Calculate your monthly mortgage payment with property tax, insurance and PMI. Pie chart breakdown included.
A mortgage calculator estimates your monthly home loan payment, total interest, and total cost of homeownership across the life of the loan. Unlike a simple EMI calculator, a full mortgage calculator also accounts for property taxes, homeowner insurance, and (where applicable) PMI — giving you a realistic picture of monthly housing cost.
Mortgages are the largest debt most households will ever take on. A typical 30-year US mortgage or 20-year Indian home loan ends up costing 1.6–2.2× the original loan amount once interest is included. Running the numbers before you sign protects you from over-borrowing and lets you compare offers across lenders.
M = P \times \frac{r(1+r)^n}{(1+r)^n - 1}
Inputs: Home: $400,000 · Down: 20% ($80,000) · Loan: $320,000 · Rate: 6.5% · Term: 30 years
The 28/36 rule says housing costs should be ≤ 28% of gross monthly income and total debt payments ≤ 36%. If you earn $8,000/month gross, target a mortgage payment (including taxes and insurance) of ≤ $2,240. Running a debt-to-income (DTI) calculation before house shopping helps you avoid offers above your affordability range.
A "point" is 1% of the loan amount paid upfront in exchange for a typical 0.25% rate reduction. Whether points pay off depends on how long you keep the loan — calculate the break-even (cost of points ÷ monthly savings = months to recoup). If you plan to refinance or sell within 5 years, points usually do not pay off.
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