Mortgage calculator

Work out your monthly mortgage payment

Property price

Deposit

Interest rate a year

Term in years

More options

Property tax a year

Insurance a year

Monthly payment

$1,798.65

Loan amount: $300,000.00
Deposit: $75,000.00
Total interest: $347,515.44

Principal: 46%
Interest: 54%

Payment schedule by year

Year	Principal	Interest	Balance
1	$3,684.00	$17,899.80	$296,316.00
2	$3,911.26	$17,672.54	$292,404.74
3	$4,152.48	$17,431.32	$288,252.26
4	$4,408.61	$17,175.19	$283,843.65
5	$4,680.51	$16,903.29	$279,163.14
6	$4,969.19	$16,614.61	$274,193.95
7	$5,275.69	$16,308.11	$268,918.26
8	$5,601.06	$15,982.74	$263,317.20
9	$5,946.54	$15,637.26	$257,370.66
10	$6,313.30	$15,270.50	$251,057.36

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How it works

A mortgage payment depends on the amount you borrow, the interest rate and the term. A $375,000 home with a 20% deposit means a $300,000 loan. At 6% over 30 years, that is about $1,798.65 a month before tax and insurance, which you can add under More options.

payment = loan × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

The loan is the price minus your deposit. You can enter the deposit as a percent or an amount.

Tax and insurance are added to the monthly total, but they don’t affect the loan itself.

Worked example. A $375,000 home with a 20% deposit means a $300,000 loan. At 6% for 30 years, r is 0.005 and n is 360, so the payment is $1,798.65 a month.

Examples

Price	Deposit	Rate	Term	Monthly payment
$250,000.00	10%	6%	30 years	$1,348.99
$375,000.00	20%	6%	30 years	$1,798.65
$500,000.00	20%	5.5%	25 years	$2,456.35

What this tool doesn’t cover

This doesn’t include mortgage insurance, fees or closing costs.
It assumes a fixed rate for the whole term.
This is an estimate, not financial advice.

Questions

How much deposit do I need?

It varies by lender. A bigger deposit means a smaller loan and less interest.

Is a shorter term better?

It raises the monthly payment, but you pay much less interest in total.

What happens if the deposit is more than the price?

We show an error, because there would be nothing to borrow.

What is included in a mortgage payment?

This tool shows the loan part: what you repay and the interest. Real costs can also include insurance, property tax and fees.

How much home loan can I afford?

A common guide is to keep all your loan payments under about 40% of your take-home pay. Lenders set their own limits.

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Built by QuickToolz. Reviewed by Atul Makwana. Last reviewed 2026-11-04.

Sources: Reserve Bank of India (opens in a new tab), SEBI investor education (opens in a new tab)