Mortgage Calculator
Calculate your home loan EMI with detailed amortization schedule
Mortgage Details
Enter your mortgage information
| Month | EMI | Principal | Interest | Balance |
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Free Mortgage Calculator—Estimate Your Home Loan EMI Instantly
If you’re planning to buy a house, you’ve probably asked yourself, “How much will my monthly payment be?”
That’s exactly what this free mortgage calculator helps you figure out instantly.
Whether you’re exploring your first home loan or comparing refinancing options, this tool gives you a realistic picture of your monthly EMI, total interest, and repayment timeline—before you even talk to the bank.
How Our Mortgage Calculator Works
No complex math, no spreadsheets—just three things:
Loan Amount (₹) – The total money you want to borrow.
Interest Rate (% p.a.—The annual rate offered by your lender.
Tenure (Years)—The total period you plan to repay the loan.
Once you enter these details, our calculator applies the standard EMI formula used by banks and NBFCs across India:
EMI=[P×r×(1+r)N]÷[(1+r)N–1] EMI = [P × r × (1+r)^N] ÷ [(1+r)^N – 1]
Where:
P = Principal (loan amount)
r = Monthly interest rate (annual ÷ 12 ÷ 100)
N = Number of months
It’s the same formula that powers calculators used by institutions like SBI and HDFC Bank and recommended by RBI guidelines.
Example: Quick Mortgage EMI Estimate
| Loan Amount | Interest Rate | Tenure | Monthly EMI | Total Interest |
|---|---|---|---|---|
| ₹5,000,000 | 8.5% p.a. | 20 years | ₹43,391 | ₹54.1 lakh |
| ₹4,000,000 | 8.0% p.a. | 15 years | ₹38,232 | ₹28.8 lakh |
| ₹3,000,000 | 7.5% p.a. | 10 years | ₹35,606 | ₹12.7 lakh |
(For illustration only. Actual EMIs may vary slightly depending on bank charges and processing fees.)
Why Use Our Free Mortgage Loan Calculator?
✅ Plan smarter—See exactly how much you’ll pay every month before applying.
✅ Compare lenders—Change interest rates and tenures to find the most affordable EMI.
✅ Avoid surprises—understand your total cost, not just the monthly figure.
✅ No sign-up, no spam – 100% free, privacy-friendly, instant results.
If you’re also exploring other loan types, check out our
Personal Loan Calculator or
Car Loan Calculator.
Expert Tip: How to Get the Best Mortgage Rate
Banks and NBFCs adjust home loan rates often based on RBI’s repo rate.
Here’s how to improve your chances of getting a better rate:
Keep your CIBIL score above 750.
Maintain a low credit utilization (below 40%).
Opt for auto-debit payments—it builds trust with lenders.
Compare offers from government schemes like PMAY and public banks.
Even a 0.5% rate difference can save you lakhs of rupees over your loan term.
Plan Confidently with EMI Wale
At EMI Wale, our goal is to make finance simple, transparent, and stress-free.
This free mortgage rate calculator gives you the clarity you need to plan your dream home—without guesswork or hidden surprises.
Go ahead, try it out—and see what fits your budget best before saying yes to your bank.
Common Questions About Mortgage EMIs
Q1: What’s the difference between a mortgage and a home loan?
A mortgage is simply a secured home loan, where your property acts as collateral until full repayment.
Q2: Can I lower my EMI without refinancing?
Yes. You can increase your tenure or make partial prepayments to reduce your monthly burden.
Q3: Is this calculator accurate for all banks?
Yes. The EMI formula follows the same logic used by banks like SBI, HDFC, Axis, and ICICI—though actual EMIs can differ slightly due to processing fees.
Q4: Does it include taxes or insurance?
No. The calculator focuses on principal + interest. Property taxes, home insurance, and maintenance costs are extra.
Q5: Should I choose a fixed or floating interest rate?
If you want stable payments, go fixed.
If you expect rates to drop (based on RBI repo rate trends), a floating loan may save money long-term.