Loan amount = Home price – Down payment
Monthly interest rate = Annual interest rate ÷ 12 ÷ 100
Number of monthly payments = Loan term in years × 12
Monthly EMI = [Loan amount × Monthly interest rate × (1 + Monthly interest rate)^Number of payments] ÷ [(1 + Monthly interest rate)^Number of payments – 1]
Total repayment = Monthly EMI × Number of payments
Total interest = Total repayment – Loan amount
Add property tax, insurance, and maintenance to estimate total monthly housing cost
Check affordability by keeping total housing cost within your monthly budget