Mortgage Calculator

Estimate your monthly home loan payments including taxes and insurance.

₹50,00,000
₹5,00,000₹5,00,00,000
20%
5%80%
8.5%
1%15%
20Yr
5Yr30Yr
1.2%
0%5%
Total Monthly Payment
₹ 39,713
Principal & Interest
₹ 34,713
Property Taxes
₹ 5,000
Loan Amount₹40,00,000
Total Interest Payable₹43,31,103
Principal & Interest
Property Tax

Understanding the Mortgage Calculator

What is a Mortgage Calculator?

A mortgage calculator helps you determine your monthly home loan payments. Unlike a simple EMI calculator that only considers principal and interest, a robust mortgage calculator also factors in hidden costs like property taxes and homeowners insurance to give you a true picture of your monthly housing expenses.

How is the Monthly Payment Calculated?

Your total monthly payment (often abbreviated as PITI) consists of four main components:

Principal: The portion of the payment that pays down your actual loan balance.
Interest: The cost of borrowing the money, calculated based on your interest rate.
Taxes: Property taxes assessed by your local government, usually divided into 12 monthly installments.
Insurance: Homeowners insurance premiums to protect the property.

The Impact of Your Down Payment

The amount of money you put down upfront drastically affects your mortgage. A larger down payment reduces your loan amount, which lowers your monthly principal and interest payments. Additionally, in many countries, putting down less than 20% requires you to pay for Private Mortgage Insurance (PMI), which adds to your monthly costs.

Frequently Asked Questions

What is an amortization schedule?

An amortization schedule is a table detailing each periodic payment on a loan. Early in your mortgage term, the majority of your payment goes towards interest. In the later years, the majority goes towards paying down the principal.

How much house can I afford?

A common rule of thumb is the 28/36 rule. Your maximum household expenses (including mortgage, taxes, and insurance) should not exceed 28% of your gross monthly income, and your total debt payments (including the mortgage) should not exceed 36%.

Does a 15-year or 30-year mortgage make more sense?

A 15-year mortgage has higher monthly payments but will save you a massive amount of interest over the life of the loan. A 30-year mortgage offers lower, more manageable monthly payments but costs much more in total interest. The right choice depends on your monthly cash flow.