Calculate Your Mortgage
Calculate home loan EMI, total interest, and payment schedule
Loan Details
Adjust the sliders to calculate
Payment Breakdown
Yearly Payment Breakdown
About Mortgage Calculator
A home loan calculator helps you estimate your monthly EMI, total interest payable, and plan your home purchase effectively. It uses the standard EMI formula to calculate your repayment schedule.
Key Benefits
- Plan your home purchase budget effectively
- Compare different loan options and interest rates
- Understand the total cost of your home loan
- Plan your finances for the loan tenure
Frequently Asked Questions
A mortgage is a loan used to purchase real estate, where the property serves as collateral. The borrower makes monthly payments (EMI) to repay the loan over time.
Mortgage payment (EMI) is calculated using: EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is principal, R is monthly interest rate, and N is tenure in months.
An amortization schedule shows the breakdown of each payment into principal and interest components, and how the loan balance decreases over time.
Prepaying your mortgage reduces the principal amount, which can lower your total interest paid or reduce the loan tenure. Some lenders charge prepayment penalties.