# Mortgage calculator

Work out your monthly mortgage payment

Use it at https://www.quicktoolz.com/tools/mortgage-calculator. From QuickToolz.

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.

## How it works

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.

## Sources

- [Reserve Bank of India](https://www.rbi.org.in)
- [SEBI investor education](https://investor.sebi.gov.in)