Payment Breakdown
Principal & Interest:
Property Tax (mo):
Insurance (mo):
HOA (mo):
PMI (mo):
Total Monthly Payment:
Show Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|
Finding the right mortgage can be daunting. Our free home loan calculator helps you:
- Estimate your monthly EMI (equated monthly installment)
- See total interest paid over the life of the loan
- Generate a full amortization schedule
- Compare different loan terms, interest rates, and down payments
Get accurate, real-time results—no sign-up required.
How to Use Our Mortgage Calculator
- Enter Your Home Price
Type in the purchase price of the property. - Set Your Down Payment
Specify cash you’ll pay upfront to reduce your principal. - Choose Your Interest Rate (%)
Input the annual rate your lender offers. - Select Loan Term (Years)
Common terms are 15, 20 or 30 years—shorter terms mean higher EMIs but lower total interest. - Pick Payment Frequency
Monthly, bi-weekly or weekly payments let you accelerate principal reduction.
As soon as you change any value, the calculator instantly updates your EMI, total repayment, and pie-chart breakdown.
Why Use a Home Loan Calculator?
- Save Time: No manual formulas—get results in seconds.
- Plan Your Budget: See exactly what you’ll owe each month.
- Compare Scenarios: Adjust rates and terms to find the optimal loan.
- Transparent Costs: Understand how much interest you’ll pay in total.
- Amortization Schedule: View month-by-month breakdown of principal vs. interest.
Our tool is designed for first-time homebuyers, real estate investors, and refinancers alike.
Understanding Your Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $X,XXX | $XXX | $XXX | $YYY,YYY |
| 2 | $X,XXX | $XXX | $XXX | $YYY,YYY |
| … | … | … | … | … |
| N | $X,XXX | $XXX | $XXX | $0 |
- Principal: Portion of your payment that reduces your loan balance.
- Interest: Cost of borrowing, decreases over time as balance shrinks.
- Balance: What you still owe after each payment.
Use the Export buttons to download your schedule as CSV, Excel or PDF for easy records or sharing with your financial advisor.
Tips for Lowering Your Mortgage Cost
- Increase Your Down Payment: Every extra dollar down reduces interest over the life of the loan.
- Shorten the Term: A 15-year mortgage typically carries a lower rate and saves tens of thousands in interest.
- Make Extra Payments: Even an extra $50/month can shave years off your schedule.
- Refinance When Rates Drop: Plug in the new rate to see if refinancing makes sense.
Frequently Asked Questions
What is an EMI?
EMI (Equated Monthly Installment) is your fixed monthly mortgage payment, combining principal and interest.
How accurate is this calculator?
We use the standard amortization formula to deliver results that match what lenders use—always verify with your loan officer before locking in rates.
Can I include taxes and insurance?
Our basic calculator focuses on principal & interest. For a complete total payment estimate, consider adding your annual property tax, home insurance and any HOA fees in our “Advanced Mortgage Calculator” section.
How do I interpret the pie chart?
The doughnut chart visually breaks your first-year principal vs. interest. Over time, more of your payment goes toward principal payoff.
Compare Mortgage Rates Across Loan Types in 2025
As of mid-May 2025, U.S. mortgage rates remain elevated but vary significantly by loan type and term. Here’s a snapshot of national average interest rates:
| Loan Type | Average Interest Rate |
|---|---|
| 30-Year Fixed (Conforming) | 6.76 % |
| 15-Year Fixed (Conforming) | 5.89 % |
| 20-Year Fixed | 6.53 % |
| 5/1 ARM (Adjustable Rate) | 7.57 % |
| 7/1 ARM (Adjustable Rate) | 7.43 % |
| 30-Year FHA | 7.06 % |
| 30-Year VA | 7.14 % |
What This Means for You
- Longer Terms Cost More
Thirty-year fixed mortgages carry the highest interest among fixed products, trading lower monthly payments for greater total interest over time - Shorter Terms Save Money
Fifteen- and twenty-year loans come with lower rates—5.89 % and 6.53 %, respectively—allowing you to pay down principal faster and save thousands in interest - Adjustable-Rate Mortgages (ARMs)
ARMs such as the 5/1 or 7/1 start slightly lower but can reset after their initial fixed period, introducing payment uncertainty. Current 5/1 ARMs average 7.57 %, close to fixed-rate levels - Government-Backed Loans
FHA loans cater to lower down payments but come at higher rates (7.06 %) and mortgage insurance costs Bankratemortgagenewsdaily.com. VA loans offer competitive terms (7.14 %) and no PMI for eligible veterans
Key Takeaways for 2025 Homebuyers
- Compare Rates, Fees & APRs
Always review the Annual Percentage Rate (APR), which includes closing costs and points, not just the nominal interest. - Lock Early or Float?
If rates look poised to climb, consider a rate lock when you apply. Conversely, a “float down” clause can benefit you if rates drop. - Match Loan to Horizon
If you plan to sell or refinance in 5–7 years, an ARM can save on initial interest, but factor in potential resets. - Use a Mortgage Calculator
Plug these rates into our Home Loan Calculator to see exact EMIs and total interest and generate a full amortization schedule you can export.
Actionable Tip:
Before you apply, get multiple quotes from lenders (including credit unions and online banks), then negotiate rate buydown points or ask for lender credits to offset closing costs.