Mortgage Calculator
This mortgage calculator works out your monthly repayment, the total interest you will pay, and the full cost of your home loan over its term. Enter the amount you want to borrow, the interest rate on your home loan offer, and the term in years — the results update instantly as you adjust any figure. It uses the same reducing-balance maths that Indian banks and NBFCs apply to home loan EMIs.
The total you are borrowing — the property price minus your down payment, before any fees are added.
The yearly rate your lender quotes. Use the actual home loan rate on your sanction letter, not a processing-fee-inclusive comparison rate.
How long you will repay over. 20 years is common for Indian home loans, with some lenders offering up to 30. Longer terms cut the monthly cost but increase total interest.
Monthly payment
Log in to save₹53,023
The amount your lender collects every month for the full term — e.g. ₹53,023/month on a ₹60,00,000 loan at 8.75% over 20 years.
The pure cost of borrowing — everything paid on top of the ₹60,00,000 itself, purely for the use of the lender's money.
Loan amount plus total interest — the full amount that will have left your account by the final payment.
The amount you're borrowing, unchanged by rate or term — shown here for easy side-by-side comparison with the totals above.
How to use this mortgage calculator
- 1Loan amount: enter what you will actually borrow, not the property price. If the home costs ₹75,00,000 and you have a ₹15,00,000 down payment, the loan amount is ₹60,00,000.
- 2Interest rate: use the rate on your sanction letter. For a fair comparison between deals, compare like-for-like — an 8.75% floating rate against another 8.75% floating rate — rather than comparing a floating rate against a fixed one.
- 3Mortgage term: slide between 15 and 30 years to see the trade-off. Shortening the term raises the monthly payment but can save lakhs in interest.
- 4Read the monthly payment first, then check total interest — that second number is what the loan truly costs you beyond the money you borrowed.
Understanding your results
The monthly payment is the figure your lender will collect. It covers both interest and capital repayment — in the early years most of each payment is interest, and the balance slowly tips toward capital. Total interest is often the shocking number: on a long home loan it can approach or exceed the amount borrowed. Total repaid is simply the loan plus that interest. Use these numbers to stress-test affordability: could you still pay if rates rose 2%? Slide the rate up and see. If the monthly figure strains your budget, a longer term or smaller loan is safer than hoping rates fall.
The formula
M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)M is the monthly payment, P the loan amount, r the monthly interest rate (annual rate ÷ 12 ÷ 100), and n the number of monthly payments (years × 12). This is the standard reducing-balance (annuity) formula used by Indian banks and NBFCs for home loan EMIs. Because each payment chips away at the balance, the interest charged the following month is slightly smaller — which is why prepaying early in the term saves disproportionately more interest than prepaying late.
A worked example
A ₹60,00,000 home loan at 8.75% over 20 years: the monthly rate is 0.7292% and there are 240 payments. The formula gives a monthly payment of ₹53,023. Over the full term you repay ₹1,27,25,434 — meaning ₹67,25,434 of interest on top of the ₹60,00,000 borrowed. Now shorten the term to 15 years: the payment rises to ₹59,967, but total interest falls to ₹47,94,045, a saving of roughly ₹19,31,389. Try both scenarios above — the difference between term lengths is the single biggest lever most borrowers ignore.
Things to know
Indian home loans are almost all floating-rate, linked to the RBI repo rate via the external benchmark lending rate (EBLR), so your EMI or tenure can move during the term — most lenders adjust the tenure first, keeping the EMI steady. This calculator covers the loan itself only — budget separately for stamp duty and registration, typically 5–7% of property value depending on the state. RBI rules bar prepayment penalties on floating-rate home loans for individual borrowers, so prepaying whenever you have surplus cash is almost always worth it.
Frequently asked questions
How much mortgage can I afford?+
A common rule is that your EMI should stay under 40% of take-home pay, and Indian lenders typically allow EMIs up to 50–60% of net monthly income. Use that as a starting point, then stress-test the payment here at 2% above today's rate.
Is it better to get a longer or shorter mortgage term?+
A shorter term means higher monthly payments but dramatically less total interest — on a ₹60,00,000 loan at 8.75%, moving from 20 to 15 years saves roughly ₹19,31,389. Choose the shortest term whose payment you can comfortably sustain.
Does this calculator work for interest-only home loans?+
No — this is a repayment (capital and interest) calculator. On an interest-only loan you would simply pay loan × annual rate ÷ 12 each month, and the full balance would still be owed at the end.
How much can I borrow for a mortgage?+
Indian lenders typically allow EMIs up to 50–60% of net monthly income. The exact loan amount you qualify for depends on your credit score, existing debts and down payment size.
Why is my first year's payment mostly interest?+
Because interest is charged on the outstanding balance, which is largest at the start. A ₹60,00,000 loan at 8.75% accrues about ₹43,750 of interest in month one — most of a ₹53,023 payment. By the final years, almost the whole payment is capital.
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