Mortgage Calculator
Estimate the monthly payment on a home loan, plus total interest over the full term.
TL;DR — Mortgage Calculator: A mortgage calculator estimates the monthly principal-and-interest payment on a home loan. It uses the same reducing-balance amortisation formula as an EMI calculator, applied to typical mortgage terms (15, 20 or 30 years). Cal44 computes the payment, total amount paid and total interest charged over the life of the mortgage.
What is the Mortgage Calculator?
A mortgage calculator estimates the monthly principal-and-interest payment on a home loan. It uses the same reducing-balance amortisation formula as an EMI calculator, applied to typical mortgage terms (15, 20 or 30 years). Cal44 computes the payment, total amount paid and total interest charged over the life of the mortgage.
How to use the Mortgage Calculator
- Enter the home loan amount (principal after down payment).
- Enter the annual interest rate.
- Enter the mortgage term in years (e.g. 30).
- Read the monthly principal-and-interest payment, total payment over the term and total interest.
Formula
M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
M = monthly payment · P = loan principal · r = monthly interest rate (annual ÷ 12 ÷ 100) · n = total monthly payments (years × 12)
Worked example
Borrow $300,000 at 6.5% for 30 years. r = 0.065/12 = 0.005417, n = 360. Monthly payment ≈ $1,896. Total paid ≈ $682,633, of which $382,633 is interest.
Frequently asked questions
How does a mortgage calculator work?
It applies the standard amortisation formula to compute a fixed monthly payment that fully repays the principal plus interest over the loan term.
Does this include property tax and insurance?
No. Cal44's mortgage calculator estimates principal and interest only. Property tax, home insurance, HOA fees and PMI vary by location and lender and are not included.
How does a shorter term affect the payment?
A shorter term (e.g. 15 years instead of 30) raises the monthly payment but dramatically reduces total interest, because the principal is repaid faster.
What is amortisation?
Amortisation is the schedule of payments that gradually pays down a loan. Early payments are mostly interest; later payments are mostly principal.
How much can I afford?
A common guideline is that total monthly housing costs (mortgage, taxes, insurance) should not exceed about 28% of gross monthly income, and total debt payments should stay below 36%.
What's the difference between mortgage and EMI?
They use the same formula. "EMI" is the term used in India and South Asia for the monthly instalment; "mortgage payment" is the term in the US and UK. The underlying calculation is identical.