237.49 | $5,413.45 | $15,824.04 | $74,627.62 |
| 27 | $21,237.49 | $4,353.69 | $16,883.80 | $57,743.82 |
| 28 | $21,237.49 | $3,222.95 | $18,014.54 | $39,729.28 |
| 29 | $21,237.49 | $2,016.48 | $19,221.01 | $20,508.27 |
| 30 | $21,237.49 | $729.21 | $20,508.27 | $0.00 |
Ways to optimize
Real what-if scenarios calculated from your numbers.
Scenarios use the exact same math as the calculator — no estimates.
20% down payment rule — avoids mortgage insurance and reduces monthly cost
Calculate with your bank's rate
What this calculator tells you
Pinpoints the equity crossover month (when principal first exceeds interest in a payment) and shows total interest can exceed the amount borrowed — context most mortgage tools skip.
Frequently asked questions
Does this include taxes and insurance?+
No. It shows the principal-and-interest payment. Property tax, homeowners insurance, PMI, and HOA fees vary by location and country, so add them on top for your full monthly housing cost.
How much should my down payment be?+
A larger down payment reduces your loan, your monthly payment, and your total interest, and often removes mortgage insurance. 20% is a common threshold, but the right amount depends on your savings and local rules.
Why is so much of my early payment interest?+
Interest is charged on the outstanding balance, which is largest at the start. The calculator shows the exact month your payment first puts more toward principal than interest.
Can I use this for any country?+
Yes. The principal-and-interest math is universal — switch the currency at the top of the page. Just remember local taxes and insurance are separate.
What is the minimum down payment for a home loan in India?+
As per RBI guidelines, banks can finance up to 90% of the property value for loans up to ₹30 lakh, 80% for loans between ₹30 lakh and ₹75 lakh, and 75% for loans above ₹75 lakh — meaning the minimum down payment is 10–25% depending on loan size. You must also pay stamp duty and registration charges (typically 5–8% of property value) from your own funds, as these are not included in the sanctioned loan.
Can I get a tax deduction on my home loan EMI in India?+
Yes. Under Section 24(b) of the Income Tax Act, the interest component of your home loan EMI is deductible up to ₹2 lakh per year for a self-occupied property. The principal repayment qualifies for a deduction of up to ₹1.5 lakh per year under Section 80C, shared with other eligible investments. These deductions are available only under the old tax regime, not the new default regime.
Is it better to take a fixed or floating interest rate home loan?+
Floating-rate home loans (linked to REPO rate or external benchmarks) are currently more common in India and have historically been cheaper over the long run because they benefit when the RBI cuts rates. Fixed-rate loans offer certainty and are useful if you expect rates to rise sharply. Most "fixed" home loans in India reset after 3–5 years, so read the fine print before assuming the rate is locked for the full tenure.
How does a home loan balance transfer work and is it worth it?+
A balance transfer moves your outstanding home loan to another lender offering a lower rate. The saving is: (rate difference × outstanding principal × remaining tenure) minus transfer costs (processing fee, legal charges, typically ₹5,000–₹15,000). It is usually worth it when you are in the first half of the tenure (where most payment is interest) and the rate difference is at least 0.5%. Factor in the time and paperwork involved.
How it works
Your loan amount is the home price minus your down payment. Each monthly payment covers interest on the remaining balance first, then reduces the principal. Because the balance is highest at the start, early payments are mostly interest and you build equity slowly. As the balance shrinks, the principal portion of each payment grows while the payment stays the same.
This calculator shows the principal-and-interest payment. Property taxes, homeowners insurance, PMI, and HOA dues are real costs but vary by country and locality, so add them separately for a full "PITI" figure.
Monthly payment = L · i · (1 + i)^n / ((1 + i)^n − 1), where L = home price − down payment, i = annual rate ÷ 12 ÷ 100, and n = years × 12. This is the principal-and-interest (P&I) portion; property tax, insurance, and HOA are additional and vary by location.
Worked example
On a 350,000 home with 70,000 down (20%), you borrow 280,000. At 6.5% over 30 years (360 months) the monthly principal-and-interest payment is about 1,770. Over the full term you pay roughly 637,000 in total — meaning about 357,000 in interest, more than the amount you originally borrowed.
Edge cases & caveats
A larger down payment lowers both the monthly payment and the total interest, and may remove mortgage insurance. Making one extra payment a year, or rounding your payment up, can shave years off the loan because the extra goes straight to principal early, when it compounds the most. Use the loan prepayment and refinance calculators to test those scenarios.
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Disclaimer: This calculator is for educational and informational purposes only and provides estimates, not financial advice. Interest rates, taxes, fees, and local rules vary and change over time. Confirm figures with a qualified professional before making any financial decision.
Last reviewed: 2026-06-22