Calculate monthly payments, amortization & compare loans โ 25+ countries supported
Compare two loan scenarios side by side.
See how extra payments reduce your loan term & save interest.
A Mortgage Calculator is a free online financial tool that helps you calculate your monthly home loan payments, total interest paid over the life of the loan, and full amortization schedule โ instantly and accurately. Whether you are a first-time homebuyer, a real estate investor, or someone looking to refinance, this tool gives you complete clarity on your mortgage finances.
Our Advanced Mortgage Calculator supports 25+ countries with their respective currencies, typical interest rates, and local mortgage norms. Simply select your country, enter your home price, down payment, interest rate, and loan term โ and get instant results including a pie chart breakdown, year-by-year amortization schedule, and CSV export.
Using this tool is simple. Follow these steps to calculate your mortgage payment in under 60 seconds:
Click on your country flag at the top. The calculator will automatically set the currency, average interest rate, typical home price, and loan term for that country.
Type the total price of the home you want to buy, or use the slider to set the amount. The currency will match your selected country automatically.
Enter how much you plan to pay upfront. The calculator shows the percentage automatically. Minimum 20% down avoids PMI in most countries.
Enter your lender's annual interest rate. Your country's typical rate is pre-filled. You can adjust it to match your actual mortgage offer.
Set how many years you want to repay the loan. Common terms: 15, 20, 25, or 30 years depending on your country and preference.
Hit the blue "Calculate Mortgage" button. Instantly see your monthly payment, total interest, full breakdown chart, and year-by-year amortization schedule.
The monthly mortgage payment is calculated using the standard amortization formula:
For example: If you borrow $300,000 at 6.5% annual rate for 30 years โ your monthly Principal & Interest payment = $1,896. Total paid = $682,633. Total Interest = $382,633.
Mortgage rules, interest rates, and terms vary significantly by country. Here is a quick guide for major countries supported in this calculator:
In India, home loans are offered by banks like SBI, HDFC, ICICI, and Axis Bank. The RBI repo rate influences mortgage rates. Rates typically range from 8%โ10.5%. Most loans are for 10โ20 years. You must pay Stamp Duty (5โ7%) and Registration Fee (1%) separately at time of purchase โ these are not included in the mortgage. Tax benefit: Under Section 80C you can claim up to โน1.5 lakh on principal repayment, and under Section 24(b) up to โน2 lakh on interest paid per year.
Pakistan's Mera Pakistan Mera Ghar (MPMG) scheme provides subsidized home loans at 5โ7% for low-income buyers. Commercial bank rates are currently 17โ20% due to high inflation and SBP policy rates. Standard loan terms are 15โ20 years. Most banks require a minimum 20% down payment. The State Bank of Pakistan regulates housing finance. Urban areas like Karachi, Lahore, and Islamabad have higher property prices.
In Bangladesh, home loans are offered by HBFC (House Building Finance Corporation) and commercial banks. HBFC offers rates as low as 9% for government employees. Commercial rates range from 9โ12%. Loan terms are typically 15โ20 years with maximum LTV of 80%. Dhaka and Chittagong have the highest property prices. Government employees get special housing loan schemes from Bangladesh Bank at subsidized rates.
The USA has the world's most sophisticated mortgage market. The 30-year fixed-rate mortgage is the most common product. If your down payment is less than 20%, you must pay PMI (Private Mortgage Insurance) โ typically 0.5โ1% of loan per year. FHA loans allow as little as 3.5% down. VA loans (for veterans) require 0% down. Conforming loan limits are set by Fannie Mae & Freddie Mac annually. Property tax varies widely by state (0.3%โ2.5%/yr).
UK mortgages typically run for 25 years. There is no PMI in the UK โ lenders instead charge higher rates for high LTV mortgages (90%+ LTV). The most common products are 2-year and 5-year fixed deals, after which you switch to the lender's SVR (Standard Variable Rate) or remortgage. Help to Buy scheme assists first-time buyers. Stamp Duty Land Tax (SDLT) is paid on purchase, not included in the mortgage.
The UAE has no property tax โ one of the biggest advantages. However, there are service charges for apartments/villas. Expats can get up to 75% LTV (25% down required), while UAE Nationals can get 80% LTV. Mortgage terms go up to 25 years. Many banks offer both fixed and variable rate products. The Central Bank of UAE regulates all mortgage lenders. Dubai Property Market registration fees (DLD) are 4% of property value.
Saudi Arabia has no property tax. The Real Estate Development Fund (REDF) provides subsidized home loans to Saudi nationals with interest rates as low as 0โ2.5%. Commercial banks offer mortgages at 5โ7%. The Saudi Central Bank (SAMA) regulates lenders. Maximum loan term is 25 years. The government's Wafi program and Sakani initiative help nationals access affordable housing. Non-residents cannot generally buy property.
Canadian mortgages have a maximum amortization of 25 years for insured mortgages (CMHC insured). If your down payment is less than 20%, you must get CMHC mortgage insurance (0.6%โ4% of loan). The Big 5 banks (TD, RBC, BMO, CIBC, Scotia) dominate the market. Mortgage terms are typically 5 years fixed, with renewal every 5 years. Variable rates tied to Bank of Canada prime rate are also common. Quebec has its own provincial mortgage rules.
Australian mortgages typically run 25โ30 years. If LVR (Loan to Value Ratio) is above 80%, you must pay LMI (Lenders Mortgage Insurance) โ similar to US PMI. The First Home Guarantee allows first buyers to purchase with as little as 5% deposit without LMI. The RBA (Reserve Bank of Australia) sets the cash rate which influences mortgage rates. Variable rate mortgages are very popular. Stamp duty varies by state โ it can be significant (2โ5% of property value).
Choosing the right loan term is one of the most important mortgage decisions. Here is how different terms compare for a $300,000 loan at 6.5% interest:
| Loan Term | Monthly Payment | Total Paid | Total Interest | Interest Savings vs 30yr |
|---|---|---|---|---|
| 10 Years | $3,405 | $408,600 | $108,600 | +$274,033 saved |
| 15 Years | $2,614 | $470,520 | $170,520 | +$212,113 saved |
| 20 Years | $2,239 | $537,360 | $237,360 | +$145,273 saved |
| 25 Years | $2,021 | $606,300 | $306,300 | +$76,333 saved |
| 30 Years | $1,896 | $682,633 | $382,633 | โ |
*Calculations are approximate for illustration. Actual amounts depend on lender fees and compounding method.
What is EMI in mortgage?
EMI (Equated Monthly Installment) is the fixed monthly amount you pay to repay your home loan. It consists of two parts: Principal (the actual loan amount) and Interest (the bank's charge for lending). In early months, most of your EMI goes toward interest. Over time, more goes toward principal.
What is PMI and when do I need it?
PMI (Private Mortgage Insurance) is required in the USA when your down payment is less than 20% of the home price. It protects the lender โ not you โ if you default. PMI typically costs 0.5%โ1% of your loan per year and is added to your monthly payment. Once your equity reaches 20%, you can request PMI removal.
How is property tax included in the mortgage calculator?
Property tax is usually paid separately from your mortgage, but many lenders collect it monthly along with your payment and hold it in an escrow account. Our calculator lets you enter your annual property tax so you can see the full monthly cost including tax โ giving a realistic picture of total housing expenses.
Should I choose a fixed or variable interest rate?
A fixed rate stays the same for the entire loan term โ giving you payment certainty. A variable/adjustable rate starts lower but can change based on market conditions. Fixed rates are best when rates are low or you want stability. Variable rates can save money if you plan to sell or refinance within a few years.
What is an amortization schedule?
An amortization schedule shows every payment over your loan's life โ how much goes to principal, how much to interest, and your remaining balance after each payment. In early years, most of each payment is interest. As time passes, more goes to principal. Our calculator shows both yearly and monthly amortization schedules.
How much home can I afford?
A common rule is the 28/36 rule: your monthly mortgage payment should not exceed 28% of your gross monthly income, and your total debt payments should not exceed 36%. For example, if you earn $6,000/month, your mortgage payment should ideally stay below $1,680/month.
Does this calculator work for home loan / EMI calculation in India?
Yes! Select ๐ฎ๐ณ India from the country selector. The calculator will automatically set the currency to โน INR, typical interest rate of 8.5%, and a 20-year loan term (most common in India). You can adjust all values to match your bank's actual offer. The amortization schedule can be exported as CSV for your records.
Is this mortgage calculator free?
Yes, this mortgage calculator is completely free to use with no registration, no signup, and no limits. You can calculate as many scenarios as you want, compare loans, check extra payment savings, and export your results to CSV โ all for free.
