Home Loan Calculator
Calculate your estimated monthly mortgage payment, total interest, total repayment, principal and interest breakdown, and the impact of making extra monthly payments.
Your Home Loan Results
Loan Summary
| Home Price | $0 |
| Down Payment | $0 |
| Loan Amount | $0 |
| Interest Rate | 0% |
| Loan Term | 0 years |
| Monthly Payment | $0 |
| Total Principal | $0 |
| Total Interest | $0 |
| Total Loan Cost | $0 |
|---|
With Extra Monthly Payments
Annual Amortization Schedule
| Year | Principal Paid | Interest Paid | Total Paid | Remaining Balance |
|---|---|---|---|---|
| Your amortization schedule will appear here. | ||||
How to Use This Home Loan Calculator
Enter the expected purchase price of your home, your down payment, interest rate and loan term. The calculator estimates the monthly principal-and-interest payment using a standard fixed-rate mortgage amortization formula.
You can also enter an optional extra monthly payment to see how additional principal payments could reduce total interest and shorten the repayment period.
What Is a Home Loan EMI?
EMI means Equated Monthly Installment. It is the regular payment required to repay a loan over a specified period. For a fixed-rate mortgage, each payment normally contains both principal and interest.
How Is Mortgage EMI Calculated?
The standard mortgage payment formula uses the loan principal, monthly interest rate and total number of monthly payments. A longer loan term generally reduces the required monthly payment but increases the total interest paid over the life of the loan.
How Extra Payments Can Reduce Interest
Additional principal payments reduce the outstanding loan balance faster. Because future interest is calculated using the remaining balance, paying extra can potentially reduce total interest and shorten the loan term.
Frequently Asked Questions
What is the monthly payment on a $320,000 mortgage?
The payment depends on the interest rate and loan term. For example, at 6.5% over 30 years, a $320,000 loan has an estimated principal and interest payment of approximately $2,023 per month.
Does the calculator include property taxes?
This version calculates principal and interest. Property taxes, homeowners insurance, HOA fees, PMI and lender-specific costs are not included in the core EMI calculation.
Does a larger down payment reduce the monthly payment?
Generally, yes. A larger down payment reduces the amount that needs to be financed, which can reduce the required monthly principal and interest payment.
Does paying extra every month save money?
Extra principal payments can reduce the outstanding balance faster, which may reduce future interest and shorten the repayment period. Check your loan agreement for any applicable prepayment rules.
Is this calculator a lender quote?
No. This is an educational estimate. Actual mortgage payments can differ because of lender rates, credit profile, taxes, insurance, PMI, fees, loan type and other factors.