Mortgage Calculator — Home Mortgage Payment Calculator (2026)
Mortgage Calculator – Monthly Payments, Interest & Affordability
Estimate your monthly mortgage payment, total interest, and home affordability from your home price, down payment, interest rate, and loan term — instantly and for free.
Mortgage Calculator
Automatically calculated as Home Price − Down Payment.
Your Results
Monthly Payment
₹34,713
Total Interest
₹43,31,120
Total Repayment
₹83,31,120
Loan-to-Value (LTV)
80%
Summary: You will pay ₹34,713 every month for 20 years.
Now that you have your payment, here's what to do next:
Results are estimates and may vary slightly by lender.
What is a Mortgage?
Understand what a mortgage is and how it works before you buy a home.
A mortgage is a loan used to purchase a home or other property, where the property itself serves as collateral for the loan. You typically pay a portion of the home price upfront as a down payment, then borrow the remaining amount from a bank or lender and repay it in fixed monthly installments over a set period, usually 10 to 30 years.
Instead of manually working through amortization formulas, you can enter your home price, down payment, interest rate, and loan term into our Mortgage Calculator above and get accurate results in under a second. This makes it easy to compare loan offers, test different down payment amounts, and plan your monthly budget before you commit to a home purchase.
The four inputs that drive every mortgage calculation are the home price, the down payment, the interest rate, and the loan term. Changing any one of these changes your loan amount, your monthly payment, and the total cost of homeownership — the calculator lets you see that impact instantly, so you can choose a home and loan structure that fits your finances.
Mortgage Payment Formula
The mathematical formula used to calculate your monthly mortgage payment.
Step 1: Calculate the Loan Amount
Loan Amount = Home Price – Down Payment
Step 2: Calculate the Monthly Payment
Monthly Payment = [L × R × (1 + R)^N] / [(1 + R)^N – 1]
Where:
L = Loan Amount (Home Price − Down Payment)
R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
N = Total Number of Months (Years × 12)
Related Calculations
Total Interest
Total Interest = (Monthly Payment × N) – L
Multiply the monthly payment by the number of months, then subtract the loan amount.
Loan-to-Value (LTV)
LTV % = (Loan Amount ÷ Home Price) × 100
A lower LTV (bigger down payment) generally means less lender risk and can improve your loan terms.
Fixed vs Adjustable Rate Mortgages
The two main mortgage rate structures — and how to choose between them.
Fixed-Rate Mortgage
The interest rate stays the same for the entire loan term, so your monthly payment never changes. This makes budgeting predictable and protects you from rising rates, though the starting rate is often slightly higher than an adjustable-rate option.
Adjustable-Rate Mortgage (ARM)
Also called a floating-rate home loan in India, the rate moves with market benchmarks after an initial fixed period, so your payment can rise or fall. It often starts lower than a fixed rate but carries the risk of increasing later in the term.
Which Should You Choose?
A fixed rate suits buyers who value predictable payments and plan to stay in the home long-term. An adjustable rate can suit buyers who expect rates to fall, plan to sell or refinance within a few years, or want a lower payment upfront.
Use the Calculator for Either
The calculator above works for both types — enter your current or expected rate to see the payment at that rate. If your rate is adjustable, re-run the numbers whenever it resets.
Mortgage Examples
A step-by-step example showing how a mortgage payment is calculated.
Example: ₹50,00,000 Home, ₹10,00,000 Down Payment, 8.5% Interest, 20 Years
Given Information:
- Home Price = ₹50,00,000
- Down Payment = ₹10,00,000 (20%)
- Loan Amount (L) = ₹50,00,000 − ₹10,00,000 = ₹40,00,000
- Annual Interest Rate = 8.5% per annum
- Loan Term = 20 years (240 months)
Step 1: Calculate Monthly Interest Rate
R = 8.5% / 12 / 100 = 0.00708 (0.708% per month)
Step 2: Apply the Monthly Payment Formula
Payment = [40,00,000 × 0.00708 × (1.00708)^240] / [(1.00708)^240 – 1]
Payment ≈ ₹34,713 per month
Step 3: Calculate Total Interest and Repayment
Total Interest
₹43,31,120
(₹34,713 × 240) – ₹40,00,000
Total Repayment
₹83,31,120
₹34,713 × 240
What Changes the Result?
Bigger down payment (₹15,00,000 instead of ₹10,00,000): Loan amount drops to ₹35,00,000, cutting the monthly payment to about ₹30,373.
Shorter term (15 years): Monthly payment rises to about ₹39,394, but total interest drops to about ₹30,90,920.
Higher rate (10% instead of 8.5%): Monthly payment increases to about ₹38,601, raising total interest to about ₹52,64,240.
Summary: For a ₹50 lakh home with a ₹10 lakh down payment at 8.5% interest over 20 years, you'll pay ₹34,713 every month, with total interest of ₹43,31,120. Use the Mortgage Calculator above to run the numbers for your own home price and terms.
Tips for Home Buyers
Practical steps to borrow smarter and pay less over the life of your mortgage.
Save for a larger down payment
A bigger down payment reduces your loan amount, lowers your monthly payment, and can improve your loan-to-value ratio and the terms lenders offer you.
Compare lenders
Interest rates and fees vary between lenders for the same loan amount. Even a 0.5–1% difference can change your total cost by a significant amount over 20-30 years.
Keep EMIs under 40% of income
A common rule of thumb is to keep your mortgage payment, combined with any other EMIs, below 40% of your monthly take-home salary.
Choose the shortest affordable term
A shorter term means a higher monthly payment but significantly less total interest. Only stretch the term if the shorter option genuinely doesn't fit your budget.
Improve your credit score first
A stronger credit score usually unlocks lower interest rates. If you can wait, paying down existing debt before applying can meaningfully reduce your borrowing cost.
Budget for extra costs
Property taxes, insurance, registration fees, and maintenance aren't included in the mortgage payment above — factor them in before deciding how much home you can afford.
Frequently Asked Questions
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