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Mortgage & Loan Calculator
Find the monthly payment on a personal, car or home loan — or a full mortgage with tax, insurance and PMI — and see exactly how much goes to interest.
Estimate only, using a fixed rate and monthly payments. Your lender's figures may differ because of fees, rounding, compounding rules or a variable rate.
Amortization schedule
How each payment splits between interest and principal over the life of the loan. Amounts in USD.
How the payment is calculated
The EMI formula
M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)- P — the amount borrowed
- r — the monthly rate: yearly rate ÷ 12 ÷ 100
- n — the number of monthly payments
Example: 200,000 at 6% for 30 years. r = 0.005 and n = 360, so M = 1,199.10 a month and the total interest is about 231,676.
How each payment splits
Each month, interest is charged on the balance still owed: balance × r. The rest of the payment reduces the balance. Because the balance is highest at the start, early payments are mostly interest — in the example above, only about 17% of the first year's payments go to principal.
The amortization schedule shows this month by month. Download it as a CSV to open in Excel or Google Sheets.
What goes into a mortgage payment
Principal & interest
The loan repayment itself — fixed for the whole term on a fixed-rate mortgage.
Property tax
Set by your local authority, often collected monthly by the lender. Enter the yearly amount.
Home insurance
Usually required by the lender. Enter the yearly premium.
PMI & HOA
PMI protects the lender when you put down less than 20%. HOA fees are charged by some communities and buildings.
Frequently asked questions
What is EMI?+
EMI (equated monthly instalment) is the fixed amount you pay each month on a loan. Early payments are mostly interest; as the balance falls, more of each payment goes to the principal, but the total stays the same.
How is the monthly payment calculated?+
M = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the yearly rate ÷ 12 ÷ 100 and n is the number of months. 100,000 at 9% for 5 years is 2,075.84 a month.
What's the difference between a flat rate and a reducing-balance rate?+
A flat rate charges interest on the original amount for the whole term, even as you repay it, so it costs much more than the same reducing-balance rate. A 10% flat rate over 5 years works out at about 17.3% reducing. This calculator uses reducing balance (APR); if a lender quotes a flat rate, ask for the APR.
What does the mortgage payment include?+
Principal and interest, plus any property tax, home insurance, PMI and HOA fees you add. Lenders often collect tax and insurance through an escrow account as part of the monthly payment.
When does PMI stop?+
In the US, lenders must cancel PMI automatically when the balance is scheduled to reach 78% of the home's original value, and you can ask to cancel it at 80%. The calculator stops it at 78%. Other countries use different mortgage insurance rules.
Do extra payments really save that much?+
Yes, because every extra amount reduces the balance that interest is charged on for the rest of the loan. On a 200,000 mortgage at 6% over 30 years, 200 extra a month saves about 79,800 in interest and finishes 9 years early. Check your loan allows prepayment without a penalty.
Is my information stored or sent anywhere?+
No. Everything is calculated in your browser and nothing is saved or uploaded. The starting currency is guessed from your device's time zone, on your device.