Home Loan EMI & Mortgage Calculator

Filling it in

1. Home price and Down payment go in first; the unit beside Down payment is the share of the price it covers. Then the Loan term, in years and months (the months box takes 0 to 11, so 27 and a half years is 27 years and 6 months), and the Interest rate.
2. Put your own figures into Property tax and Home insurance. The 1.1% and 1,500 defaults are middling American numbers, and the tax rate in particular swings hard from one county to the next. Mortgage insurance (PMI) sits beside them and only bites while the down payment is under a fifth of the price.
3. Read down from Total monthly to the rows that make it and the cards under them. Breakdown and Balance are two views of the same loan, Show amortization schedule opens the table underneath, and the buttons next to it hand you a CSV or a link carrying your figures.

About this tool

The rate on the billboard is one line of a mortgage payment. A mortgage calculator that stops at principal and interest will tell you 2,275.44 a month on a 360,000 loan at 6.5% over thirty years, and that figure is 641.67 short of what actually leaves your account. Property tax, home insurance and, under 20% down, mortgage insurance are the rest of it. At the numbers this page opens with, 40,000 down on a 400,000 home, 1.1% tax is 366.67 a month, a 1,500 policy is 125.00 and the insurance 150.00, so Total monthly reads 2,917.11.

Mortgage insurance is the line that ends, and when it ends is the largest single number here. Under US rules it stops automatically in the month the original schedule takes the balance to 78% of the price: month 109 on the opening numbers, after which the payment is 2,767.11. Charged for all thirty years it would come to 54,000.00; the loan owes 16,350.00. The row carries that month, the balance chart shades the insured months, draws the 78% line and marks where the curve crosses it, and the Down payment field says how far 20% is and what reaching it saves.

The chart opens on Balance. Breakdown stacks principal against interest for each year, and the first bars are nearly all interest. Show amortization schedule opens the full month-by-month table, Download CSV gives you the same rows under Month, Payment, Principal, Interest and Balance headings, and Share link copies a URL with every field you have set inside it. Open Prepayments once, if only to see the size of the effect: 20,000 paid in month 12 finishes the opening loan 50 months early and saves 94,376.63 in interest.

Good to know

• Fixed rate only. An ARM's teaser period, its caps, the step-up schedule after it: none of that fits in a single rate box.
• HOA dues, closing costs, discount points and the escrow cushion a lender collects at signing all sit outside the arithmetic. On a condo the HOA on its own can run a few hundred a month.
• Property tax is a flat percentage of the purchase price, held still for the whole term. Assessments get revisited, and in a lot of places they climb with the market, so a thirty-year total built on today's rate is an optimistic one.
• Mortgage insurance ends on the automatic US date: the month the original schedule reaches 78% of the price, or the month after the loan's midpoint if that comes first. You can ask for it to end sooner at 80%, which the Down payment hint dates while you prepay, and a new appraisal or an FHA loan follows rules this page does not model.
• It is a planning number. The Loan Estimate a lender hands you is the one that binds, and it will differ, because it prices your credit file, their escrow rules and fees this page never asked about.