Real Estate Tools
Mortgage Calculator
Calculate your monthly mortgage payments, interest costs, and amortization schedule
Accurate Results
Instant Calculation
Fixed Rate
Adjustable Rate
Interest Only
Fifty Lakh Rupees Only
Minimum (5%)
Recommended (20%)
Your Mortgage Breakdown
Monthly Payment
₹27,955
Principal & Interest
₹27,955
Property Tax
₹4,167
Home Insurance
₹1,667
PMI
₹0
HOA Fees
₹0
Total Interest Paid
₹60,63,800
Total Loan Cost
₹1,00,63,800
Tip: Paying an extra ₹5,000 monthly could save you ₹18,00,000 in interest!
Loan Details
Payment Schedule
15-Year Loan
₹37,865
Monthly Payment
Interest Savings
₹38,42,000
vs 30-Year
Amortization Schedule
| Year | Interest Paid | Principal Paid | Remaining Balance |
|---|
Mortgage Affordability Guide
Your monthly housing expenses (mortgage, taxes, insurance) should not exceed 28% of your gross monthly income. Use this guideline to determine how much house you can afford:
Conservative Budget
25% of income
Ideal for first-time buyers or those with other significant debts
Standard Budget
28% of income
Common guideline used by most lenders
Aggressive Budget
36% of income
Maximum for those with excellent credit and no other debts
About Mortgage
A mortgage is a loan used to purchase or maintain real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property serves as collateral to secure the loan.
Mortgage Calculator FAQs
How is mortgage payment calculated?
Mortgage payments are calculated using the formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where M is the monthly payment, P is the principal loan amount, i is the monthly interest rate, and n is the number of payments (loan term in months).
What is the difference between fixed and adjustable rate mortgages?
A fixed-rate mortgage has the same interest rate for the entire loan term. An adjustable-rate mortgage (ARM) has an interest rate that may change periodically based on changes in a corresponding financial index.
How does down payment affect my mortgage?
A larger down payment reduces your loan amount, which lowers your monthly payments and total interest paid. It may also help you avoid private mortgage insurance (PMI) if your down payment is 20% or more.
What is included in a mortgage payment?
A typical mortgage payment includes principal, interest, property taxes, and homeowners insurance. Some mortgages may also include private mortgage insurance (PMI) or homeowners association (HOA) fees.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly less interest paid over the life of the loan. A 30-year mortgage has lower monthly payments but more interest paid overall. Choose based on your budget and financial goals.
What is PMI and when is it required?
Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home’s value. It protects the lender in case you default on the loan.