Mortgage & Home Loan Calculator
Estimate monthly mortgage payments, total interest and payoff date using home price, down payment, loan term and interest rate.
You may also like:
Mortgage & Home Loan Calculator
Buying a home is one of the most important financial decisions an individual or family makes. Whether you are purchasing your first flat, upgrading to a larger home, or investing in residential property, a home loan (also known as a mortgage) is usually involved. Because home loans in India typically run for 15 to 30 years, even small differences in interest rates, loan tenure, or down payment can result in lakhs of rupees in extra cost over time.
This mortgage calculator is designed to help estimate monthly EMI, total interest payable, loan payoff timeline, and year-wise outstanding balance. It uses standard amortization formulas followed by Indian banks, housing finance companies, and NBFCs, giving you a realistic picture of your long-term financial commitment before you apply for a home loan.
What Is a Mortgage or Home Loan in India?
In India, a mortgage commonly refers to a home loan where a borrower pledges a residential property as collateral to a lender in exchange for funds. The borrower repays the loan through Equated Monthly Instalments (EMIs), which include both principal repayment and interest. Home loans are offered by public sector banks, private banks, housing finance companies, and NBFCs.
Most home loans in India are floating-rate loans, meaning the interest rate can change based on RBI policy decisions, repo rate movements, and market conditions. Understanding how these loans work before committing is essential for long-term financial stability.
Why Use a Mortgage Calculator Before Taking a Home Loan?
Many borrowers focus only on whether they can afford the monthly EMI. While EMI affordability is important, it does not tell the full story. A mortgage calculator helps you understand the total cost of borrowing, how much interest you will pay over time, and how your loan balance reduces year by year.
Using this calculator, you can compare different loan scenarios, adjust your down payment, change loan tenure, test interest rates, and evaluate the impact of making extra monthly payments. This helps you avoid over-borrowing and plan your finances more responsibly.
Inputs Explained for Home Buyers
Home Price: The total cost of the property you are purchasing. This usually excludes stamp duty, registration charges, interior costs, and maintenance deposits, which should be planned separately.
Down Payment: The portion of the home price paid upfront from your own funds. In India, lenders typically require a down payment of 10% to 20% depending on property value and borrower profile.
Interest Rate: The annual rate charged by the lender. Even a small change in interest rate can significantly impact the total interest paid over a long loan tenure.
Loan Term: The number of years over which the loan is repaid. Longer tenures reduce EMI but increase total interest, while shorter tenures increase EMI but save interest.
Extra Monthly Payment: Optional additional payment toward principal repayment. Even small extra payments can shorten the loan tenure by several years and save lakhs in interest.
Understanding EMI and Amortization
Home loan EMIs in India follow an amortization structure. In the early years, a large portion of the EMI goes toward interest, while only a small portion reduces the principal. Over time, the interest portion decreases and the principal repayment increases.
This calculator shows a clear yearly breakdown of payments, helping you see exactly how your loan progresses. The year-end balance column shows how much loan remains after each year, which is extremely useful for financial planning and prepayment decisions.
Importance of Year-End Balance
The year-end balance represents the outstanding loan amount after all EMIs for that year have been paid. Many borrowers are surprised to see that even after paying EMIs for several years, a large portion of the loan may still remain outstanding. This insight encourages better repayment strategies and smarter financial planning.
Home Loan Prepayment and Interest Savings
Most Indian banks allow partial prepayment on floating-rate home loans without penalty. Making extra payments directly reduces principal, which in turn lowers future interest. This calculator helps you understand how much interest you can save by making regular or occasional prepayments.
Tax Benefits on Home Loans in India
Home loan borrowers in India may be eligible for tax benefits under the Income Tax Act. Principal repayment may qualify under Section 80C, while interest paid may qualify under Section 24(b), subject to limits and conditions. Understanding the principal and interest breakup helps in effective tax planning.
Why This Mortgage Calculator Is Useful
This calculator provides bank-grade accuracy, supports down payment percentage input, shows year-wise loan balance, allows extra payment simulation, and works entirely in your browser without storing any personal data. It is suitable for first-time buyers, investors, and anyone planning long-term finances in India.
Use this mortgage calculator to compare loan options, understand affordability, plan prepayments, and make informed home-buying decisions with confidence.
Frequently Asked Questions
Does this include taxes?
No. Property taxes, insurance and PMI are not included in the monthly payment shown.
What does an extra monthly payment do?
Extra payments reduce principal faster, shortening loan duration and lowering total interest paid.
Can I trust these numbers?
These values use standard mortgage formulas. Your actual costs may vary slightly depending on lender requirements.
Is my data stored?
No. Everything is calculated locally in your browser.