Mortgage Calculator
Calculate your home loan EMI, total interest, and payment schedule. Plan your mortgage with accurate calculations and amortization details.
Enter Mortgage Details
Year-wise Breakdown
| Year | Principal Paid | Interest Paid | Remaining Balance | Cumulative Interest |
|---|
Affordability Check
About Mortgage Calculator
The Mortgage Calculator helps you estimate your home loan EMI, total interest payable, and repayment schedule. It considers loan amount, interest rate, tenure, and down payment to provide accurate calculations for informed financial planning.
How Mortgage EMI is Calculated
EMI Formula
EMI = [P × r × (1+r)^n] / [(1+r)^n - 1]
Where P = Principal, r = Monthly interest rate, n = Tenure in months
Total Interest
Total Interest = (EMI × n) - Principal
Sum of all interest payments over loan tenure
Amortization
Monthly interest = Remaining balance × Monthly rate
Principal repayment = EMI - Monthly interest
Key Mortgage Terms
Loan to Value (LTV) Ratio
Percentage of property value that can be financed through loan. Lower LTV means better interest rates.
Down Payment
Initial payment made from your own funds. Higher down payment reduces loan amount and EMI burden.
EMI to Income Ratio
Percentage of monthly income spent on EMI. Should ideally be below 40-50% for comfortable repayment.
Amortization Schedule
Table showing principal and interest portions of each payment, and remaining loan balance over time.
Tips for Smart Mortgage Planning
Interest Rate Strategies
- Compare Rates: Check rates from multiple banks
- Fixed vs Floating: Fixed for stability, floating for potential savings
- Negotiate: Better rates for good credit score
- Balance Transfer: Switch to lower rates after 2-3 years
Tenure Planning
- Shorter Tenure: Less interest, higher EMI
- Longer Tenure: Lower EMI, more interest
- Optimal: 15-20 years for best balance
- Prepayment: Use bonuses for early closure
Cost Management
- Processing Fee: 0.5-1% of loan amount
- Insurance: Mandatory for high-value loans
- Legal Charges: Property verification costs
- Stamp Duty: Varies by state (4-8%)
Saving Strategies
- Extra Payments: Reduce ₹5000/month can save years
- Part Payments: Use bonuses for lump sum payments
- Step-up EMI: Start low, increase with income
- Refinancing: Switch to better terms
Home Loan Eligibility Criteria
| Parameter | Government Banks | Private Banks | HFCs |
|---|---|---|---|
| Minimum Age | 21 years | 23 years | 25 years |
| Maximum Age | 65 years | 70 years | 75 years |
| Minimum Income | ₹25,000/month | ₹30,000/month | ₹20,000/month |
| Loan to Value | 80-90% | 75-85% | 70-80% |
| Processing Time | 15-30 days | 7-15 days | 10-20 days |