Free Home Mortgage Calculator
Use this simple mortgage calculator to estimate monthly home loan payments, total interest, repayment costs, and potential savings from an extra payment.
Estimated monthly payment
$2,528
Principal and interest only
55%
- Principal
- $400,000
- Total interest
- $510,178
- Total repayment
- $910,178
Estimate excludes taxes, insurance, fees, and HOA costs.
See where each payment goes.
Early payments put more toward interest. As the balance falls, more of each payment goes toward principal.
Principal, rate, and term set the payment.
The calculator uses the standard payment formula for a fixed-rate mortgage.
- 01
Principal
A larger loan balance raises both the monthly payment and total interest.
- 02
Interest
Even a 0.25 percentage-point rate change adds up over a 30-year term.
- 03
Term
A longer term lowers the monthly payment but can increase total interest.
A practical benchmark
Keep total housing costs near 28% of gross income.
Include principal, interest, property taxes, insurance, and HOA dues—then leave room for maintenance and emergencies.
Questions, answered.
How much home loan could I qualify for?
Qualification depends on income, existing monthly debts, credit history, down payment, interest rate, loan term, and lender rules. A common starting point is to keep total housing costs near 28% of gross monthly income, but only a lender can confirm the amount you qualify for.
How can I estimate how much home I can afford?
Start with a monthly housing budget that leaves room for other debts, savings, maintenance, and emergencies. Then include estimated property taxes, homeowners insurance, mortgage insurance, and HOA dues before using the remaining amount for principal and interest.
Can I use this calculator for a home equity loan?
Yes, if the home equity loan has a fixed rate and regular monthly payments. Enter the amount you plan to borrow, the quoted annual rate, and the repayment term. For a variable-rate HELOC, the result is only a snapshot because future rates and payments can change.
How do I estimate affordability for a USDA home loan?
Use the expected USDA loan amount, rate, and term for a basic principal-and-interest estimate, then add property taxes, insurance, and applicable USDA guarantee fees. USDA income limits, location rules, debt ratios, and lender underwriting still determine eligibility and affordability.
How long will it take to pay off my home loan?
The loan term shows the scheduled payoff period. Add a one-time extra principal payment to see how much sooner the balance may be repaid when the regular monthly payment remains unchanged.
Should I refinance my home loan?
Compare the new payment, total remaining interest, closing costs, and break-even period with your current loan. Refinancing may help when the long-term savings exceed the costs, but a lower payment can still cost more overall if it restarts the loan on a much longer term.
Can I use this as an EMI calculator for SBI, HDFC, or ICICI Bank?
You can use a bank quote for the loan amount, annual interest rate, and tenure to estimate the EMI. This is an independent planning tool, not an official SBI, HDFC, or ICICI Bank calculator, so verify rates, fees, reset terms, and final repayment figures with the lender.
Does this home loan EMI calculator work for India?
The standard reducing-balance EMI formula works when the quoted rate and repayment schedule use the same assumptions. Enter the principal, annual rate, and tenure, but account separately for processing fees, taxes, insurance, floating-rate changes, and lender-specific rules.
Can NRIs use this home loan EMI calculator?
Yes. NRIs can compare principal-and-interest scenarios using the loan terms offered by an Indian lender. Eligibility, permitted tenure, documentation, tax treatment, exchange-rate exposure, and prepayment conditions vary, so the estimate should not replace a lender quote or professional advice.
How is this different from the Bankrate mortgage calculator?
This is an independent, streamlined alternative for calculating monthly principal and interest, total repayment, total interest, and the impact of an extra payment. It is not affiliated with or endorsed by Bankrate.
How does home loan prepayment affect the EMI and tenure?
A principal prepayment reduces the outstanding balance. This calculator assumes your regular payment stays the same, so the loan ends sooner and future interest falls. Some lenders instead reduce the EMI, and prepayment charges or minimum amounts may apply.
What formula is used to calculate a home loan EMI?
The formula is EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the principal, r is the monthly interest rate, and n is the number of monthly payments. Divide the annual percentage rate by 12 and by 100 to obtain r.
Are my figures stored?
No. The calculator runs entirely in your browser. Values are only added to the URL when you choose Share.
A simple mortgage calculator for clearer comparisons
Enter a loan amount, annual rate, and repayment term to calculate the estimated monthly payment, total interest, total repayment, and year-by-year amortization. Change an input to compare another mortgage scenario.
Start by entering the amount you expect to borrow—not necessarily the property price. Then add the interest rate and loan term offered to you. The estimated payment includes principal and interest, while taxes, homeowners insurance, mortgage insurance, association dues, and lender fees are excluded. Because those expenses can materially change affordability, treat the result as a planning estimate and add local ownership costs to your monthly budget.
Compare loan programs and property types
For VA, FHA, or USDA financing, use the principal, rate, and term in the lender’s quote. The calculator does not add program-specific funding fees, guarantee fees, mortgage insurance, eligibility rules, or down-payment requirements. Include financed fees in the loan amount when appropriate, and confirm the final figures with an approved lender.
For a manufactured or mobile home, check whether the home and land are financed together. Chattel loans and real-property mortgages may have different rates, terms, and fees. Use the financing details you were quoted.
Explore purchase and refinance scenarios
To assess a refinance, enter the proposed replacement balance, rate, and term. Compare the new payment and total interest with your current loan. A smaller monthly bill can still cost more if a longer term adds interest or closing costs push back the break-even date.
Use the optional extra-payment field to see how reducing principal after the first year may shorten the payoff period and lower interest. This is useful when testing a future bonus, savings contribution, or one-time principal payment. The calculator keeps your regular payment unchanged so you can see the potential time and interest saved.
The fixed-rate principal-and-interest formula is the same across the USA. Property taxes, insurance premiums, flood or wind coverage, HOA costs, and lending rules vary by state and property, so add them separately.
In India, the monthly result may be called an EMI, but fees, rate conventions, and prepayment rules can differ. This calculator is designed for US-style fixed-rate estimates. It can serve as a mathematical reference only when the inputs use the same assumptions.
Your figures stay private
No sign-up is required. Calculations run in your browser, and your figures are not sent to us. Values are added to the URL only when you select Share. Rely on your lender’s written estimate for an official payment, qualification decision, or disclosure.