Mortgage Calculator


Using our free Mortgage Calculator tools helps you to calculate your loan EMI interest rate in your monthly mortgage payments.

The free mortgage calculator helps you to estimate your home payment on a monthly basis, including principal and interest, taxes, insurance, and private mortgage. See how your monthly payment changes through the updating of the home price, down payment, interest rate, and length of the loan. You can even check our loan EMI Calculator for personal, home & car loans.

Mortgage Calculator – Calculate Interest Rate Today!

Mortgage Calculator - Calculate Your Loan EMI Interest Rate

How To Calculate Mortgage Payment?

Type the price (if you are purchasing) or the current value (if you are refinancing) under “Home price”.

Under “Down payment,” enter the sum of the down payment (if you purchase) or the sum of the equity (if refinancing) you have.

On Desktop, enter the rate under “Interest rate” (to the right). Click the plus and minus signs under “Loan Term” to change the duration of the mortgage over the years.

Tap “Refine Results” on mobile devices to find the field to enter the rate, and use the signs plus and minus to select the “Loan term.”

You can also enter your own figures for property taxes, homeowners insurance, and homeowners association fees. Edit those figures by clicking on the currently displayed number.

Similarly, this mortgage calculator allows you to press “Compare specific types of loans” to see a list of different terms of the loans. However, to see how the principal balance, principal paid (equity) and total interest paid change year by year, click on “Amortization.” Scroll down to see “Amortisation” on mobile devices.

Formula For Calculating Mortgage Payment?

Calculation of the mortgage payment appears as follows:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The following variables are:

  • M = monthly mortgage payment
  • P = principal amount
  • i = Your interest rate, monthly. Your lender would likely view interest rates as an annual average, so for each month of the year, you’ll need to divide by 12. So, if the rate is 5 percent, then this will be the monthly average: 0.05/12 = 0.004167.
  • n = Amount of interest charges over the loan period. If you take out a fixed-rate mortgage for 30 years, this means n = 30 years x 12 months per year, or 360 payments.

How Can Mortgage Calculator Help Me?

However, determining what your monthly house payment is going to be is an important part of answering the question “how much house can I afford?” That monthly payment is likely to be the bulk of your living costs.

Eve though, calculating your mortgage payment using this tool can help you run scenarios as you buy a home or consider a refinance. It can help you make your decision:

  • How long is the duration of a home loan correct for you? A 30-year fixed-rate mortgage will lower your monthly payment but over the life of the loan, you will pay more interest. A fixed-rate mortgage of 15 years will be raising the overall interest you are paying but the monthly payment would be higher.
  • Is it a good option for ARM? Adjustable mortgages start with a “teaser” interest rate, and then the loan rate changes over time — whether higher or lower. A 5/1 ARM can be a good option, particularly when you’re only planning to be in a home for a few years. You may want to know how much your monthly mortgage payment will change when the introductory rate expires, particularly when interest rates are higher in trend.
  • Do you buy too much of a house? The mortgage payment calculator will give you a reality check on how much you will expect to pay each month, especially when considering all the costs, including taxes, insurance, and private mortgage insurance.
  • Do you put as much money down? Despite minimum down payments usually as low as 3 percent, putting down just a little money is simpler than ever. The mortgage payment calculator can help you decide what might be your best down payment.