Mortgage Calculator — what it does
Computes home-loan monthly EMI, total interest and total cost — with a first-year interest-vs-principal split that shows honestly how much of your early EMIs is the bank's money. The standard amortisation arithmetic, run in your browser on numbers you type; no pre-approval funnel attached.
How to use Mortgage Calculator
- Enter loan amount, annual interest rate, and tenure in years (or months).
- Read the EMI — the standard formula, exact to the rupee (rounding stated).
- Open the breakdown: total interest = EMI × months − principal, stated plainly.
- Check the first-year split — early EMIs are interest-heavy; the table shows principal actually retired in year 1 (usually ~4–8%).
- Test pre-payment: add an extra monthly amount and watch tenure/interest fall — that is the real cost of a small additional EMI.
Worked example: the ₹40 lakh loan at 8.5% for 20 years
EMI ₹34,713 (exact per 8.5%/240 months). Total payable ≈ ₹83.3 L — of which interest ≈ ₹43.3 L, more than the principal. Year 1 retires only about ₹1.7 L of principal while ₹2.49 L goes to interest — which is the honest frame for a 10-year pre-payment plan: the same ₹5,000 extra monthly cuts ~4.5 years and lakhs of interest.
At a glance
| Input | Principal, rate, tenure |
|---|---|
| Output | Exact EMI, total interest, total cost, year-1 split |
| Prepayment | Extra-EMI mode shows tenure + interest reduction |
| Where it runs | In your browser — no lead capture, no broker funnel |
| Formula | Standard amortisation (equated monthly instalment) |
Frequently asked questions
- What is Mortgage Calculator?
- Home loan monthly EMI, total interest and total cost with a first-year interest vs principal breakdown.
- Is Mortgage Calculator free to use?
- Yes — Mortgage Calculator is free to use, with no sign-up, no install and no account.
- Does Mortgage Calculator upload or store my data?
- No — Mortgage Calculator runs entirely in your browser, so your text, files and results never leave your device.
- Do I need to install anything to use Mortgage Calculator?
- No — it works in any modern browser (Chrome, Edge, Firefox, Safari) with no downloads, accounts or plugins.
- Does the EMI include insurance and processing fees?
- No — those are charged separately by lenders and are not part of the loan EMI. Budget for them outside this figure; the tool's honesty here protects the comparison across lenders who bundle them differently.
- Why do bank calculators show slightly different EMIs?
- Rounding conventions mostly, and occasionally a teaser-rate amortisation. This tool uses the standard monthly-rate formula; differences under ₹10 are convention. Differences over ₹50 usually mean the quoted rate is only for year 1.
- How does a 0.5% negotiation actually move things?
- Test it: on the ₹40 L / 20 year example, 8.5→8.0% drops the EMI by ~₹1,050/month and total interest by ~₹2.5 L. That is the value of the rate negotiation you were about to skip.