Mortgage Calculator
Work out your monthly mortgage payment, total interest and total cost from the loan amount, rate and term.
Was this tool helpful?
Thanks for the feedback!
This mortgage calculator works out the monthly principal-and-interest payment on a fixed-rate home loan, along with the total interest and the total you will pay over the term. The placeholder values describe a typical 30-year mortgage in the United States, but the maths is the same for a home loan in India, the UK or anywhere else.
Example: $300,000 at 6.5% over 30 years
Enter the Loan amount (the purchase price minus your down payment), the Interest rate % (annual) and the Term (years), then click Calculate payment. The monthly rate is 6.5 ÷ 12 ÷ 100 = 0.005417 and there are 360 payments, which gives:
- Monthly payment: 1,896.20
- Total paid: 682,633.47
- Total interest: 382,633.47, more than the amount borrowed
Results carry no currency symbol, and digit grouping follows your browser's locale.
30-year versus 15-year term
| Term | Monthly payment | Total interest |
|---|---|---|
| 30 years | 1,896.20 | 382,633.47 |
| 15 years | 2,613.32 | 170,397.98 |
Paying 717.12 more each month clears the loan in half the time and saves 212,235.49 in interest. In practice 15-year loans often carry slightly lower rates as well, which widens the gap further; enter the rate you are actually offered for each term.
What your real monthly housing cost includes
Lenders in the US talk about PITI: principal, interest, taxes and insurance. This calculator covers only the first two. On top of the figure above you should budget for:
- Property tax, often collected monthly into an escrow account by the lender.
- Homeowners insurance, also frequently paid through escrow.
- Private mortgage insurance (PMI), usually required on a conventional loan when the down payment is below 20%.
- HOA or society maintenance charges and ongoing repairs.
Indian buyers face a similar list: society maintenance, municipal property tax and home insurance each month, plus stamp duty and registration charges at purchase, which are normally paid upfront rather than financed.
Using it for an Indian home loan
A ₹50,00,000 home loan at 8.5% for 20 years works out to ₹43,391.16 a month, with ₹54,13,878.80 of interest over the tenure. Most Indian home loans are floating-rate and linked to an external benchmark such as the RBI repo rate, so the rate you enter is only today's rate. Under the old tax regime, deductions on home loan interest and principal lower the effective cost; this calculator ignores tax, so use the Income Tax Calculator to see whether those deductions make the old regime cheaper than the new one for you. The EMI Calculator is a close alternative for Indian loans.
What it does not model
The rate is fixed for the whole term, so an adjustable-rate mortgage needs a fresh calculation at each reset. Extra payments, lump-sum prepayments and an amortisation schedule are not included, and there is no down-payment field. If you are still building that down payment, the Savings Goal Calculator shows how much to set aside each month. All figures are estimates to compare options, not financial advice.