Skip to calculator
Home Loan Calculator
Monthly payment, total interest, full amortization schedule, PITI, and the true payoff power of extra payments — for any fixed-rate home loan, in $ or ₹.
⚠ Educational estimate — not professional financial adviceYour loan
Set to the loan amount directly by choosing 0% / $0 down below.
INR mode formats like an Indian home loan EMI calculator.
Results
Monthly principal & interest
—
Total housing payment (PITI)
—
Total interest
—
Total of all payments
—
Payoff time
—
Interest saved vs no extra
—
Loan amount
—
⚠ Estimate only — not professional financial advice. Real loans include lender fees, points, PMI, and escrow rules this calculator cannot know. Compare actual Loan Estimates from lenders before borrowing.
Amortization schedule (yearly)
| Year | Interest | Principal | Balance |
|---|
Worked examples — load into the calculator
Classic 30-year
$300,000 at 7% for 30 years → $1,995.91/month.
India EMI
₹50,00,000 at 8.5% for 20 years → ₹43,391/month EMI.
Extra-payment accelerator
Same 30-year loan + $200/month extra → paid off ~7 years early.
Methodology
This calculator uses the standard fixed-rate amortization formula with a nominal APR compounded monthly (the US mortgage convention):
Monthly payment = P × R × (1+R)N ÷ ((1+R)N − 1)
where P = loan amount, R = annual rate ÷ 12 ÷ 100, N = years × 12. Each month, interest is charged on the remaining balance first; the rest of the payment reduces principal. Extra monthly payments and lump-sum prepayments reduce principal directly, which shrinks every future interest charge and shortens the loan. The schedule is simulated month by month until the balance reaches zero, so payoff time with extra payments is exact, not estimated.
Scope boundary. This tool covers fixed-rate, fully amortizing home loans with monthly payments: P&I, optional PITI, amortization schedule, extra payments, and lump-sum prepayments — in USD, INR, GBP, or EUR.
Not this tool: bi-weekly payoff plans → bi-weekly mortgage payment calculator; whether you qualify / how much you can borrow → debt-to-income calculator; homeowners insurance cost estimates → home insurance lab; PMI cost and removal → mortgage insurance lab.
Not this tool: bi-weekly payoff plans → bi-weekly mortgage payment calculator; whether you qualify / how much you can borrow → debt-to-income calculator; homeowners insurance cost estimates → home insurance lab; PMI cost and removal → mortgage insurance lab.
Frequently asked questions
How is my home loan monthly payment calculated?
With the standard fixed-rate amortization formula: monthly payment = P × R × (1+R)^N ÷ ((1+R)^N − 1), where P is the loan amount, R is the monthly interest rate (annual rate ÷ 12 ÷ 100), and N is the total number of monthly payments (years × 12). For example, a $300,000 loan at 7% annual interest over 30 years (360 payments) gives a monthly principal-and-interest payment of $1,995.91. Every figure on this page is computed live by the calculator's own engine using that formula.
What is the difference between P&I and PITI?
P&I is principal and interest only — the $1,995.91 in the example above. PITI adds property tax, homeowners insurance, and any HOA dues to get your true monthly housing payment. With $3,600/year property tax ($300/month), $1,800/year insurance ($150/month), and $50/month HOA, that same loan's total housing payment is $2,495.91. Use the optional PITI inputs above to see both numbers side by side.
How much interest will I pay over 30 years versus 15 years?
On a $300,000 loan at 7%: a 30-year term costs $418,526.69 in total interest (360 payments of $1,995.91). A 15-year term raises the payment to $2,696.48 but cuts total interest to $185,367.27 — a saving of $233,159.43. Shorter terms almost always cost far less interest, but only if the higher monthly payment fits your budget.
How much can extra monthly payments save me?
A lot. Adding just $200/month to the $300,000, 7%, 30-year example pays the loan off in 275 months instead of 360 — about 7 years early — and drops total interest from $418,526.69 to $301,886.69, saving $116,640.00. Extra payments go straight to principal, which shrinks every future interest charge. Enter any extra amount above to see your own payoff date and savings.
What is EMI? Is a home loan EMI calculator the same thing?
Yes — EMI (Equated Monthly Installment) is simply the Indian name for the same fixed monthly payment computed above: EMI = P × R × (1+R)^N ÷ ((1+R)^N − 1). For example, a ₹50,00,000 home loan at 8.5% over 20 years gives a monthly EMI of ₹43,391.16. Use the currency selector above (INR) to see amounts in ₹ with Indian digit grouping, and add prepayments to model part-payments.
What happens if I make a lump-sum prepayment?
A one-time prepayment cuts principal directly, which shortens the loan and reduces total interest. A $10,000 prepayment in month 12 of the $300,000, 7%, 30-year example shortens the loan to 326 months (34 months early) and reduces total interest to $359,947.67 — saving $58,579.02 versus no prepayment. Enter a lump sum and month above to model your own scenario.
Can I buy a home with $0 down payment?
Mathematically, yes: with 0% down, the loan amount equals the full home price. A $400,000 home with $0 down at 6.5% over 30 years gives a monthly P&I of $2,528.27. In practice, most lenders require a down payment and charge private mortgage insurance (PMI) below 20% down — this is an estimate, not a loan offer. Talk to a lender or financial professional about real requirements.
How do I read the amortization schedule?
Each monthly payment is split: interest is charged on the remaining balance first, and whatever is left reduces principal. Early in the loan, most of the $1,995.91 is interest; near the end, almost all of it is principal. The yearly schedule table above shows, for each year, how much went to interest, how much to principal, and the remaining balance.
Does this calculator include property taxes and homeowners insurance?
Only if you enter them — the optional PITI inputs (annual property tax, annual homeowners insurance, monthly HOA) are added to the P&I payment to show your estimated total housing payment. Tax and insurance rates vary widely by location; check your local assessor and insurer for realistic figures. For a deeper insurance estimate, see our home insurance lab.
Is this a mortgage quote or financial advice?
No. This tool produces educational estimates only — not a loan offer, quote, or professional financial advice. Real loans include lender fees, points, PMI, escrow rules, and rate factors this calculator cannot know. Compare actual Loan Estimates from lenders and consider speaking with a licensed financial professional before borrowing.
Can I use this for a car loan or personal loan?
Yes — any fully amortizing fixed-rate loan uses the same math, so enter the loan amount, rate, and term for a car or personal loan and the results are equally valid. It does not model adjustable-rate mortgages, balloon payments, interest-only periods, or bi-weekly payoff plans; for the bi-weekly variant, see our bi-weekly mortgage payment calculator.
What affects my home loan interest rate?
Common factors include your credit score, down payment size (loan-to-value ratio), loan term, loan type, and overall market rates — but this calculator takes the rate as a given input and does not predict or quote rates. Enter the rate a lender offers you to see exactly what it costs over the life of the loan.
Free tool by NRTechStudio