How to Use the Home Loan Calculator

Our home loan calculator is user-friendly and packed with features to help you plan your mortgage. Follow these step-by-step instructions to use this home loan EMI calculator and get a clear picture of your monthly payments and total costs.

Step 1: Enter the Home and Loan Details

• Home Price ($): Input the total price of the home you plan to purchase. For example, if the home costs $400,000, enter “400000” to calculate your home loan EMI.
• Down Payment: Specify the amount you’re paying upfront, either as a dollar amount or percentage. For example, enter “$80,000” or “20%” to see how it affects your loan amount with this home loan repayment calculator.
• Loan Term (years): Choose the duration of your loan. Common terms are 30, 15, or 10 years. For example, select “30 years” for a 30-year mortgage.
• Interest Rate (%): Enter the annual interest rate offered by your lender. For example, if the rate is 6.811%, enter “6.811” to use this home loan interest calculator.
• Start Date: Select the date when your loan begins. For example, choose “04/10/2025” to calculate your payoff date accurately.
• ZIP Code: Enter your ZIP code to estimate local tax rates (optional). For example, enter “90210” for a more accurate calculation.
• Credit Score: Select your credit score range to estimate a suitable interest rate. For example, choose “740+ (Excellent)” for better rates.

Step 2: Add Taxes, Insurance, and Other Costs

• Include taxes & insurance?: Check this box if you want to include property taxes, insurance, and other costs in your monthly payment, a feature often found in tools like the SBI loan calculator.
• Property Tax: Input the property tax rate or amount. For example, enter “1.2%” or “$4,800 per year” to calculate your tax burden.
• Home Insurance ($ per year): Enter the annual cost of home insurance. For example, enter “1500” for $1,500 per year.
• PMI Insurance ($ per month): If applicable, enter the monthly PMI cost. For example, enter “0” if your down payment is 20% or more.
• HOA Fee ($ per month): Input any HOA fees. For example, enter “0” if there are no HOA fees.
• Other Costs ($ per year): Add any additional annual costs, such as maintenance. For example, enter “4000” for $4,000 per year.

Step 3: Calculate Your Loan

Once you’ve filled in all the fields, click the Calculate button. The home loan calculator will instantly display your results, including your monthly EMI and total costs.

Step 4: Review Your Results

• Monthly Payment: The total amount you’ll pay each month, including mortgage, taxes, and insurance. For example, “$2,946.84”.
• Mortgage Payment: The portion of your monthly payment that goes toward principal and interest, such as “$2,088.51”.
• Property Tax: The monthly and total property tax, like “$400.00” monthly and “$144,000.00” total.
• Home Insurance: The monthly and total home insurance cost, for example, “$125.00” monthly and “$45,000.00” total.
• Other Costs: Additional monthly and total costs, such as “$333.33” monthly and “$120,000.00” total.
• Total Out-of-Pocket: The total cost including all payments and down payment, like “$1,060,862.11”.
• Loan Amount: The amount you’re borrowing, such as “$320,000.00”.
• Total Interest: The total interest paid over the loan term, for example, “$431,862.11”.
• Payoff Date: The date when your loan will be fully paid, like “04/2055”.

Step 5: Explore the Payment Breakdown

The Payment Breakdown section shows a pie chart illustrating the proportion of your monthly payment that goes toward principal and interest, taxes, insurance, and other costs, helping you understand your expenses with this home loan interest calculator.

Step 6: Check the Amortization Schedule

• The Amortization Schedule provides a detailed view of your loan repayment over time using this home loan repayment calculator.
• Toggle between Annual and Monthly views using the tabs.
  • Annual View: Shows the total interest, principal, and remaining balance for each year.
  • Monthly View: Breaks down the interest, principal, and balance for each month.
• For example, in the annual view, you might see that in Year 1, you paid $21,853.93 in interest, $3,245.36 in principal, leaving a balance of $316,754.64.

Step 7: Adjust and Recalculate

To explore different scenarios (e.g., a larger down payment or shorter loan term), adjust the input values and click Calculate again. You can also click Clear to reset all fields and start over with this home loan EMI calculator.

This home loan calculator is designed to give you a comprehensive understanding of your mortgage, helping you plan your budget and make informed decisions.