Monthly Payment
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Total Interest
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Loan Amount
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🏠 How the Mortgage Calculator Works
A mortgage uses the same amortization formula as an EMI calculator, with the addition of property tax and insurance estimates rolled into a total monthly cost.
Monthly Payment = P × r × (1+r)ⁿ / [(1+r)ⁿ − 1]
Total Monthly Cost = Payment + (Tax/12) + (Insurance/12)
1
Principal (P) = Home price minus your down payment.
2
r = Monthly interest rate (annual rate ÷ 12 ÷ 100). For 7% annual, r ≈ 0.005833.
3
n = Loan term in months (e.g. 30 years = 360 months).
4
Property tax and home insurance are annual costs divided by 12 and added to the base payment to give a realistic monthly budget figure.
Worked Example: $350,000 home, 20% down, 7% APR, 30 years, $4,200 tax, $1,800 insurance.
P = $280,000 | r = 0.07/12 = 0.005833 | n = 360
Base Payment ≈ $1,862/mo | + Tax ($350) + Insurance ($150) = ≈ $2,362 total/mo
P = $280,000 | r = 0.07/12 = 0.005833 | n = 360
Base Payment ≈ $1,862/mo | + Tax ($350) + Insurance ($150) = ≈ $2,362 total/mo
All computations are local — your financial details never leave your device.