Mortgage Calculator
Monthly mortgage payment, total interest & full amortization schedule — solve for payment, loan amount, term, or rate in any currency.
How much you'll pay each month
Monthly EMI
₹10,501
EMI × months
60
Interest / loan
26%
Rate
9.50%
📅 Repayment schedule
| Year | Principal | Interest | Total paid | Balance |
|---|---|---|---|---|
| Year 1 | ₹82,022 | ₹43,990 | ₹1,26,011 | ₹4,17,978 |
| Year 2 | ₹90,162 | ₹35,849 | ₹1,26,011 | ₹3,27,817 |
| Year 3 | ₹99,110 | ₹26,901 | ₹1,26,011 | ₹2,28,706 |
| Year 4 | ₹1,08,947 | ₹17,064 | ₹1,26,011 | ₹1,19,759 |
| Year 5 | ₹1,19,759 | ₹6,252 | ₹1,26,011 | ₹0 |
Downloads carry the MyStudyVerse header — the Excel file keeps live formulas you can edit.
🏠Know your mortgage before the bank tells you
A mortgage is the biggest financial commitment most people ever make — and the monthly payment is only the visible tip. This calculator shows the whole iceberg: your exact monthly payment, the total interest over the life of the loan, and a month-by-month amortization schedule showing how each payment splits between interest and principal. It also solves backwards — enter the payment you can afford and find the loan amount, term, or interest rate that fits. Works in €, £, $, and more.
🧮How mortgage payments are calculated
P is the amount borrowed, r the monthly interest rate (annual ÷ 12), and n the number of monthly payments. The same formula banks use everywhere — whether it's called a mortgage in London, a Hypothek in Berlin, or a home loan EMI in Mumbai.
💡What actually moves the needle
- Term length is the silent cost lever: stretching 20 → 30 years drops the payment ~20% but can add 50%+ more total interest.
- A 0.5% rate difference on a €250k/25y mortgage is roughly €20,000 over the loan — always compare at least three offers.
- A bigger deposit does double duty: less borrowed AND usually a better rate band (lenders price by loan-to-value).
- Use the amortization table to see the early years — at the start, most of each payment is interest; overpayments made early save the most.
- Fixed vs variable: fixed rates buy certainty; variable rates track the market. In either case, test your payment at +2% before committing.
⚖️Renting vs buying, honestly
A mortgage payment similar to your rent does not automatically mean buying wins — add property taxes, insurance, maintenance (budget ~1% of the property value per year), and transaction costs. But every principal portion of the payment builds your own equity instead of a landlord's. Run the numbers here with your real figures; the schedule tab shows exactly how much equity you build by any future year.
💡 Frequently Asked Questions
How much mortgage can I afford?+
A widely used guideline is that housing costs should stay under about a third of your net monthly income. Work backwards here: switch the calculator to solve for loan amount, enter the monthly payment you're comfortable with, your lender's rate, and the term — it returns the loan size that payment supports.
What is an amortization schedule?+
A table of every payment showing its interest and principal split, plus the remaining balance. Early payments are mostly interest; late payments mostly principal. This calculator generates the full schedule with a yearly view and PDF/Excel export.
Should I choose a shorter or longer mortgage term?+
A shorter term costs more per month but dramatically less in total interest; a longer term is safer for cash flow but expensive over its life. Compare both here in seconds — many borrowers pick a longer term for flexibility and then overpay when they can, getting the best of both.
Does this work for any country and currency?+
Yes — the standard annuity formula used here is how repayment mortgages work in the UK, the eurozone, the US, India, and most of the world. Pick your currency (€, £, $, ₹ and more) and enter your local rate.