Mortgage Loan EMI Calculator

Mortgage Loan EMI Calculator is a money tool that helps you figure out how much you’d have to pay each month for your home loan. You just plug in three things: the amount you’re borrowing, the interest rate, and how long you’ll take to repay (loan term).

The calculator will spit out an estimated amount you’d pay every month (EMI). This is a handy way to plan your finances and know what to expect when it comes to paying back your loan.

Mortgage Loan Calculator

Price of Real Estate?:

Down Payment Percent?:

Amount of Loan?:

Enter a "0" (zero) for one unknown value above.

Number of Payments? (#):

Annual Interest Rate?:

Points?:

Annual Property Taxes?:

Annual Insurance?:

Private Mortgage Ins. (PMI)?:

Payment Method?:

Monthly Payment Amount:

Down Payment Amount:

Total Interest:

Total Principal & Interest:

Original Size

Mortgage Calculator Help

You can calculate the mortgage loan amount from the price of the real estate by providing the down payment percentage.

If you know the mortgage amount you can afford and the cash down payment percentage required, you can calculate the affordable real estate price.

Or if you know the price of the real estate and the loan amout and enter "0" for the down payment percentage, the calculator will calculate the down payment amount and percentage.

Points, Annual Property Taxes, Annual Insurance and Private Mortgage Ins. (PMI) are all optional. If you enter values, the periodic portion of each will be calculated and shown on the schedule. Property taxes and insurance are combined under escrow.

If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance (PMI) to cover against a possible default. Premiums are typically 0.5% to 2.0% of the original loan amount. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. The calculator handles this automatically. (There may be other conditions as well under which the lender will no longer require PMI. One such case might be apprciation of the real estate.)

Points are charges that are normally due at closing. Borrowers (normally only in USA) may select to pay a lender "points" up front in exchange for a lower interest rate. Points are expressed in percent and are calculated on the amount borrowed. 3 points on a $200,000 mortgage equals $6,000. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule.

The term (duration) of the loan is expressed as a number of months.

60 months = 5 years
120 months = 10 years
180 months = 15 years
240 months = 20 years
360 months = 30 years

Need more options including the ability to solve for other unknowns, change payment / compounding frequency and the ability to print an amortization schedule? Please visit, https://AccurateCalculators.com/mortgage-calculator

How Does Mortgage Calculator Help You?

Buying a home is a big decision, and it’s important to have a clear picture of your finances before you take the plunge.

Benefits

Budget: Enter loan details to see your estimated monthly payment (EMI). Plan your budget to avoid surprises.
Loan Comparison: Compare different lenders by interest rate and terms. Choose the loan that saves you money.
Financial Planning: See if the EMI fits your budget. Make adjustments if needed.
Find the Perfect Tenure: Explore how loan terms affect your monthly payment and total interest.
Easy Calculations Forget complex calculations! Get instant results for different loan scenarios.

Few Drawbacks

Estimates Only: The EMI amount is based on what you enter. Actual costs may vary due to fees.
Variable Rates Can Fluctuate: The EMI may change over time with variable interest rates. ¹
Not the Whole Picture: The mortgage loan refinance calculator doesn’t include property taxes, insurance, or maintenance costs.

How to Calculate Mortgage Loan Payment

Find a Mortgage Calculator: Use a website like Pricemint.
Enter Loan Details:
- House price
- Down payment
- Loan term (years)
Add Annual Costs:
- Interest rate
- Property taxes
- Homeowner’s Insurance
- HOA fees (if applicable)
Click “Calculate”: See your estimated monthly payment.
Remember: It’s an estimate. Talk to a lender for a more accurate number.

How Does Mortgage EMI Calculator Work?

Ever wondered how a mortgage loan repayment calculator figures out your monthly payment? It’s all thanks to a special formula that considers three key things:

Loan Amount (P): The total amount you borrow.
Interest Rate (R): The yearly interest charged on the loan, divided by 12 to get the monthly rate.
Loan Tenure (N): The total length of your loan in months (usually years multiplied by 12).

The calculator uses these numbers in a formula that looks complex, but it boils down to this:

Mortgage Formula EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]

where EMI is your monthly payment.

Let’s see it in action! Imagine you borrow ₹50,00,000 for your dream home at 8% interest for 20 years. Here’s how the calculator does the math:

Monthly Interest Rate: 8% / 12 months = 0.00667 (rounded)
Loan Tenure in Months: 20 years x 12 months/year = 240 months
Plug it in! The calculator crunches the numbers and gives you your estimated monthly EMI.

Loan Amortization

Ever wondered where your monthly loan payment goes? A loan amortization table breakdown of your mortgage payments over time, showing how much goes towards principal (the actual loan amount) and how much covers interest.

Let’s create a sample amortization table for a small property loan of ₹25,00,000 at an annual interest rate of 7%, borrowed for a tenure of 15 years (180 months). This is a simplified example, and rounding may occur.

Month	Payment Amount (EMI)	Interest Paid	Principal Paid	Remaining Balance
1	₹22,308	₹13,750	₹8,558	₹24,14,442
2	₹22,308	₹13,632	₹8,676	₹23,86,766
3	₹22,308	₹13,513	₹8,795	₹23,59,071
4	₹22,308	₹13,392	₹8,916	₹23,31,455
5	₹22,308	₹13,270	₹9,038	₹23,03,917
…	…	…	…	…
176	₹22,308	₹2,232	₹20,076	₹2,33,870
177	₹22,308	₹2,122	₹20,186	₹2,13,684
178	₹22,308	₹2,011	₹20,297	₹1,93,387
179	₹22,308	₹1,900	₹20,408	₹1,73,079
180	₹22,308	₹1,787	₹20,521	₹0.00

Article References

1
Variable Interest Rate Website: Investopedia