A mortgage is a long-term loan used to purchase real estate, where the property itself serves as collateral. You repay it through monthly payments that include both principal and interest over a fixed tenure.

How is a mortgage payment calculated?

Mortgage payments are calculated using the standard amortisation formula: EMI = P × r × (1+r)^n / ((1+r)^n – 1), where P is the loan principal, r is the monthly interest rate, and n is the total number of monthly payments.

What is the difference between EMI and mortgage payment?

EMI and mortgage payment both refer to fixed monthly instalments. A mortgage payment specifically applies to home loans and may also include property tax and insurance (PITI), while EMI is a broader term for any equated monthly instalment.

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Amortisation Schedule

Year	Opening Balance	EMI Paid	Principal Paid	Interest Paid	Closing Balance

What is a Mortgage?

A mortgage is a loan used to purchase real estate, where the property itself serves as collateral. Borrowers repay the loan in monthly instalments (EMI) that include both principal and interest. Most mortgages have a fixed interest rate, though adjustable-rate mortgages (ARMs) are also available. A mortgage calculator helps you estimate payments before committing to a home purchase.

Benefits of Using a Mortgage Calculator

Budget Planning: Know exactly how much you'll pay each month before signing a loan agreement. Use our Salary Calculator to check affordability.
Down Payment Analysis: See how different down payment amounts affect your monthly payment and total interest.
Compare Loan Offers: Quickly compare mortgage payments across different interest rates and tenures from various lenders.
Understand Total Cost: See the total interest you will pay over the life of the mortgage, not just the monthly payment.
Amortisation Insight: The year-wise breakup shows how principal and interest components change each year.

Mortgage Payment Formula

Loan Amount = Home Price − Down Payment

Monthly Payment = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)

Total Payment = Monthly Payment × n

Total Interest = Total Payment − Loan Amount

Where:

P = Loan principal (Home Price − Down Payment)
r = Monthly interest rate (Annual Rate / 12 / 100)
n = Total number of monthly payments (Years × 12)

How Our Mortgage Calculator Works

Home Price: Enter the total price of the property you wish to buy.
Down Payment: Enter the upfront payment you plan to make (typically 10–20% of home price).
Interest Rate: Enter the annual interest rate offered by the lender.
Loan Tenure: Enter the repayment period in years (1–30 years).
Amortisation Schedule: View the year-wise breakdown of opening balance, EMI paid, principal & interest components, and closing balance.

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