Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and see the complete amortization schedule.
About Mortgage Calculator
A mortgage calculator helps you estimate monthly payments on a home loan. The formula is: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is loan amount, r is monthly interest rate, and n is total months.
How to Use Mortgage Calculator
Enter Your Values
Fill in the required input fields with your numbers. The calculator accepts both whole numbers and decimals.
Adjust Settings
Customize parameters like time period, rate, or frequency using the dropdown menus and input fields.
View Results
Click Calculate or watch results update instantly. Review the detailed breakdown table for insights.
Save or Share
Copy the results or take a screenshot. You can bookmark this page for quick access anytime.
Key Features
Accurate Results
Uses precise mathematical formulas following international standards.
Instant Calculation
Results update in real-time as you type — no delays.
Works on All Devices
Fully responsive design works on desktop, tablet, and mobile.
100% Private
All calculations happen locally in your browser. No data is sent anywhere.
Completely Free
No registration, no hidden fees. Unlimited calculations forever.
Detailed Breakdown
See step-by-step results with charts and tables for better understanding.
Common Use Cases
- Calculate monthly EMI payments for a home loan
- Compare loan offers from different banks
- Plan your home purchase budget based on EMI affordability
- See the total interest paid over the loan lifetime
- Evaluate the impact of making prepayments on your loan
Frequently Asked Questions
How is EMI calculated for a home loan?
EMI = [P × r × (1+r)^n] / [(1+r)^n - 1], where P is the loan principal, r is the monthly interest rate, and n is the total number of monthly payments. Our calculator uses this standard formula used by all banks.
What is a good home loan interest rate?
As of 2024-25, competitive home loan rates in India range from 8.25% to 9.5% depending on the bank, your credit score, and the loan amount. Compare offers from multiple lenders.
Should I choose a longer or shorter loan tenure?
Shorter tenure means higher EMI but much less total interest paid. A 15-year loan at 8.5% costs about 40% less in total interest than a 30-year loan. Choose based on your monthly affordability.
How much home loan can I get?
Banks typically approve loans where EMI doesn't exceed 40-50% of your monthly income. If you earn ₹1,00,000/month, your maximum EMI would be ₹40,000-50,000.
What is the impact of prepaying a home loan?
Prepaying even small amounts can save lakhs in interest. A ₹50 lakh loan at 8.5% for 20 years — paying ₹10,000 extra monthly can save ₹15+ lakhs in interest and close the loan 5 years early.