Mortgage Calculator 🏠

Enter value

What is a Mortgage Calculator?

A Mortgage Calculator helps you estimate your monthly home loan payments, total interest, and overall cost of borrowing. It considers the property price, down payment, interest rate, and loan tenure to give you a complete picture of your home buying affordability. This tool is essential for comparing loan offers from different banks and planning your home purchase budget.

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M = P × r × (1+r)ⁿ / ((1+r)ⁿ - 1)

This is the same as the EMI formula — where M = Monthly payment, P = Loan amount (property price minus down payment), r = Monthly interest rate, and n = Total number of monthly payments. Down payment in India is typically 10-20% of the property value.

Frequently Asked Questions

Most banks in India require a minimum down payment of 10-20% of the property value. For properties up to ₹30 lakhs, banks may finance up to 90%. For properties above ₹75 lakhs, the maximum LTV (Loan to Value) ratio is typically 75%, meaning 25% down payment.
Most Indian banks offer home loan tenures up to 30 years, subject to the condition that the loan should be repaid before the borrower turns 60-65 years (depending on the bank). Longer tenure means lower EMI but significantly higher total interest.
Floating rates (linked to repo rate) are generally 1-2% lower than fixed rates and adjust with market conditions. Most borrowers in India choose floating rates. Fixed rates offer payment predictability but are higher and may still have a reset clause after a few years.
Yes. Under the Old Regime: Principal repayment is deductible under Section 80C (up to ₹1.5L), interest under Section 24(b) (up to ₹2L for self-occupied property). First-time buyers can claim an additional ₹1.5L under Section 80EEA for affordable housing.

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