Mortgage Calculator — Plan Your Home Loan Before You Visit the Bank
Calculate monthly mortgage payments, total interest, and amortization schedule for any home loan amount and interest rate.
Buying a home is probably the biggest financial decision most people make, and yet a lot of buyers walk into the bank without a clear sense of what they can actually afford to pay monthly. The CalcHub Mortgage Calculator helps you nail down that number before any banker does it for you — with their preferred framing.
How the Calculator Works
Plug in three things: loan amount, interest rate, and loan term. The calculator returns your monthly payment, total interest over the life of the loan, and optionally a full amortization table showing exactly how each payment splits between principal and interest.
Step-by-Step
- Loan amount — the purchase price minus your down payment
- Interest rate — annual rate; check current rates from RBI or your lender's site
- Loan term — typically 15, 20, or 30 years for home loans
- Down payment (if applicable) — enter this separately if the calculator asks
- Calculate — review the monthly payment and total cost
Sample Comparison: 15 vs 20 vs 30 Years
Assuming a ₹60,00,000 home loan at 8.5% interest:
| Loan Term | Monthly EMI | Total Interest | Total Paid |
|---|---|---|---|
| 15 years | ₹59,082 | ₹46,35,000 | ₹1,06,35,000 |
| 20 years | ₹52,068 | ₹64,96,000 | ₹1,24,96,000 |
| 30 years | ₹46,149 | ₹1,06,14,000 | ₹1,66,14,000 |
What the Calculator Doesn't Include
A mortgage payment in the real world often includes more than just principal and interest:
- Property tax — levied annually, sometimes collected monthly by lenders
- Home insurance — typically required if the property is collateral
- Society maintenance / HOA — if you're buying in a gated community
- Processing and stamp duty fees — one-time but substantial
A Note on Floating Rates
Most Indian home loans are on floating rates linked to the repo rate. When rates rise, your EMI or tenure increases. It's smart to calculate your payments at a rate 1-2% higher than today's, just to see if you can stomach the worst case.
How much down payment should I make?
More down payment means less loan, lower EMI, and less interest. Many lenders require 10-20% down. But putting every rupee into the down payment and having no emergency fund is its own risk. A 20% down payment is generally a good target.
Should I go for a shorter tenure to save on interest?
Yes, if your income comfortably supports the higher EMI. A 15-year loan saves enormous interest. But if the higher payment strains your cash flow, the stress may not be worth it. The 20-year option often hits a sweet spot.
Can I use the calculator for a home loan balance transfer?
Absolutely. Just enter your outstanding loan balance as the principal, your new (target) interest rate, and your preferred remaining tenure. Compare the EMI to what you're currently paying.