Mortgage Calculator
Mortgage Calculator
Calculate your monthly home loan payment, total interest payable, and complete amortization schedule — instantly and for free.
| Period | Payment | Principal | Interest | Balance |
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What Is a Mortgage Calculator?
A mortgage calculator is a digital financial tool that helps you estimate the monthly payment on a home loan based on the property price, down payment amount, annual interest rate, and loan tenure. It eliminates guesswork from one of the biggest financial decisions of your life — buying a home.
Whether you are a first-time homebuyer evaluating affordability, an investor comparing property financing options, or someone refinancing an existing home loan, this tool gives you clear, instant numbers so you can plan with confidence.
📐 How Is a Mortgage Payment Calculated?
This calculator uses the standard reducing balance (amortization) method, which is followed by all banks and housing finance companies in India:
M = Monthly Payment | P = Principal Loan Amount | r = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100) | n = Total Months
🏦 Mortgage vs Home Loan — What's the Difference?
In India, the terms "mortgage" and "home loan" are often used interchangeably, but they differ slightly. A home loan is money borrowed to purchase a property. A mortgage technically refers to the security pledge (the property itself) given to the lender. In practice, both refer to the same type of loan — and this calculator works for both scenarios.
💡 Smart Tips Before Taking a Home Loan
Pay More Down Payment
A 20%+ down payment lowers your EMI and reduces total interest outgo significantly.
Shorter Tenure Saves Money
A 15-year mortgage costs far less in total interest than a 30-year one, though EMI is higher.
Compare Lenders
Even 0.25% lower interest rate can save lakhs over a 20-year mortgage tenure.
Prepay When Possible
Any extra payment goes directly to reducing principal, cutting future interest charges.
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