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Mortgage Calculator 2026

A mortgage payment is the monthly amount that repays principal and interest over the loan term. The standard formula uses the loan balance, the annual rate divided by 12, and the number of months.

⚠️ Disclaimer: The payment is principal and interest only. Property tax, insurance, PMI, and HOA fees are not included. The 6.8% rate is an illustrative default.
$
%
years

Monthly Mortgage Payment

$0.00
Total Payback$0.00
Total Interest-$300,000.00

The payment is M = P [ i(1 + i)^n ] / [ (1 + i)^n − 1 ]. i is the annual rate divided by 12, and n is the term in months. There is no down-payment field.

Mortgage Amortization Schedule (Yearly)

YearPrincipal PaidInterest PaidRemaining Balance
Year 1-$21,047.96$21,047.96$321,047.96
Year 2-$22,524.69$22,524.69$343,572.65
Year 3-$24,105.02$24,105.02$367,677.67
Year 4-$25,796.22$25,796.22$393,473.89
Year 5-$27,606.08$27,606.08$421,079.97
Year 6-$29,542.92$29,542.92$450,622.89
Year 7-$31,615.65$31,615.65$482,238.54
Year 8-$33,833.80$33,833.80$516,072.33
Year 9-$36,207.57$36,207.57$552,279.91
Year 10-$38,747.89$38,747.89$591,027.80
Year 11-$41,466.44$41,466.44$632,494.24
Year 12-$44,375.72$44,375.72$676,869.96
Year 13-$47,489.12$47,489.12$724,359.08
Year 14-$50,820.95$50,820.95$775,180.02
Year 15-$54,386.54$54,386.54$829,566.56
Year 16-$58,202.29$58,202.29$887,768.85
Year 17-$62,285.76$62,285.76$950,054.61
Year 18-$66,655.72$66,655.72$1,016,710.32
Year 19-$71,332.27$71,332.27$1,088,042.60
Year 20-$76,336.94$76,336.94$1,164,379.54
Year 21-$81,692.73$81,692.73$1,246,072.26
Year 22-$87,424.28$87,424.28$1,333,496.55
Year 23-$93,557.96$93,557.96$1,427,054.50
Year 24-$100,121.97$100,121.97$1,527,176.48
Year 25-$107,146.52$107,146.52$1,634,323.00
Year 26-$114,663.91$114,663.91$1,748,986.90
Year 27-$122,708.71$122,708.71$1,871,695.61
Year 28-$131,317.94$131,317.94$2,003,013.55
Year 29-$140,531.19$140,531.19$2,143,544.74
Year 30-$150,390.84$150,390.84$2,293,935.59

Financial & Tax Advice Disclaimer

This tool is provided strictly for educational, planning, and illustrative purposes. All figures, estimates, compounding formulas, and tax calculations are based on user input parameters and current mathematical models.

No Performance Guarantee & Liability: Output calculations do not guarantee future returns, exact bank interest payouts, market gains, or legal tax liability. Toolioz and its maintainers accept no legal or financial liability for investment losses, loan commitments, or tax penalties resulting from the use of this calculator.

Always consult a certified financial planner, registered investment advisor, or Chartered Accountant (CA) before taking financial action.

What the payment leaves out

Not in the formula

  • Taxes and insurance: Property tax, PMI, and HOA fees are not added.
  • No Section 24 or 80C: Indian interest and principal deductions are not calculated.
  • No extra payments: One extra payment a year is not modeled.

Same rate, two terms

  • 30 years: $300,000 at 6.8% is about $1,956 a month.
  • Interest: About $404,079 over 360 payments.
  • 15 years: The same balance and rate is about $2,663 a month and about $179,349 of interest.

How this payment is built

One balance, one annual rate, and a term in years. The rate does not change when the term changes.

Starting example

  • •Inputs: $300,000, 6.8% a year, 30 years.
  • •Payment: About $1,956 a month.
  • •Interest: About $404,079. Total paid is about $704,079.
  • •Schedule: A month-by-month table is not shown.

Not added

  • •PMI, tax, insurance, HOA: None of these are in the payment.
  • •Down payment: There is no purchase-price field. The amount entered is the balance.
  • •Fees: Points and closing costs are not subtracted from the rate.
  • •FHA and VA: Those loan types are not separate formulas.

15 years at the same 6.8%

  • ✅Payment is about $2,663 a month, about 36% above the 30-year payment.
  • ✅Interest is about $179,349, versus about $404,079 over 30 years.
  • ✅The shorter term does not receive a lower rate in this calculator.
  • ✅Extra payments are not applied.
  • ✅Currency formatting is US dollars.

Frequently Asked Questions

No. The result is the principal-and-interest payment for the entered balance, rate, and term. Income and other debts are not inputs.

No. Property tax, homeowners insurance, PMI, and HOA fees are not added.

The rate does not change with the term. At 6.8% on $300,000, 30 years is about $1,956 a month and about $404,079 of interest. Fifteen years is about $2,663 a month and about $179,349 of interest.

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Publisher notes · reviewed 10 September 2026

Home-loan EMI from the amortization formula

The monthly EMI on a reducing-balance home loan is M = P × [i (1 + i)^n] / [(1 + i)^n − 1], where i is the monthly rate and n is the number of EMIs. That is what this page computes. It is not a sanction letter.

Reading the payment

Early EMIs are mostly interest; later EMIs are mostly principal. A ₹50 lakh loan at 8.5% for 20 years has i = 0.085/12 and n = 240. The EMI is about ₹43,391. Total payment is EMI × 240, and interest is that total minus ₹50 lakh. Changing tenure from 20 to 25 years lowers EMI and raises lifetime interest. That trade-off is the point of the table, not a recommendation to stretch every loan.

A car loan uses the same formula with a shorter n and a different rate. Put on-road price minus down payment in P. Toolioz does not publish a second EMI page for vehicles. Floating-rate loans reprice when the lender benchmark moves; this page treats the typed rate as fixed for the full n. Extra payments belong on the loan-prepayment tool.

Worked examples

  • Zero-rate edge case

    If i = 0, EMI is principal / n. The code uses that branch so a 0% test does not divide by zero.

Limits of this page

  • Processing fees, stamp duty, GST on fees, and insurance are extra cash, not inside M.
  • Part-prepayment and offset accounts are not in this EMI.

Sources