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Finvra

Mortgage & Home Loan Calculator

Plan your dream home purchase. Calculate accurate monthly housing payments, total interest costs, and amortization instantly.

USA ($) Mode
$
5K2M
0.1%12%

Current Avg: ~6.5%

Years
1Y30Y

Monthly Payment

$43,391
Principal$5,000,000
Total Interest$5,413,879
Total Amount$10,413,879

Interest vs Principal

Smart Home Buying Tips

Buying a home is the biggest financial decision for most families. Beyond the sticker price, the Interest Rate and Loan Tenure significantly impact the final cost of your home.

Use this calculator to experiment with different scenarios. Even a small difference in interest rate (e.g., 0.5%) can save you thousands of dollars over a 30-year term.

The Mortgage Formula

M = P [ i(1 + i)n ] / [ (1 + i)n – 1 ]
  • M = Total Monthly Payment
  • P = Principal Loan Amount
  • i = Monthly Interest Rate (Annual Rate ÷ 12)
  • n = Total Number of Payments (Years × 12)

Impact of Down Payment

Paying 20% or more upfront reduces your principal, lowers your monthly EMI, and typically eliminates the need for expensive mortgage insurance.

Prepayment Power

Making just one extra EMI payment per year can shave years off your loan tenure and save massive amounts in interest.

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Frequently Asked Questions

How is the monthly Mortgage Payment calculated?
We use the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1]. This ensures accuracy for mortgages worldwide, splitting your payment into Principal (loan balance) and Interest (bank profit).
How much home can I afford?
A common financial rule is the 28/36 rule: Your mortgage payment shouldn't exceed 28% of your pre-tax monthly income, and your total debt payments (including car loans, cards) shouldn't exceed 36%.
Does this calculator include Property Tax?
This calculator focuses on Principal and Interest (P&I). To get your total monthly liability (PITI), you should add your local Property Tax and Homeowners Insurance costs to the result shown here.
How does a larger down payment help?
Putting 20% or more down often eliminates the need for Private Mortgage Insurance (PMI), lowers your monthly payment, and can secure you a better interest rate from the lender.

Disclaimer: This tool provides estimates based on standard amortization formulas. Actual payments may vary due to taxes, insurance, and lender-specific fees.