The Free Tool Mart Mortgage Calculator gives you an instant breakdown of your monthly payment, EMI, total interest, and a complete amortization schedule. It works for US, UK, and European mortgages, supporting USD, GBP, EUR, and other currencies — perfect for home buyers, refinancers, and users comparing lenders.
Free Mortgage Calculator – EMI, Monthly Payment & Amortization
Mortgage Calculator
Loan Amount
Monthly P&I
Monthly Tax
Monthly Insurance
Monthly PMI
Monthly HOA
Total Monthly Payment
Total Interest (P&I term)
Total Paid (P&I term)
| Month | P&I | Interest | Principal | Balance |
|---|
How to Use the Mortgage Calculator (3 Simple Steps)
Add Your Home Loan Basics
1. Enter Basic Home Loan Details
Start by entering the main values required by the mortgage calculator:
- Home Price
- Down Payment (%)
- Interest Rate (per year)
- Loan Term (years or months)
The loan amount updates automatically based on your down payment.
Add Real Housing Costs
2. Add Real Housing Costs
For a complete and realistic monthly mortgage estimate, add the additional homeownership expenses:
- Annual Property Tax
- Home Insurance
- PMI / Mortgage Insurance (if applicable)
- HOA or Service Fees
- Select Your Currency (USD, GBP, EUR, etc.)
These values help calculate your true monthly payment beyond just principal and interest.
Click “Calculate Mortgage”
3. Click “Calculate Mortgage”
After entering all required details, press the Calculate button to instantly view your results:
- Monthly EMI / Mortgage Payment
- Total Interest & Total Repayment
- Annual Cost Breakdown
- PMI Details (if applicable)
- Full Amortization Schedule
- Principal + Interest Split for Each Month
Use these numbers to compare lenders, evaluate affordability, or check refinancing options.
Simple Mortgage Calculator for US, UK & Europe
United States (US) Mortgage Calculator
Supports:
- PMI (Private Mortgage Insurance)
- Property tax %
- Home insurance
- HOA fees
- 15, 20, 30-year terms
Ideal for first-time buyers and refinancing.
United Kingdom (UK) Mortgage Calculator
Works for:
- GBP currency
- Repayment or interest-only
- Tracker or fixed-rate structures
A clean alternative to Halifax or Nationwide calculators.
Europe Mortgage Calculator
Designed for EUR-based mortgages with:
- Local taxes
- Variable-rate loans
- Longer loan terms (20–35 years)
Why This Mortgage Calculator Is More Accurate
Realistic Payment Breakdown
You get principal, interest, tax, insurance, PMI, and HOA — a complete financial picture.
Compare Loan Offers Instantly
Test different rates, down payments, and terms to find the best lender.
Detailed Amortization Table
Shows monthly principal, interest, remaining balance, and equity growth — essential for planning payoff and refinancing.
Mortgage EMI Formula (Explained Simply)
EMI = (P × R × (1 + R)^N) ÷ ((1 + R)^N – 1)
Where:
- P = loan amount
- R = monthly interest rate (annual ÷ 12 ÷ 100)
- N = number of months
This formula is universal for US, UK, and EU mortgage systems.
Amortization Schedule – What You Get
The calculator includes:
- EMI per month
- Principal vs. interest split
- Remaining balance
- PMI removal timeline
- Annual summaries
- Equity gained year by year
Perfect for long-term financial planning.
Benefits of Using a Mortgage Calculator
- Accurate EMI + full amortization table
- Works for US, UK, and European mortgage rules
- Includes tax, insurance, PMI, and HOA fees
- Helps compare lenders and refinance decisions
- Clear affordability estimate for buyers
- Fast, mobile-friendly interface
FAQs – Free Mortgage Calculator
The calculator follows the standard amortization formula used by most lenders worldwide. Results are estimates only and can vary depending on lender policies, taxes, insurance costs, and individual financial conditions. Always confirm final figures directly with your lender or financial institution.
Yes, the calculator can estimate PMI when the down payment is below a typical threshold. This estimate is for general reference only, as actual PMI rates and policies differ between lenders and regions.
You can use the calculator to compare different interest rates and terms for informational purposes. It provides an estimate of how payment changes might look, but refinancing decisions should always be made after checking official lender offers.
Yes, it supports GBP, EUR, and different regional tax inputs. Since mortgage rules vary by country and lender, the calculator provides a general estimate rather than country-specific financial advice.
The amortization table shows how payments are divided into principal and interest over time. It helps users understand how mortgage balances change each month. It should be used as an informational reference, not as a substitute for lender-provided documentation.
You can adjust the interest rate in the calculator to see how estimated payments might differ. These results are only illustrative, since real mortgage offers depend on lender assessments and market conditions.
The calculator allows you to include annual property tax to reflect a more complete estimate of homeownership costs. Actual tax rates and escrow arrangements vary by location and should be verified with local authorities or your lender.
Yes, the tool is free to use, requires no sign-up, and can be used as many times as needed. It is designed solely for informational purposes and does not provide financial advice.
The calculator can illustrate how payments may change under different rates or terms. It does not determine whether refinancing is suitable for you. A lender or qualified advisor should confirm any refinancing decision.
Learn More About Mortgages (External Links)
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