Loans & EMI
Mortgage Calculator
Home loan calculator with advanced features
About the Mortgage calculator
Free Mortgage Calculator for home loan EMI, monthly payments & total interest cost. Compare mortgage rates & analyze loan terms for home purchase.
How the maths works
Mortgage Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]- M
- Monthly mortgage payment
- P
- Principal loan amount
- r
- Monthly interest rate
- n
- Total number of payments
A worked example
Home Purchase Example
| Home Price | ₹1,00,00,000 |
| Down Payment | ₹20,00,000 |
| Interest Rate | 8.0% per annum |
| Tenure | 25 years |
Monthly Payment: ₹61,681
How to use it
- Enter the home purchase price
- Specify your down payment amount
- Input the mortgage interest rate
- Add property taxes and insurance costs
- Get comprehensive monthly payment breakdown
What it accounts for
- Calculate monthly mortgage payments
- Include property taxes and insurance
- Factor in PMI (Private Mortgage Insurance)
- Analyze different down payment scenarios
- View amortization schedule with equity buildup
Why it is worth working out
- Determine affordable home price range
- Compare different mortgage options
- Understand total homeownership costs
- Plan for down payment requirements
Questions people ask
How much home loan can I actually get?
Two limits apply and the lower one binds. Loan-to-value caps the loan at 75% to 90% of the property value depending on the ticket size, and the income test caps total EMIs at roughly 40% to 55% of net monthly income. A high salary does not help if the property is valued low, and vice versa.
What costs does the loan not cover?
Stamp duty and registration (5% to 8% of value in most states), the down payment, GST on an under-construction property, brokerage, and the interiors. Budget 10% to 15% of the property price in cash on top of the down payment.
Should I take the maximum loan I qualify for?
Rarely. The eligibility figure is the most a lender is willing to risk, not the most you should borrow. It ignores school fees, elderly parents, a possible income gap, and the fact that a home has running costs a rented flat does not.
Is a home loan worth keeping for the tax benefit?
Under the old regime you can claim up to ₹2 lakh of interest under section 24(b) and principal within the ₹1.5 lakh section 80C limit. Under the new regime neither applies to a self-occupied property. Even at best you are spending a rupee of interest to save about 30 paise of tax — a reason to be relaxed about a home loan, never a reason to keep one.
Read more on this
- The four-second decision that costs ₹34 lakh — Loan tenure is chosen quickly, almost always to make the EMI comfortable. It is the single most expensive number in the whole transaction.
This calculator is for information and education. It is not financial advice — see the disclaimer.