Mortgage Calculator with Full Amortization Schedule

Calculate your home loan EMI, total interest and full amortization schedule instantly. Works for India home loans, US mortgages and international rates — no sign-up, completely free.

Last updated: June 2026

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🔒 100% client-side — your calculations are never sent to any server. No account needed.

Home price

Down payment ($)

Down payment (%)

Loan term

Interest rate (%)

Results

Monthly —

Principal —

Total interest —

Monthly payment (P&I): —
Loan amount: —
Down payment: —
Total of payments: —
Total interest: —

Your first 5 years

—

Year 1 — where your payments go

Principal —Interest —

Year	Principal paid	Interest paid	Balance

Amortization schedule

Month	Principal	Interest	Balance

Understanding your results

Tap any question to see what your numbers actually mean.

What does monthly payment mean?

Your monthly payment (P&I) is the fixed amount you pay each month toward principal and interest, calculated so the loan is fully paid off by the end of the term. Property tax, home insurance, and HOA dues are billed separately and are not included in this figure.

Why is total interest so high?

Interest is charged on your remaining balance every month, and early on that balance is large — so in the first years most of each payment goes to interest rather than principal. Over a 30-year loan those amounts add up, which is why total interest can rival or even exceed the amount you originally borrowed.

How to reduce your total interest?

Make a bigger down payment. Borrowing less means interest is charged on a smaller balance from day one.
Choose a shorter term. A 15-year loan has higher monthly payments but dramatically less total interest than a 30-year loan.
Add extra monthly payments. Even a small amount applied to principal each month shortens the loan and cuts interest significantly.

What is amortization?

Amortization is the schedule that shows how each payment splits between principal and interest over the life of the loan. As the balance falls, the interest portion shrinks and more of each payment goes toward principal. The table above is your full amortization schedule, month by month.

A free mortgage calculator built for real decisions.

A mortgage calculator is the quickest way to understand what a home loan will actually cost you each month and over its full term. Buying a home is the largest financial commitment most people ever make, and a few tenths of a percent in interest — or a few years on the term — can change the total cost by tens of thousands of dollars. This free mortgage calculator shows your monthly principal-and-interest payment the moment you type, along with the total of all payments, the total interest, and a complete amortization schedule you can expand month by month.

To estimate a payment, enter the home price, your down payment (in dollars or as a percentage), the loan term, and the interest rate. The calculator subtracts the down payment to find the loan amount, then applies the standard amortization formula to work out a fixed monthly payment. The donut chart splits that cost into principal versus total interest at a glance — a vivid reminder that on a 30-year loan, interest can rival the amount you borrowed. Switching to a 15-year term shows how a higher monthly payment slashes the lifetime interest.

The home affordability calculator answers the other half of the question: how much house can you actually afford? It applies the well-known 28/36 rule, capping your housing payment at 28% of gross monthly income and your total debt at 36%. Enter your salary, existing monthly debts, planned down payment, and rate, and it returns a recommended and a maximum home price plus your debt-to-income ratio — the same kind of check a lender performs before approving a loan.

Pay off loans and credit cards faster

Beyond the purchase, the loan EMI calculator works out the equated monthly instalment (EMI) on any loan. Enter the loan amount, interest rate, and tenure — switch the tenure between years and months as you prefer — and it returns your fixed monthly EMI and the total interest over the full term. Add an optional extra monthly payment and it also shows the power of paying a little more: a new payoff date, the number of months you'd save, and the interest you'd avoid — often a surprisingly large number for a modest extra payment. A timeline bar makes the difference easy to see at a glance.

The credit-card payoff calculator works the same way for high-interest debt. Choose a fixed monthly payment or a percentage-based minimum, and it tells you how many months it takes to reach a zero balance, the total interest you'll pay, and how much you save by paying more than the minimum. Because credit cards often carry APRs above 20%, the gap between minimum payments and a steady fixed payment can mean years of difference. Every calculator here runs entirely in your browser, so your numbers stay private, and you can use the share button to copy a link that reopens any calculator with your figures already filled in.

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Financial Disclaimer: Results are estimates for informational purposes only. Not financial or tax advice. Consult a qualified professional before making financial decisions.

How it works

Three quick steps — no account, nothing uploaded to a server.

Enter your numbers

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Calculations update in real time as you type.

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Mortgage guidance on this page aligns with resources from the Consumer Financial Protection Bureau (CFPB). Last checked July 2026.

FAQ

Frequently asked questions

How do I calculate my mortgage payment?

Your monthly mortgage payment for principal and interest is found with the amortization formula M = P · r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). Enter your home price, down payment, term, and rate in the calculator above and it does this instantly, then shows the total interest and a full payment schedule.

What is a good mortgage interest rate in 2026?

Mortgage rates in 2026 have generally sat in the 6% to 7% range for a 30-year fixed loan, though the rate you're offered depends on your credit score, down payment, loan type, and the lender. A rate at or below the prevailing average for your profile is good. Because rates move constantly, use the calculator to compare a few scenarios and always get current quotes from multiple lenders before deciding.

How much house can I afford with my salary?

A common guideline is that your total housing payment should stay at or below 28% of your gross monthly income, and all your debt payments combined should stay at or below 36% (the 28/36 rule). The affordability calculator above applies both limits to your income, existing debts, down payment, and rate to estimate a maximum and a recommended home price you can comfortably afford.

What is the 28% rule for mortgages?

The 28% rule says you should spend no more than 28% of your gross (pre-tax) monthly income on your total housing payment — principal, interest, property taxes, and insurance. On a $6,000 monthly income that's about $1,680. It's paired with the 36% rule for total debt. Lenders use similar debt-to-income limits when deciding how much to lend, so the rule is a useful affordability sanity check.

How does a down payment affect my mortgage?

A larger down payment reduces the amount you borrow, which lowers both your monthly payment and the total interest you pay over the life of the loan. Putting down 20% or more also lets you avoid private mortgage insurance (PMI) on conventional loans and can earn you a better interest rate. Use the down-payment fields above — in dollars or as a percentage — to see the effect immediately.

How long does it take to pay off a mortgage?

Most mortgages are scheduled over 15, 20, or 30 years. A 30-year loan has the lowest monthly payment but the most total interest; a 15-year loan costs more each month but is paid off in half the time with far less interest. Making extra principal payments shortens the term further — the loan payoff calculator above shows exactly how many months and how much interest you'd save.

What is the difference between fixed and variable rate mortgages?

A fixed-rate mortgage keeps the same interest rate for the entire loan, so your principal-and-interest payment never changes — predictable and easy to budget. A variable or adjustable-rate mortgage (ARM) starts with a lower introductory rate that later adjusts with market rates, so payments can rise or fall. Fixed rates suit long-term owners who want stability; ARMs can suit borrowers who expect to move or refinance before the rate adjusts.

How can I pay off my mortgage faster?

The most effective ways to pay off a mortgage early are to make extra principal payments each month, switch to biweekly payments (which adds one extra monthly payment a year), or refinance to a shorter term. Even a small recurring extra payment can cut years off the loan and save thousands in interest. Enter an extra monthly amount in the loan payoff calculator above to see your new payoff date and interest saved.

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