Mortgage Payment Calculator 🏠

Determine your **monthly EMI**, the **total interest paid**, and visualize your loan's **full amortization schedule** instantly.

Mortgage Payment Details

Key Features of This Calculator

**Custom Payment Frequency:** Calculate for monthly, bi-weekly, or weekly payments.
**Full Amortization Schedule:** See how principal and interest change over the loan term.
**Total Cost Analysis:** Quickly understand the true long-term cost of your mortgage.
**Interactive and Responsive:** Works perfectly on desktop and mobile devices.

Amortization Method Explained

The payment amount is calculated using the standard fixed-rate loan formula for equal installments (EMI). This ensures the loan is fully paid by the end of the specified term.

M = P [ i(1 + i)ⁿ / ( (1 + i)ⁿ - 1 ) ]

Where:
M = Payment Amount (EMI)
P = Principal Loan Amount
i = Interest Rate per Period (Annual Rate / Payments per Year / 100)
n = Total number of Payments (Term in Years × Payments per Year)

Amortization Schedule (First 5 Years)

Year	Opening Balance	Interest Paid	Principal Paid	Closing Balance
Enter loan details and click Calculate.

Understanding Your Mortgage Payment and Amortization

A mortgage is one of the biggest financial commitments you'll ever make. Using a reliable mortgage payment calculator is the first crucial step in responsible homeownership or refinancing. This tool helps you break down the complex concept of amortization into simple, actionable insights.

What is Loan Amortization? (H4 for deep dive)

Amortization is the process of paying off debt with a fixed repayment schedule in regular installments over a period of time. With a mortgage, your monthly payment remains the same, but the amount allocated to **principal** (the actual loan amount) and **interest** changes over time. In the early years, the majority of your payment goes toward interest, while in later years, most of it goes toward reducing the principal balance.

Why Calculate Bi-Weekly Payments? (H4 for a key feature)

Switching from 12 monthly payments to 26 bi-weekly payments effectively adds one extra monthly payment per year. This small change can drastically reduce your total interest paid and shave years off your loan term. Use the "Payment Frequency" dropdown above to see the difference!