Home Loan EMI & Mortgage Calculator
Smart monthly mortgage costs with full interest analysis.
Mortgage & Loan Planner
Estimate monthly payments, total interest costs, and amortization milestones.
Total Monthly Payment
Principal & Interest: $2022.62/mo
Shorter terms raise the monthly payment but cut total interest sharply: at the current 6.5% rate, the 15 yrs term costs $181,758, 20 yrs term costs $252,600, 30 yrs term costs $408,142. The 30 yrs term (selected above) charges the principal of $320,000.
View term comparison as a table
| Option | Value | Difference |
|---|---|---|
| 15 yrs | $181,758 | — |
| 20 yrs | $252,600 | $70,842 |
| 30 yrs (selected) | $408,142 | $226,385 |
| Scenario | Monthly P&I | Δ monthly | Δ total interest |
|---|---|---|---|
| 5.5% rate | $1,817 | $-206 | $-74,049 |
| 7.5% rate | $2,237 | $215 | $77,353 |
Each row reprices the same loan through the same amortization engine as the headline number — one percentage point moves the payment and lifetime interest more than most people expect.
Formula & assumptions
- Payment formula Formula
- M = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), with r the monthly rate (annual ÷ 12) and n the term in months.
- Amortization schedule Formula
- Each month interest accrues on the outstanding balance first; the rest of the fixed payment retires principal. Extra payments and the biweekly mode (13 full payments a year) shorten the term.
- Taxes, insurance, PMI Your input
- Your annual figures divided by 12, included only when the toggle is on. They are user-entered and vary by property and lender.
- Not a lender quote Your input
- Real quotes carry different rates, fees and escrow specifics; compare actual offers before signing.
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What This Calculator Does
Estimate a fixed-rate home loan EMI or mortgage payment, add monthly property tax and insurance, and compare total interest. A built-in amortization schedule shows how the balance changes over time.
How It Works
Monthly payments come from the standard amortization formula M = P x r x (1+r)^n / ((1+r)^n - 1), where r is the monthly rate and n the number of payments. Annual taxes and insurance are divided by 12 and added on top.
Example
$400,000 home with $80,000 down at 6.5% over 30 years produces a principal-and-interest payment of $2,022.62, or $2,455.95 when $4,000 annual property tax and $1,200 annual insurance are included.
Formula
M = P × r × (1 + r)^n / ((1 + r)^n − 1)P = loan amount, r = monthly interest rate, n = total number of payments.
Total Interest = (M × n) − PReading the Results
Total Monthly Payment
Principal and interest plus one-twelfth of annual property taxes and home insurance. This is the cash you actually set aside each month.
Total Interest Paid
The cumulative interest over the full loan term. Early payments are mostly interest, so this number is typically large relative to the principal.
Frequently Asked Questions
How much of my payment goes to interest?
Early payments are mostly interest. Over a 30-year loan at typical rates, interest can exceed the principal borrowed, which the lifetime summary makes visible.
Should I choose a 15 or 30 year term?
A 15-year term has a higher monthly payment but far less total interest. Compare both in the tool to see the trade-off in dollars.
Does the estimate include PMI?
Yes. Enter your annual PMI in the optional section. It is typically required when your down payment is under 20%.