Home › Calculators › Mortgage Calculator

Mortgage Calculator

Before you commit to a home loan, you need to know the real monthly cost. This free mortgage calculator estimates your monthly EMI payment, the total interest you will pay and the total amount over the life of the loan — using the standard amortisation formula, so you can budget with confidence.

Loan amount

Annual interest rate (%)

Loan term (years)

What is a Mortgage Calculator?

A mortgage calculator, also called a home loan calculator, works out the fixed monthly EMI (equated monthly instalment) you would pay on a loan amount at a given annual interest rate over a set term. It also shows the total interest you pay over the whole loan, which is often a surprising, large figure.

The maths is a standard amortisation calculation. The formula is EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate divided by 12 and by 100), and n is the number of monthly payments. This gives a fixed amount that covers principal and interest each month, gradually shifting more of your payment toward the principal as time goes on.

Borrowers use it to see how a larger loan amount, a higher rate or a shorter term changes the monthly payment, and to decide on a down payment or a loan term that fits their budget. Comparing scenarios before you visit a lender helps you negotiate with confidence.

How to use the Mortgage Calculator

Enter the loan amount (the principal you plan to borrow).
Enter the annual interest rate as a percentage.
Enter the loan term in years.
Click Calculate to see your monthly payment, total interest and total payable.
Change the values and recalculate to compare different terms and rates.

Example

Loan amount 5,000,000, annual rate 8%, term 20 years.

Monthly rate = 8/12/100, n = 240 payments.

EMI ≈ 41,822. Total interest over the term ≈ 5,037,281, and total payable ≈ 10,037,281.

Who is this mortgage calculator for?

A mortgage calculator (home loan calculator) is useful at any stage, but it answers slightly different questions for four kinds of buyers.

Students and young adults: A mortgage calculator for students and young adults helps you price your first home realistically — see the EMI for a starter property and how a bigger down payment keeps the monthly payment affordable.
Couples: A mortgage calculator for couples lets you enter a shared loan amount, rate and term to lock a monthly EMI both budgets can carry, and to test whether a joint purchase stays comfortable.
Salaried professionals: A mortgage calculator for salaried professionals is a way to compare offers — change the rate or term to see the monthly payment and the total interest you will pay over the life of the loan before you commit.
Retirees: A mortgage calculator for retirees is best used to keep a fixed EMI manageable on a fixed income, so the payment stays a safe share of your pension.

Mortgage chart: loan amount vs. monthly payment

Using the tool’s standard EMI formula at a fixed 8.5% annual rate over 20 years, here is how the principal you borrow changes your monthly payment and total interest.

Loan amount	Monthly EMI	Total interest
₹25,00,000	₹21,696	₹27,06,939
₹30,00,000	₹26,035	₹32,48,327
₹50,00,000	₹43,391	₹54,13,879
₹75,00,000	₹65,087	₹81,20,818
₹1,00,00,000	₹86,782	₹1,08,27,758

Common use cases

Budgeting for a home purchase by knowing your true monthly commitment.
Comparing mortgage offers with different interest rates and terms.
Deciding how large a down payment you need to keep payments affordable.
Understanding how much interest you will pay over the life of the loan.

Pro tips

A shorter term raises the monthly payment but cuts total interest, often dramatically — test this before you settle on 30 years.
A small reduction in the interest rate can save you a large amount over the term, so shop around and negotiate.
A larger down payment lowers the principal and thus the total interest, but only if it does not empty your savings.
This calculator gives principal and interest only — remember to budget for property taxes, insurance and fees on top.

FAQ

What is an EMI?

EMI stands for equated monthly instalment, the fixed amount you pay every month on a loan, covering both the principal and the interest.

How is the monthly payment calculated?

It uses the standard amortisation formula EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where r is the monthly rate and n is the number of monthly payments.

How does the loan term affect my payment?

A shorter term means a higher monthly payment but far less total interest, while a longer term lowers the payment but costs more in interest overall.

Does this include property tax or insurance?

No. This shows the principal and interest only. Budget separately for property taxes, homeowners insurance, PMI and any fees.

Why does the total interest seem so high?

Because interest is charged on the outstanding balance for the whole term, the total interest can rival or exceed the original loan, especially for long terms.

What is a good interest rate?

Rates vary with the market, your credit score and the loan term, so compare offers rather than relying on a single figure.

Is it private and free?

Yes. The calculation runs entirely in your browser and is completely free, with no data uploaded.

Does it work for other loan types?

The same formula applies to any fixed-rate amortised loan, so you can also use it for car or personal loans.