Professional Mortgage Calculator
Accurately calculate your monthly mortgage payments, amortization schedule, and total interest costs with our comprehensive tool
Loan Details
Results
| Year | Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 2023 | Aug | $2,703 | $478 | $1,833 | $399,522 |
| 2023 | Sep | $2,703 | $480 | $1,831 | $399,042 |
| 2023 | Oct | $2,703 | $483 | $1,828 | $398,559 |
| 2023 | Nov | $2,703 | $485 | $1,826 | $398,074 |
| 2023 | Dec | $2,703 | $488 | $1,823 | $397,586 |
| 2024 | Jan | $2,703 | $490 | $1,821 | $397,096 |
| ... | ... | ... | ... | ... | ... |
| 2053 | Mar | $2,703 | $2,665 | $38 | $5,330 |
| 2053 | Apr | $2,703 | $2,677 | $26 | $2,653 |
| 2053 | May | $2,703 | $2,689 | $14 | $0 |
Mortgage FAQs
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
EMI calculations consider:
- Loan amount
- Interest rate
- Loan tenure (duration)
- Type of interest (fixed or variable)
Your monthly mortgage payment consists of four main components:
- Principal: The portion that reduces your loan balance
- Interest: The cost of borrowing the money
- Taxes: Property taxes paid to your local government
- Insurance: Homeowners insurance and PMI (if applicable)
The formula for calculating the principal and interest portion is:
P × r × (1 + r)^n / ((1 + r)^n - 1)
Where P = loan amount, r = monthly interest rate, n = number of payments
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home's purchase price. This insurance protects the lender in case you default on the loan.
Key facts about PMI:
- Typically costs 0.5% to 1% of the loan amount annually
- Added to your monthly mortgage payment
- Can be removed once you reach 20% equity in your home
- Not required for government-backed loans (FHA, VA, USDA)
An amortization schedule is a table that details each periodic payment on a mortgage over time. For each payment, it shows:
- Payment amount
- Principal portion
- Interest portion
- Remaining loan balance
In the early years of a mortgage, a larger portion of each payment goes toward interest. As the loan matures, more of each payment is applied to the principal balance.
Amortization schedules help borrowers understand how their payments are allocated and how much interest they'll pay over the life of the loan.
Disclaimer: This calculator provides estimates only. Actual loan terms may vary based on lender requirements, your financial situation, and market conditions. Property taxes and insurance costs can change over time. Consult with a qualified mortgage professional for personalized advice.