Estimate monthly mortgage payment globally with principal, interest, taxes, insurance, and HOA.
Principal & Interest formula: M = P[r(1+r)^n] / [(1+r)^n - 1]
A full mortgage payment (PITI) includes Principal, Interest, property Tax, and Insurance. Some also include HOA fees and PMI (Private Mortgage Insurance if down payment is below 20%).
In India, banks typically require 10-20% down payment. Higher down payment means lower EMI and total interest cost. Some banks offer up to 90% loan-to-value for properties under ₹30 lakh.
An EMI calculator shows just the loan repayment amount. A mortgage calculator includes additional costs like property tax, home insurance, maintenance, and HOA — giving you the true monthly housing cost.
Floating rates are typically 0.5-1% lower and benefit when rates fall. Fixed rates provide predictability but are higher. In India's current scenario, floating rates are more common and usually advantageous over long tenures.
Banks approve loans where EMI doesn't exceed 40-50% of net income. For a ₹1 lakh monthly salary, you could get approval for approximately ₹50-70 lakh loan at current rates with a 20-year tenure.