The Mortgage Calculator shows your monthly payment, full amortisation schedule, and total interest paid over the life of the loan. Understanding your mortgage numbers before you commit is one of the most important financial decisions you'll make.
Use it free in your browser — no account or download required.
Key Features
EMI calculation for any loan type (home, car, personal, education)
Full amortization schedule showing principal vs interest each month
Save up to 2 scenarios (Pro) or 5 scenarios (Pro+)
Side-by-side scenario comparison with charts (Pro+)
Export results to PDF (Pro & Pro+)
Export full amortization schedule to Excel (Pro+)
How to Use Loan & EMI Calculator
Step 1: Enter the home price Enter the purchase price of the property you're buying or considering.
Step 2: Set your down payment Enter the amount or percentage you'll pay upfront. A down payment of 20% or more eliminates PMI (Private Mortgage Insurance). Lower down payments mean PMI is added to your monthly cost.
Step 3: Enter the loan term Choose 15, 20, or 30 years. A 15-year mortgage has higher monthly payments but significantly less total interest. A 30-year mortgage has lower monthly payments but costs much more over time.
Every 0.25% reduction in your mortgage rate on a $400,000 loan saves approximately $10,000 in total interest over 30 years — it's worth shopping lenders.
Making one extra mortgage payment per year reduces a 30-year mortgage by approximately 4–5 years.
Budget separately for maintenance: roughly 1–2% of the home's value per year.
Frequently Asked Questions
What is PMI and how do I avoid it?
Private Mortgage Insurance protects the lender (not you) if you default. It's typically required when your down payment is below 20% of the purchase price. You can avoid it by putting down 20% or by using a piggyback loan. PMI is usually removable once you reach 20% equity.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage saves a significant amount in interest but requires higher monthly payments. Choose 15 years if you can comfortably afford the higher payment. Choose 30 years if you need the cash flow flexibility — you can always make extra payments voluntarily.
Available Plans
Free — Core features available instantly, no account needed
Pro — Unlock AI features, unlimited saves, and PDF/DOCX export
Pro+ — Everything in Pro, plus no ads and advanced AI features