Mortgage Calculator
Estimate your monthly mortgage payments. Enter the property value, down payment, interest rate, and loan term to see your payment breakdown.
Monthly Payment
How to use the Mortgage Calculator
- Enter the home price and the down payment you plan to make.
- Enter the annual interest rate offered by your lender.
- Choose the loan term in years (commonly 15, 20 or 30).
- Click Calculate to see the monthly payment, total interest and total amount paid.
Formula used
Here P is the loan amount (price minus down payment), r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly payments.
Worked example
Example: ₹50 lakh home, ₹10 lakh down, 8.5% for 20 years
Loan amount = ₹40,00,000; n = 240 months; r = 0.7083% per month
Monthly payment ≈ ₹34,713
Total paid ≈ ₹83.3 lakh, of which interest ≈ ₹43.3 lakh
What the monthly payment does not include
The figure above covers principal and interest only. In practice you will also pay property tax, home insurance, society maintenance and, in some countries, mortgage insurance (PMI) if the down payment is below 20%. Add these to get your real monthly housing cost. Lenders in India usually want total EMIs to stay under 40–50% of take-home income.
Tips for accurate results
- A bigger down payment cuts both the EMI and the total interest.
- Compare 15-year and 30-year terms: the shorter term has a higher payment but far lower lifetime interest.
- Even one extra payment a year can shorten a 20-year loan by several years.
Frequently Asked Questions
Indian banks typically finance 75–90% of the property value, so expect 10–25% down. In the US, 20% avoids PMI, but many loans allow 3–5%.
Floating rates track the repo rate and are usually lower at the start; fixed rates give certainty. Many borrowers choose floating with the option to prepay.
Yes. The formula is the same in every country — just enter amounts in your own currency.
Content reviewed by Vinod, Easy Smart Calculator · Last updated October 2026
Mortgage Basics
A mortgage is a loan secured by real property. The borrower repays the loan plus interest over a fixed term, typically 15-30 years. If payments are missed, the lender can foreclose on the property.
Monthly Payment = Standard EMI formula