Free Mortgage Calculator 2026 to calculate monthly home loan EMI, total interest and full amortization schedule in INR, USD, EUR and GBP with instant results.
Estimate your monthly mortgage payments, total interest, and see how much home you can afford.
Monthly mortgage payment is calculated using the amortization formula.
Monthly Payment = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ - 1]
Where: P = Principal (loan amount), r = Monthly interest rate, n = Number of payments (months)
Total Monthly Payment = Principal + Interest + Taxes + Insurance + HOA
Your payment typically includes Principal, Interest, Taxes, and Insurance (PITI). Some loans also include HOA fees and PMI.
While 20% down avoids PMI, many loans allow 3-5% down. A larger down payment reduces your loan amount and monthly payments.
15-year mortgages have higher monthly payments but significantly lower total interest. 30-year mortgages offer lower payments but cost more over time.
Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. It protects the lender and typically costs 0.5-1% of the loan annually.