Home Loan (Mortgage) Calculator
Calculate your home loan EMI, total interest, and amortization schedule in India.
About this calculator
The Home Loan (Mortgage) Calculator finds the EMI, total interest and total repayment on an Indian home loan and shows how much interest you pay for every rupee you borrow. Typical home loans run 15 to 30 years, which is why the interest component is so large: at 8.5% over 20 years, the interest alone is more than the amount you borrowed.
Enter the loan amount, interest rate and tenure in years. The result includes the EMI, the principal, total interest, total payment and the interest-to-principal ratio. That ratio is the number to watch when you compare tenures: shortening a loan from 20 to 15 years reduces it sharply for a modest rise in EMI.
How to use it
- Enter the Loan Amount you plan to borrow.
- Enter the Annual Interest Rate.
- Enter the Loan Tenure in years.
- Press Calculate EMI.
- Compare the interest-to-principal ratio at 15, 20 and 25 years to choose a tenure.
Tips and common mistakes
- Under the old tax regime, interest on a self-occupied home loan and principal repayment qualify for deductions within statutory limits. Check the current limits.
- Floating rates change with the lender's benchmark. Re-run this calculator when your rate changes.
- Add stamp duty, registration and processing fees to your upfront cost. The loan rarely covers them.
- Part-prepay every time you receive a bonus. It shortens the loan with no penalty on floating-rate loans.
Frequently asked questions
How is a home loan EMI calculated?
With the reducing-balance formula using the loan amount, monthly interest rate and number of months.
Why is total interest so high?
Over a long tenure interest accrues on a large balance for many years. At 8.5% over 20 years, you repay about twice the amount borrowed.
What tenure should I choose?
Choose the shortest tenure that leaves your EMI comfortably within budget. Lenders commonly cap total EMIs at 40% to 50% of income.
Do floating rates change my EMI?
Depending on the lender, a change in rate changes either your EMI or your tenure. Ask which applies.
Can I get tax benefits on a home loan?
Yes, under certain conditions and within limits that depend on the tax regime you choose. Check the latest rules.
Is the first EMI the same as later EMIs?
Usually yes, but pre-EMI interest during construction can differ. Ask the lender.