Is it wise to prepay a mortgage?

Yes, prepaying a mortgage can save substantial interest, especially during the early years when the interest component is high. Make sure your loan does not have prepayment penalties.

How do I completely avoid paying Private Mortgage Insurance (PMI)?

You can avoid paying PMI by making a down payment of at least 20% of the home purchase price. Alternatively, once your loan-to-value (LTV) ratio drops to 80% through payments or home appreciation, you can request PMI cancellation.

What is the difference between a fixed-rate and an adjustable-rate mortgage (ARM)?

A fixed-rate mortgage maintains the same interest rate for the entire life of the loan. An adjustable-rate mortgage has an interest rate that changes periodically after an initial fixed period, based on market interest rate trends.

What are mortgage closing costs?

Closing costs are fees paid at the end of the real estate transaction. They usually amount to 2-5% of the loan amount and cover lender fees, property appraisal, title search, insurance, and taxes.

Secure•100% Client-Side

Mortgage Calculator

Estimate home loan payments and total cost.

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Parameters

Display Currency

Home Price₹

010 Cr

Down Payment₹

010 Cr

Interest Rate (p.a.)%

020

Loan TermYears

130

Calculation Results

Monthly Payment

₹34,923

Principal & Interest

₹29,823

Total Interest

₹31.58 L

Total Cost

₹83.82 L

Total Payment₹83.82 L

Principal₹40.00 L (56%)

Interest₹31.58 L (44%)

Growth Projection Over Time

Yr 1

Yr 4

Yr 7

Yr 10

Yr 13

Yr 16

Yr 19

Yr 20

Total Investment

Total Interest Earned

Repayment & Amortization Schedule

Month-by-month breakdown of principal, interest, and remaining balance.

Month	Payment	Principal	Interest	Balance
1	₹29,823	₹8,156	₹21,667	₹39.92 L
2	₹29,823	₹8,200	₹21,622	₹39.84 L
3	₹29,823	₹8,245	₹21,578	₹39.75 L
4	₹29,823	₹8,290	₹21,533	₹39.67 L
5	₹29,823	₹8,334	₹21,489	₹39.59 L
6	₹29,823	₹8,380	₹21,443	₹39.50 L
7	₹29,823	₹8,425	₹21,398	₹39.42 L
8	₹29,823	₹8,471	₹21,352	₹39.33 L
9	₹29,823	₹8,516	₹21,306	₹39.25 L
10	₹29,823	₹8,563	₹21,260	₹39.16 L
11	₹29,823	₹8,609	₹21,214	₹39.08 L
12	₹29,823	₹8,656	₹21,167	₹38.99 L
13	₹29,823	₹8,703	₹21,120	₹38.90 L
14	₹29,823	₹8,750	₹21,073	₹38.82 L
15	₹29,823	₹8,797	₹21,026	₹38.73 L
16	₹29,823	₹8,845	₹20,978	₹38.64 L
17	₹29,823	₹8,893	₹20,930	₹38.55 L
18	₹29,823	₹8,941	₹20,882	₹38.46 L
19	₹29,823	₹8,989	₹20,834	₹38.37 L
20	₹29,823	₹9,038	₹20,785	₹38.28 L
21	₹29,823	₹9,087	₹20,736	₹38.19 L
22	₹29,823	₹9,136	₹20,687	₹38.10 L
23	₹29,823	₹9,186	₹20,637	₹38.01 L
24	₹29,823	₹9,235	₹20,588	₹37.92 L
25	₹29,823	₹9,285	₹20,538	₹37.82 L
26	₹29,823	₹9,336	₹20,487	₹37.73 L
27	₹29,823	₹9,386	₹20,437	₹37.64 L
28	₹29,823	₹9,437	₹20,386	₹37.54 L
29	₹29,823	₹9,488	₹20,335	₹37.45 L
30	₹29,823	₹9,540	₹20,283	₹37.35 L
31	₹29,823	₹9,591	₹20,232	₹37.25 L
32	₹29,823	₹9,643	₹20,180	₹37.16 L
33	₹29,823	₹9,695	₹20,128	₹37.06 L
34	₹29,823	₹9,748	₹20,075	₹36.96 L
35	₹29,823	₹9,801	₹20,022	₹36.87 L
36	₹29,823	₹9,854	₹19,969	₹36.77 L
37	₹29,823	₹9,907	₹19,916	₹36.67 L
38	₹29,823	₹9,961	₹19,862	₹36.57 L
39	₹29,823	₹10,015	₹19,808	₹36.47 L
40	₹29,823	₹10,069	₹19,754	₹36.37 L
41	₹29,823	₹10,124	₹19,699	₹36.27 L
42	₹29,823	₹10,178	₹19,645	₹36.16 L
43	₹29,823	₹10,234	₹19,589	₹36.06 L
44	₹29,823	₹10,289	₹19,534	₹35.96 L
45	₹29,823	₹10,345	₹19,478	₹35.86 L
46	₹29,823	₹10,401	₹19,422	₹35.75 L
47	₹29,823	₹10,457	₹19,366	₹35.65 L
48	₹29,823	₹10,514	₹19,309	₹35.54 L
49	₹29,823	₹10,571	₹19,252	₹35.44 L
50	₹29,823	₹10,628	₹19,195	₹35.33 L
51	₹29,823	₹10,686	₹19,137	₹35.22 L
52	₹29,823	₹10,743	₹19,080	₹35.12 L
53	₹29,823	₹10,802	₹19,021	₹35.01 L
54	₹29,823	₹10,860	₹18,963	₹34.90 L
55	₹29,823	₹10,919	₹18,904	₹34.79 L
56	₹29,823	₹10,978	₹18,845	₹34.68 L
57	₹29,823	₹11,038	₹18,785	₹34.57 L
58	₹29,823	₹11,097	₹18,726	₹34.46 L
59	₹29,823	₹11,157	₹18,666	₹34.35 L
60	₹29,823	₹11,218	₹18,605	₹34.24 L
61	₹29,823	₹11,279	₹18,544	₹34.12 L
62	₹29,823	₹11,340	₹18,483	₹34.01 L
63	₹29,823	₹11,401	₹18,422	₹33.90 L
64	₹29,823	₹11,463	₹18,360	₹33.78 L
65	₹29,823	₹11,525	₹18,298	₹33.67 L
66	₹29,823	₹11,587	₹18,236	₹33.55 L
67	₹29,823	₹11,650	₹18,173	₹33.43 L
68	₹29,823	₹11,713	₹18,110	₹33.32 L
69	₹29,823	₹11,777	₹18,046	₹33.20 L
70	₹29,823	₹11,841	₹17,982	₹33.08 L
71	₹29,823	₹11,905	₹17,918	₹32.96 L
72	₹29,823	₹11,969	₹17,854	₹32.84 L
73	₹29,823	₹12,034	₹17,789	₹32.72 L
74	₹29,823	₹12,099	₹17,724	₹32.60 L
75	₹29,823	₹12,165	₹17,658	₹32.48 L
76	₹29,823	₹12,231	₹17,592	₹32.36 L
77	₹29,823	₹12,297	₹17,526	₹32.23 L
78	₹29,823	₹12,363	₹17,459	₹32.11 L
79	₹29,823	₹12,430	₹17,393	₹31.98 L
80	₹29,823	₹12,498	₹17,325	₹31.86 L
81	₹29,823	₹12,565	₹17,257	₹31.73 L
82	₹29,823	₹12,633	₹17,189	₹31.61 L
83	₹29,823	₹12,702	₹17,121	₹31.48 L
84	₹29,823	₹12,771	₹17,052	₹31.35 L
85	₹29,823	₹12,840	₹16,983	₹31.22 L
86	₹29,823	₹12,909	₹16,913	₹31.10 L
87	₹29,823	₹12,979	₹16,844	₹30.97 L
88	₹29,823	₹13,050	₹16,773	₹30.84 L
89	₹29,823	₹13,120	₹16,703	₹30.70 L
90	₹29,823	₹13,191	₹16,631	₹30.57 L
91	₹29,823	₹13,263	₹16,560	₹30.44 L
92	₹29,823	₹13,335	₹16,488	₹30.31 L
93	₹29,823	₹13,407	₹16,416	₹30.17 L
94	₹29,823	₹13,480	₹16,343	₹30.04 L
95	₹29,823	₹13,553	₹16,270	₹29.90 L
96	₹29,823	₹13,626	₹16,197	₹29.77 L
97	₹29,823	₹13,700	₹16,123	₹29.63 L
98	₹29,823	₹13,774	₹16,049	₹29.49 L
99	₹29,823	₹13,849	₹15,974	₹29.35 L
100	₹29,823	₹13,924	₹15,899	₹29.21 L
101	₹29,823	₹13,999	₹15,824	₹29.07 L
102	₹29,823	₹14,075	₹15,748	₹28.93 L
103	₹29,823	₹14,151	₹15,672	₹28.79 L
104	₹29,823	₹14,228	₹15,595	₹28.65 L
105	₹29,823	₹14,305	₹15,518	₹28.51 L
106	₹29,823	₹14,382	₹15,441	₹28.36 L
107	₹29,823	₹14,460	₹15,363	₹28.22 L
108	₹29,823	₹14,539	₹15,284	₹28.07 L
109	₹29,823	₹14,617	₹15,206	₹27.93 L
110	₹29,823	₹14,696	₹15,126	₹27.78 L
111	₹29,823	₹14,776	₹15,047	₹27.63 L
112	₹29,823	₹14,856	₹14,967	₹27.48 L
113	₹29,823	₹14,937	₹14,886	₹27.33 L
114	₹29,823	₹15,018	₹14,805	₹27.18 L
115	₹29,823	₹15,099	₹14,724	₹27.03 L
116	₹29,823	₹15,181	₹14,642	₹26.88 L
117	₹29,823	₹15,263	₹14,560	₹26.73 L
118	₹29,823	₹15,346	₹14,477	₹26.57 L
119	₹29,823	₹15,429	₹14,394	₹26.42 L
120	₹29,823	₹15,512	₹14,311	₹26.26 L
121	₹29,823	₹15,596	₹14,227	₹26.11 L
122	₹29,823	₹15,681	₹14,142	₹25.95 L
123	₹29,823	₹15,766	₹14,057	₹25.79 L
124	₹29,823	₹15,851	₹13,972	₹25.64 L
125	₹29,823	₹15,937	₹13,886	₹25.48 L
126	₹29,823	₹16,023	₹13,800	₹25.32 L
127	₹29,823	₹16,110	₹13,713	₹25.15 L
128	₹29,823	₹16,197	₹13,626	₹24.99 L
129	₹29,823	₹16,285	₹13,538	₹24.83 L
130	₹29,823	₹16,373	₹13,450	₹24.67 L
131	₹29,823	₹16,462	₹13,361	₹24.50 L
132	₹29,823	₹16,551	₹13,272	₹24.34 L
133	₹29,823	₹16,641	₹13,182	₹24.17 L
134	₹29,823	₹16,731	₹13,092	₹24.00 L
135	₹29,823	₹16,822	₹13,001	₹23.83 L
136	₹29,823	₹16,913	₹12,910	₹23.67 L
137	₹29,823	₹17,004	₹12,819	₹23.50 L
138	₹29,823	₹17,096	₹12,727	₹23.32 L
139	₹29,823	₹17,189	₹12,634	₹23.15 L
140	₹29,823	₹17,282	₹12,541	₹22.98 L
141	₹29,823	₹17,376	₹12,447	₹22.81 L
142	₹29,823	₹17,470	₹12,353	₹22.63 L
143	₹29,823	₹17,564	₹12,258	₹22.46 L
144	₹29,823	₹17,660	₹12,163	₹22.28 L
145	₹29,823	₹17,755	₹12,068	₹22.10 L
146	₹29,823	₹17,851	₹11,972	₹21.92 L
147	₹29,823	₹17,948	₹11,875	₹21.74 L
148	₹29,823	₹18,045	₹11,778	₹21.56 L
149	₹29,823	₹18,143	₹11,680	₹21.38 L
150	₹29,823	₹18,241	₹11,582	₹21.20 L
151	₹29,823	₹18,340	₹11,483	₹21.02 L
152	₹29,823	₹18,440	₹11,383	₹20.83 L
153	₹29,823	₹18,539	₹11,284	₹20.65 L
154	₹29,823	₹18,640	₹11,183	₹20.46 L
155	₹29,823	₹18,741	₹11,082	₹20.27 L
156	₹29,823	₹18,842	₹10,981	₹20.08 L
157	₹29,823	₹18,944	₹10,879	₹19.89 L
158	₹29,823	₹19,047	₹10,776	₹19.70 L
159	₹29,823	₹19,150	₹10,673	₹19.51 L
160	₹29,823	₹19,254	₹10,569	₹19.32 L
161	₹29,823	₹19,358	₹10,465	₹19.13 L
162	₹29,823	₹19,463	₹10,360	₹18.93 L
163	₹29,823	₹19,568	₹10,255	₹18.74 L
164	₹29,823	₹19,674	₹10,149	₹18.54 L
165	₹29,823	₹19,781	₹10,042	₹18.34 L
166	₹29,823	₹19,888	₹9,935	₹18.14 L
167	₹29,823	₹19,996	₹9,827	₹17.94 L
168	₹29,823	₹20,104	₹9,719	₹17.74 L
169	₹29,823	₹20,213	₹9,610	₹17.54 L
170	₹29,823	₹20,323	₹9,500	₹17.34 L
171	₹29,823	₹20,433	₹9,390	₹17.13 L
172	₹29,823	₹20,543	₹9,280	₹16.93 L
173	₹29,823	₹20,655	₹9,168	₹16.72 L
174	₹29,823	₹20,766	₹9,056	₹16.51 L
175	₹29,823	₹20,879	₹8,944	₹16.30 L
176	₹29,823	₹20,992	₹8,831	₹16.09 L
177	₹29,823	₹21,106	₹8,717	₹15.88 L
178	₹29,823	₹21,220	₹8,603	₹15.67 L
179	₹29,823	₹21,335	₹8,488	₹15.46 L
180	₹29,823	₹21,451	₹8,372	₹15.24 L
181	₹29,823	₹21,567	₹8,256	₹15.03 L
182	₹29,823	₹21,684	₹8,139	₹14.81 L
183	₹29,823	₹21,801	₹8,022	₹14.59 L
184	₹29,823	₹21,919	₹7,904	₹14.37 L
185	₹29,823	₹22,038	₹7,785	₹14.15 L
186	₹29,823	₹22,157	₹7,666	₹13.93 L
187	₹29,823	₹22,277	₹7,546	₹13.71 L
188	₹29,823	₹22,398	₹7,425	₹13.48 L
189	₹29,823	₹22,519	₹7,304	₹13.26 L
190	₹29,823	₹22,641	₹7,182	₹13.03 L
191	₹29,823	₹22,764	₹7,059	₹12.80 L
192	₹29,823	₹22,887	₹6,936	₹12.58 L
193	₹29,823	₹23,011	₹6,812	₹12.35 L
194	₹29,823	₹23,136	₹6,687	₹12.11 L
195	₹29,823	₹23,261	₹6,562	₹11.88 L
196	₹29,823	₹23,387	₹6,436	₹11.65 L
197	₹29,823	₹23,514	₹6,309	₹11.41 L
198	₹29,823	₹23,641	₹6,182	₹11.18 L
199	₹29,823	₹23,769	₹6,054	₹10.94 L
200	₹29,823	₹23,898	₹5,925	₹10.70 L
201	₹29,823	₹24,027	₹5,796	₹10.46 L
202	₹29,823	₹24,158	₹5,665	₹10.22 L
203	₹29,823	₹24,288	₹5,535	₹9.97 L
204	₹29,823	₹24,420	₹5,403	₹9.73 L
205	₹29,823	₹24,552	₹5,271	₹9.48 L
206	₹29,823	₹24,685	₹5,138	₹9.24 L
207	₹29,823	₹24,819	₹5,004	₹8.99 L
208	₹29,823	₹24,953	₹4,870	₹8.74 L
209	₹29,823	₹25,089	₹4,734	₹8.49 L
210	₹29,823	₹25,224	₹4,598	₹8.24 L
211	₹29,823	₹25,361	₹4,462	₹7.98 L
212	₹29,823	₹25,498	₹4,324	₹7.73 L
213	₹29,823	₹25,637	₹4,186	₹7.47 L
214	₹29,823	₹25,775	₹4,047	₹7.21 L
215	₹29,823	₹25,915	₹3,908	₹6.96 L
216	₹29,823	₹26,055	₹3,768	₹6.69 L
217	₹29,823	₹26,197	₹3,626	₹6.43 L
218	₹29,823	₹26,338	₹3,484	₹6.17 L
219	₹29,823	₹26,481	₹3,342	₹5.90 L
220	₹29,823	₹26,625	₹3,198	₹5.64 L
221	₹29,823	₹26,769	₹3,054	₹5.37 L
222	₹29,823	₹26,914	₹2,909	₹5.10 L
223	₹29,823	₹27,060	₹2,763	₹4.83 L
224	₹29,823	₹27,206	₹2,617	₹4.56 L
225	₹29,823	₹27,354	₹2,469	₹4.29 L
226	₹29,823	₹27,502	₹2,321	₹4.01 L
227	₹29,823	₹27,651	₹2,172	₹3.73 L
228	₹29,823	₹27,800	₹2,023	₹3.46 L
229	₹29,823	₹27,951	₹1,872	₹3.18 L
230	₹29,823	₹28,102	₹1,721	₹2.90 L
231	₹29,823	₹28,255	₹1,568	₹2.61 L
232	₹29,823	₹28,408	₹1,415	₹2.33 L
233	₹29,823	₹28,562	₹1,261	₹2.04 L
234	₹29,823	₹28,716	₹1,107	₹1.76 L
235	₹29,823	₹28,872	₹951	₹1.47 L
236	₹29,823	₹29,028	₹795	₹1.18 L
237	₹29,823	₹29,185	₹638	₹88,508
238	₹29,823	₹29,344	₹479	₹59,165
239	₹29,823	₹29,502	₹320	₹29,662
240	₹29,823	₹29,662	₹161	₹0

Calculator Guide & Math

1How Mortgage Payments & PITI Costs are Calculated

A home mortgage is typically a long-term borrowing structure with multiple embedded fees. Beyond the standard Principal & Interest (P&I) paid to the lender, home purchases require additional monthly outlays: property taxes, home insurance, and Private Mortgage Insurance (PMI). The complete monthly payment is known as PITI. PMI applies if the down payment is less than 20% of the total home purchase value, as it protects the lender against default.

Formula & Math Explanation

PITI = P&I + Property Tax + Insurance + PMI

•P&I = Calculated using the standard loan formula on the base loan amount (Purchase price minus Down payment).
•Property Tax = Annual property tax value divided by 12.
•Insurance = Monthly homeowner insurance expense (annual premium / 12).
•PMI = Private Mortgage Insurance, calculated annually (usually 0.5% to 1.5% of the loan amount) and paid monthly.

2Step-by-Step Mortgage Walkthrough Example

You purchase a house for ₹1,50,00,000 (1.5 Crore) with a 15% down payment (₹22.5 Lakhs) at a fixed 7.5% annual rate for a 30-year term. Annual property tax is 1.2%, annual insurance is ₹24,000, and annual PMI is 0.5%.

Base loan amount: ₹1,50,00,000 - ₹22,50,000 = ₹1,27,50,000 (1.275 Crore).
Solve monthly interest: 7.5% / 12 / 100 = 0.00625. Installments: 360 months.
Monthly P&I payment = [12,750,000 x 0.00625 x (1.00625)^360] / [(1.00625)^360 - 1] = ₹89,150.
Monthly property tax: (1.2% of ₹1.5 Cr) / 12 = (180,000) / 12 = ₹15,000.
Monthly home insurance: ₹24,000 / 12 = ₹2,000.
Monthly PMI (Down payment 15% is less than 20%): (0.5% of ₹1,27,50,000) / 12 = ₹5,312.50.
Add all components: ₹89,150 + ₹15,000 + ₹2,000 + ₹5,312.50 = ₹1,11,462.50.

Result Summary: Your total monthly mortgage check is ₹1,11,463. Once the outstanding principal balance falls to 80% (₹1,20,000,000), you can contact your bank to cancel the monthly ₹5,313 PMI charge.

Mortgage Calculator FAQs

An escrow account is a separate holding account managed by the lender. Part of your monthly payment is placed in escrow to pay for property taxes and home insurance on your behalf when they fall due.