Central Tools

Free Mortgage Calculator - Calculate Home Loan EMI

Calculate your mortgage/home loan EMI instantly. Free online mortgage calculator to plan your home purchase with detailed payment breakdown.

20.0% of home price

Mortgage Formula

M = P[r(1 + r)^n] / [(1 + r)^n - 1]

M = Monthly payment

P = Loan amount (Home price - Down payment)

r = Monthly interest rate

n = Total number of payments

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Free Mortgage Calculator - Plan Your Home Purchase

Determine your monthly home loan payments and the total cost of your mortgage. Our specialized mortgage calculator helps you account for down payments, interest rates, and loan terms to ensure you are buying a home you can afford. Get a detailed amortization schedule to see how your equity grows over time.

Quick How-To Guide

  1. 1Enter the Home Price of the property you are interested in
  2. 2Input your Down Payment amount (in currency or percentage)
  3. 3Enter the current Mortgage Interest Rate (%) and Loan Term (e.g., 30 years)
  4. 4Review the Estimated Monthly Payment and total interest over the term
  5. 5Explore the "Yearly Breakdown" to see your remaining balance at any point in time

Why use our tool?

Down Payment analysis—see how a larger down payment reduces your monthly cost
Full Amortization—detailed yearly and monthly breakdown of principal and interest
Total Cost view—see exactly how much you will pay in interest over 15, 20, or 30 years
Equity tracker—visualize how your ownership in the home increases over the loan life
Privacy-first design—your financial goals and home values stay strictly on your device
Printable schedule—generate a clean repayment table for your home buying records

Frequently Asked Questions

Find answers to common questions about using our tool, its features, and how it handles your data privacy.

A standard mortgage payment includes Principal and Interest (P&I). Depending on your lender, you might also have to pay Property Taxes and Homeowners Insurance into an escrow account. Our calculator focuses on the P&I component, which is the largest part of your commitment.
A 30-year mortgage offers lower monthly payments, which is better for cash flow. However, a 15-year mortgage usually has a lower interest rate and you pay significantly less interest over time. If you can afford the higher payments, a 15-year term is a massive money-saver.
A down payment is the initial cash you pay upfront for the home. While 20% is the gold standard for avoiding Private Mortgage Insurance (PMI), many programs allow for as little as 3-5%. Use our calculator to see how different down payment amounts affect your monthly budget.
Most modern mortgages allow for extra principal payments. By paying even a small extra amount each month, you can shave years off your loan and save tens of thousands in interest. Our Amortization schedule helps you visualize the normal path without extra payments.
Interest rates have a huge impact. A 1% increase in rates can reduce your "buying power" (the house price you can afford for the same monthly payment) by roughly 10%. Use this tool to test different rate scenarios before you go home shopping.
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