🏠 Mortgage Calculator

Calculate your monthly home loan EMI, total interest, and amortisation schedule.

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What is a Mortgage Calculator?

Buying a home is likely the single largest financial commitment most Indians make, often spanning 15 to 30 years of repayment. Before you approach a bank for a home loan, it's worth working out exactly how the numbers stack up: how much you're actually financing after your down payment, what your monthly EMI will look like, and how much interest you'll pay over the full tenure. This mortgage calculator does that math for any property price, down payment, interest rate, and loan tenure you enter.

Home Loan EMI Formula

Loan Amount (P) = Property Price − Down Payment
EMI = P × r × (1 + r)^n ÷ [(1 + r)^n − 1]

where r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the tenure in months.

Worked Example

Take a property priced at ₹60,00,000 with a down payment of ₹12,00,000 (20%), leaving a loan amount of ₹48,00,000 at 8.5% annual interest over 20 years (240 months). The monthly rate works out to r = 0.007083. Solving the EMI formula gives a monthly instalment of approximately ₹41,660. Over the full 20-year tenure, you'd repay roughly ₹99.98 lakh in total, meaning around ₹51.98 lakh of that is interest — more than the loan amount itself, which shows why tenure and rate matter so much on long-duration home loans.

How to Use This Calculator

  1. Enter the property price you intend to purchase.
  2. Enter your planned down payment — Indian lenders typically require 10–25% of the property value upfront.
  3. Enter the interest rate offered by your bank or housing finance company.
  4. Enter the loan tenure in years (home loans in India can run up to 30 years).
  5. Click Calculate to see your EMI, total repayment, and total interest.

Home Loan Tax Benefits Worth Knowing

  • Principal repayment qualifies for deduction up to ₹1.5 lakh under Section 80C, within the overall 80C limit.
  • Interest paid on a home loan for a self-occupied property is deductible up to ₹2 lakh per year under Section 24(b).
  • A larger down payment reduces both your EMI and total interest cost — even an extra 5–10% upfront can save lakhs over a 20-year tenure.
  • Making periodic prepayments, especially in the early years, can significantly shorten your loan tenure since EMIs are interest-heavy at the start.
💡 Tip: Deciding between a bigger down payment and a shorter tenure? Compare a few scenarios side by side using the EMI Calculator to see which combination minimises your total interest outgo.

📅 Last reviewed: July 2026 · Formulas verified against RBI/SEBI/IT Dept guidelines.