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Mortgage Calculator

Calculate your mortgage payments and view detailed amortization schedule

Loan Details

₹1,000,000 (20%)

₹4,000,000

Additional Costs

Monthly Mortgage Payment

₹0

Total Monthly Payment

₹0

(Including taxes, insurance, and maintenance)

Total Interest

₹0

Total Cost

₹0

Payment Breakdown

Amortization Progress

Amortization Schedule

Date Payment Principal Interest Balance Total Cost

Understanding Mortgage Payments

A mortgage payment typically includes principal, interest, taxes, and insurance (PITI). Understanding these components helps you budget effectively for homeownership.

Payment Components

  • Principal: The amount that goes toward paying off your loan balance
  • Interest: The cost of borrowing, calculated as a percentage of your loan
  • Property Tax: Annual taxes assessed by your local government
  • Insurance: Protection for your property against damage or loss

Down Payment Impact

  • Larger down payment reduces monthly payments
  • 20% or more avoids Private Mortgage Insurance (PMI)
  • Lower down payment means higher total interest cost
  • Consider your savings and monthly budget when deciding

Important Notes

  • Interest rates vary based on credit score and market conditions
  • Property taxes may change over time
  • Additional costs may include HOA fees or maintenance
  • Consider getting pre-approved before house hunting

Frequently Asked Questions

What is a mortgage?

A mortgage is a loan that funds the purchase or refinance of a home.

How much does a mortgage cost?

The cost of a mortgage depends on the loan amount, interest rate, and loan term.

Can I get a mortgage with bad credit?

Yes, you can get a mortgage with bad credit, but it may have higher interest rates and higher monthly payments.

Can I get a mortgage for a home that I already own?

Yes, you can get a mortgage for a home that you already own, but it may have higher interest rates and higher monthly payments.

What is the maximum loan amount?

The maximum loan amount depends on your credit score and other factors.

What are the loan terms?

The loan terms include the number of years and the interest rate.