A Mortgage Calculator helps you estimate your monthly mortgage payments, total interest, and total repayment amount based on your loan amount, interest rate, and loan term. It’s an essential tool for planning home loans and budgeting.

The calculator uses the principal loan amount, annual interest rate, and loan tenure to compute the fixed monthly payment (EMI). It also provides a detailed breakdown of interest and principal repayment over time.

The formula for calculating monthly mortgage payments is:

EMI = [P × R × (1 + R)^N] / [(1 + R)^N - 1]

where:
P = Loan Amount, R = Monthly Interest Rate, N = Number of Monthly Payments.

You need to enter the loan amount, interest rate, and loan term (in years). You can also adjust for property taxes, insurance, and down payment to get a more accurate result.

Yes. The Mortgage Calculator can be used for both fixed-rate and variable-rate mortgages by adjusting the interest rate as needed.

The principal is the amount you borrow, while the interest is the cost charged by the lender for borrowing that amount. Your monthly mortgage payment includes both components.

Yes. You can include estimated property taxes and home insurance to get a more realistic view of your total monthly payments.

A longer loan tenure results in smaller monthly EMIs but higher total interest paid, while a shorter tenure means higher EMIs but lower overall interest cost.

Yes. Making extra payments or prepayments toward your loan principal can significantly reduce your total interest and help you pay off your mortgage sooner.

The calculator provides an accurate estimate based on standard formulas. However, actual payments may vary depending on your lender’s terms, fees, or interest rate changes.