What this calculator shows you
The number a lender quotes — "your payment will be X per month" — is usually just principal and interest. The payment that actually leaves your account each month also carries property tax, home insurance and any HOA or maintenance fees, and together they routinely add 20–40% on top. This calculator shows both: the loan payment itself, and the true monthly total with everything included, plus the figure that shapes the whole decision — total interest over the life of the loan.
How to use it
- Enter the home price and your down payment — as an amount or a percentage; the two fields stay in sync.
- Enter the interest rate and pick the loan term. Thirty years is the common default; watch what fifteen does to total interest.
- Optionally open the taxes-and-fees section and add yearly property tax, insurance and monthly HOA to see your real monthly outflow.
- Check the payoff schedule to watch principal and interest trade places over the years.
Three things worth noticing
- The early years are interest-heavy. On a 30-year loan, most of your first years' payments service interest — the schedule makes this visible, and it's why extra early payments are so powerful.
- A bigger down payment does double duty. It shrinks the loan and often earns a better rate; below 20% down, many lenders also add mortgage insurance.
- Compare terms, not just payments. A 15-year term roughly halves total interest versus 30 years for the same loan — the calculator makes this comparison a ten-second exercise.
Figures here are planning estimates using the standard amortization formula; your lender's exact schedule (with fees and rounding) is the binding document. This is information, not financial advice.
Frequently asked questions
What does the monthly payment include?
The core figure is principal + interest on the loan. Add yearly property tax, insurance and monthly HOA in the optional section to see the full monthly outflow — those extras routinely add 20–40% on top of the loan payment.
Does it work for Nepali home loans?
Yes — it's currency-neutral and uses the same amortization formula banks everywhere use. Enter amounts in NPR and your bank's quoted annual rate. Note that many Nepali home loans have floating rates that can change your payment later.
15 or 30 year loan — how do I compare?
Run both terms with the same loan amount. The 15-year payment is higher, but total interest is typically less than half — the calculator's total-interest stat makes the trade-off concrete in seconds.
How accurate is this versus my bank's quote?
The principal-and-interest math matches standard bank amortization to the rupee/dollar. Your official schedule may differ slightly with fees, insurance requirements and rounding — always confirm final figures with the lender.