Calculate your monthly mortgage payment, total interest paid, and see a full amortization breakdown. Supports any currency, loan term, and interest rate.
Monthly payment = Loan × (r × (1+r)^n) / ((1+r)^n - 1), where r is the monthly interest rate and n is the number of payments. This calculator does it automatically for any loan size and term.
A common rule is your mortgage payment should not exceed 28% of gross monthly income. For a $6,000/month income, the maximum payment is $1,680. Lenders also look at total debt-to-income ratio below 43%.
A 15-year mortgage has higher monthly payments but pays roughly half the total interest of a 30-year. A 30-year has lower monthly payments but costs significantly more over the life of the loan.
Amortization is the process of paying off debt through regular payments. Early payments are mostly interest. As the loan ages, more of each payment goes to principal. This calculator shows the principal-to-interest ratio.
A larger down payment reduces your loan amount, lowers monthly payments, reduces total interest paid, and eliminates Private Mortgage Insurance (PMI) if you put down 20% or more.
Rates vary by country and economic conditions. In the US, 6-7% was typical in 2024-2025. In India, home loan rates were 8.5-9.5%. Use this calculator to compare different rate scenarios.
On a $300,000 loan at 7% for 30 years: monthly payment = $1,996. Total paid = $718,560. Total interest = $418,560 — more than the original loan amount.
Each extra payment reduces principal, which reduces future interest charges. Even one extra payment per year can cut years off a 30-year mortgage and save tens of thousands in interest.