Principal
Principal is the amount borrowed for the home. Each principal payment reduces the outstanding loan balance.
HOME LOAN CALCULATOR
Home Loan EMI Calculator for Smarter Mortgage Planning
Estimate your monthly mortgage payment, compare different loan scenarios, and understand how your home price, down payment, interest rate and loan term can affect your housing budget.
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Monthly Payment
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Total Interest
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Loan Breakdown
PLAN AHEAD
Know Your Numbers
MORTGAGE PLANNING
Build a clearer picture of your potential monthly housing cost.
LOAN
AMOUNT
INTEREST
RATE
LOAN
TERM
COMPARE
Different Loan Scenarios
HOME LOAN CALCULATOR
Calculate your estimated monthly mortgage payment
Enter your actual loan assumptions to estimate your monthly principal and interest payment. You can also include property taxes, homeowners insurance, PMI and HOA fees for a broader housing-cost estimate.
YOUR LOAN DETAILS
Enter your mortgage information
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years
OPTIONAL HOUSING COSTS
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Optional costs are not required to calculate principal and interest. Add them when you have reliable estimates for the property.
ESTIMATED MONTHLY PAYMENT
Enter your loan details
See your mortgage estimate here
Enter the required loan details to calculate your estimated monthly payment and total interest.
PAYMENT BREAKDOWN
Principal & Interest
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Property Tax
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Home Insurance
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PMI
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HOA
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LOAN AMOUNT
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TOTAL INTEREST
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PRINCIPAL + INTEREST
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DOWN PAYMENT
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Results are estimates for educational and planning purposes. Actual mortgage payments, rates, taxes, insurance and other costs may differ.
UNDERSTANDING YOUR MORTGAGE
What does a home loan calculator tell you?
A home loan calculator gives you a practical way to estimate borrowing costs before you begin comparing actual mortgage offers. At its core, a mortgage payment calculation uses the amount borrowed, interest rate and repayment period to estimate the principal-and-interest payment.
Your starting loan amount is influenced by the home's purchase price and the amount you pay upfront. A larger down payment generally means a smaller amount needs to be financed.
Your monthly housing cost can extend beyond principal and interest. Property taxes, homeowners insurance, mortgage insurance and HOA fees may all affect the amount you need to budget each month.
Using a calculator to test different scenarios can help you understand these relationships before you move forward with a lender or make an offer on a property.
SMARTER PLANNING
Look beyond the headline mortgage payment.
MORTGAGE PAYMENT COMPONENTS
What can make up your monthly home payment?
Your principal-and-interest payment is important, but your overall housing budget can include several other recurring costs.
Interest
Interest is the cost of borrowing. The rate and outstanding loan balance affect how much interest accrues.
Property Taxes
Property taxes are determined locally and can vary significantly depending on the property's location.
Home Insurance
Homeowners insurance premiums depend on the property, location, coverage and insurer.
DOWN PAYMENT
A larger upfront payment can reduce the amount borrowed.
DOWN PAYMENT
How does your down payment affect a mortgage?
Your down payment is the portion of the home's purchase price that you pay upfront. The remaining amount is generally financed through a mortgage.
A larger down payment means you borrow less. A smaller loan balance can reduce the scheduled principal-and-interest payment and may also reduce total interest over the life of the mortgage.
Your down payment can also affect mortgage insurance requirements. The rules depend on the mortgage program, lender and borrower circumstances.
It is also important to consider how much cash you want to keep available for closing costs, emergency savings, moving expenses, maintenance and other financial needs.
INTEREST RATE & LOAN TERM
Why interest rate and loan term matter
Your interest rate affects the cost of borrowing and the amount of interest that can accumulate throughout the mortgage term.
The loan term determines how long you have to repay the balance. A longer term can reduce the scheduled monthly principal-and-interest payment, while a shorter term can increase the monthly payment but reduce the repayment period.
Comparing different combinations of rates and terms can help you understand the trade-off between monthly affordability and total borrowing cost.
INTEREST RATE
Lower rates can reduce borrowing costs
The rate available to you depends on your circumstances and lender.
LOAN TERM
Longer terms spread repayment over more years
A longer repayment period can mean more interest over time.
MONTHLY PAYMENT
Compare the complete housing cost
Principal and interest are not necessarily the entire monthly expense.
TOTAL INTEREST
Look at the full repayment period
A lower monthly payment does not automatically mean lower lifetime interest.
MORTGAGE AMORTIZATION
Why the principal and interest portions change over time
A fixed-rate mortgage uses an amortization schedule to divide each scheduled principal-and-interest payment between interest and principal.
Early in the mortgage, the outstanding balance is relatively high, so a larger portion of the scheduled payment generally goes toward interest. As the balance declines, the interest portion can fall while the principal portion increases.
The scheduled principal-and-interest payment on a typical fixed-rate mortgage can remain level even though the internal split changes from payment to payment.
EARLIER PAYMENTS
Interest represents a larger share
The loan balance is highest near the beginning of the repayment period.
LATER PAYMENTS
Principal represents a larger share
As the balance falls, less interest accrues against the remaining balance.
TOTAL HOUSING COST
Your mortgage payment may not be your total housing cost
A basic mortgage calculation may show only principal and interest. Your actual monthly housing budget can be broader.
Depending on the property and mortgage, you may also need to account for property taxes, homeowners insurance, mortgage insurance and HOA or condominium fees.
These costs can vary considerably between properties, even when two homes have similar purchase prices.
When you have actual figures from your lender, insurer, local tax authority or homeowners association, use those numbers instead of broad estimates.
TOTAL HOUSING COST
Think beyond principal and interest.
USING THE CALCULATOR
How to use this home loan calculator
Start by entering the purchase price of the home you are considering and the amount you expect to put down. The calculator uses these figures to determine the amount that would need to be financed.
Next, enter an interest rate and loan term that match the mortgage scenario you are researching. If you are comparing several mortgage options, test different rates and terms rather than relying on one estimate.
The optional fields let you include property taxes, homeowners insurance, PMI and HOA fees. Adding reliable estimates can make your monthly housing budget more useful for planning.
The calculator is especially useful for comparing scenarios. You can see how changing the down payment, interest rate or repayment term affects your estimated monthly payment and total interest.
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Clearer answers for smarter mortgage decisions.
Understand your numbers before comparing home loan options.
HOME LOAN CALCULATOR FAQ
Frequently asked questions about mortgage payments
A mortgage calculator can estimate the principal-and-interest payment using the loan amount, interest rate and repayment term. Additional fields can be used to estimate broader monthly housing costs.
For a typical fixed-rate mortgage, the principal-and-interest payment is calculated from the loan balance, interest rate and repayment term. Taxes, insurance and other costs can then be added separately.
Generally, a larger down payment means a smaller amount needs to be financed. A smaller loan balance can reduce the scheduled principal-and-interest payment and may also reduce total interest.
Yes. You can enter an estimated annual property tax amount. The calculator converts that annual figure into an estimated monthly cost.
PMI stands for private mortgage insurance. It may apply to certain conventional mortgages depending on the down payment, lender and loan circumstances.
A longer repayment term generally lowers the scheduled monthly principal-and-interest payment, but it can increase the total interest paid over the life of the mortgage.
No. Calculator results are estimates. Actual mortgage terms depend on the borrower, property, loan program, lender, interest rate and other factors.
It can be useful for planning. Comparing different purchase prices, down payments, interest rates and loan terms can help you prepare for actual mortgage discussions.
PLAN WITH MORE CLARITY
Calculate My Mortgage
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Understand your mortgage numbers before comparing homes.
Test different home prices, down payments, interest rates and loan terms to build a clearer picture of your potential housing cost.