Use the free Mortgage Calculator on ToolVexa to estimate your monthly home loan payment. Enter the home price, your down payment, the annual interest rate and the term in years.
How to Use
Enter the full home price and the amount you will pay upfront. Add the annual interest rate and the loan term in years, then press Calculate to see the loan amount, monthly payment, total payment and total interest.
Formula in Plain Words
The loan amount is the home price minus the down payment. The annual rate is turned into a monthly rate by dividing by 12 and then by 100, and the standard EMI formula spreads the loan over all the monthly payments. Total interest is the total payment minus the loan amount.
Worked Example
For a home price of 120000 with a 20000 down payment, the loan is 100000. At 10% a year over 1 year, the monthly payment is about 8791.59, the total payment is about 105499.06, and the total interest is about 5499.06.
FAQs
What is a down payment?
It is the amount you pay upfront when buying a home. The rest of the price is covered by the mortgage loan.
Does the calculator include taxes and insurance?
No. This calculator shows the loan payment only, so taxes, insurance and other charges are not included.
Why does a longer term raise total interest?
A longer term means more months of interest charges, even though each monthly payment is usually lower.