Mortgage Calculator

Estimate your monthly mortgage payments based on your loan amount, interest rate, and loan term. Plan your finances with this simple and effective mortgage calculator.

Calculate Your Mortgage Payment

What is a Mortgage?

A mortgage is a loan used to purchase a property, where the property itself serves as collateral. The borrower agrees to pay back the loan with interest over a set period of time.

How Mortgage Payments Are Calculated

Mortgage payments are calculated based on three key factors:

Loan Amount: The total amount you are borrowing.
Interest Rate: The percentage at which interest is charged on the loan amount.
Loan Term: The period over which you agree to pay off the loan, usually in years.

Example Calculation

If you borrow ₹10,00,000 at an annual interest rate of 5% for 20 years, your monthly mortgage payment is calculated as:

Loan Amount = ₹10,00,000

Interest Rate = 5% annually (or 0.4167% monthly)

Loan Term = 20 years (240 months)

Using the formula, the monthly payment is approximately: ₹66,210.85