Mortgage Calculator India
Estimate your home-loan EMI, full monthly housing cost, upfront cash, LTV, lifetime interest, extra-payment savings and rate-reset risk.
Last Updated: July 24, 2026
Calculate EMI and Total Homeownership Cost
Use the current property value, lender quote and recurring charges. Defaults are examples, not live lender rates or local tax figures.
Year-by-Year Loan Amortization
| Year | Opening balance | Principal paid | Interest paid | Total P&I paid | Closing balance |
|---|
The schedule includes the entered monthly extra principal. It excludes tax, insurance, maintenance and one-time purchase costs.
What Is a Mortgage Calculator?
A mortgage calculator estimates the payment and cost of a loan secured against a home. In India, the everyday term is usually home loan, while mortgage is the broader secured-lending concept. This page focuses on a standard monthly reducing-balance home loan used to buy a residential property.
A basic EMI calculator needs only principal, interest rate and tenure. A useful home-buying model needs more. Your monthly bank debit is not your complete housing cost. Municipal property tax, building insurance, society maintenance, parking and other recurring charges still affect cash flow. Your initial cash requirement also includes the down payment, stamp duty, registration, lender fees and transaction expenses.
This tool keeps these components separate. It does not hide purchase costs inside the loan amount, assume one state duty rate or convert a possible tax deduction into guaranteed savings.
How to Use This Calculator
- Enter the agreed property price and the lender's valuation. If you do not have a valuation, use the purchase price as a temporary estimate.
- Enter the down payment. The calculator treats the balance as the loan principal.
- Add the annual interest rate and original tenure from the lender quote or Key Facts Statement.
- Enter any monthly extra principal you intend to pay. Use zero when you want the contractual schedule only.
- Add stamp duty, registration, processing fee, legal, valuation and other upfront charges.
- Add current annual property tax and insurance, plus monthly maintenance and other housing charges.
- Enter income and existing debt payments for planning ratios. These ratios do not predict approval.
- Enter tax savings only after checking the current rules for your property, ownership share, tax regime and income.
- Review EMI, total monthly housing cost, upfront cash, LTV, payoff term, interest saving and the rate-stress result.
Mortgage EMI Formula
The calculator uses the standard monthly reducing-balance formula:
- P is the loan principal.
- r is the monthly interest rate, annual rate divided by 12 and then by 100.
- n is the number of monthly instalments.
Each EMI first covers that month's interest on the outstanding balance. The rest reduces principal. Early payments contain more interest because the balance is high. As principal falls, the interest share falls and the principal share rises.
For the default example, a ₹75 lakh home with a ₹15 lakh down payment creates a ₹60 lakh loan. At 8.5% for 20 years, the scheduled EMI is about ₹52,069. Adding ₹12,000 annual property tax, ₹6,000 insurance and ₹4,000 monthly maintenance raises the current monthly housing cost to about ₹57,569. A ₹5,000 monthly extra payment raises cash committed now but shortens the estimated payoff and reduces total interest.
What the Results Include
| Result | Included | Not decided here |
|---|---|---|
| Scheduled EMI | Principal and interest at the entered rate and tenure. | Future benchmark resets, delayed disbursement or lender rounding. |
| Monthly housing cost | EMI, property tax, insurance, maintenance and other recurring charges. | Utilities, repairs, furnishing, moving costs and future cost growth. |
| Upfront cash | Down payment, entered purchase costs, processing fee and other loan fees. | State-specific duty eligibility, fee waivers or builder adjustments. |
| Prepayment result | Extra principal paid monthly from the first EMI. | Lender allocation timing, minimum amount or contract conditions. |
| After-tax cash estimate | Only the annual tax saving entered by you. | Your legal eligibility, return position or future tax rate. |
Loan-to-Value Ratio and Upfront Cash
Loan-to-value ratio, or LTV, compares the loan with the value accepted for financing. This calculator uses the lower of the entered purchase price and lender valuation as a cautious planning base:
The published RBI housing-finance table for banks sets maximum LTV at 90% for individual housing loans up to ₹20 lakh, 80% above ₹20 lakh and up to ₹75 lakh, and 75% above ₹75 lakh. A lender can require a larger borrower contribution. Approval also depends on income, existing obligations, credit profile, property documents and internal policy.
RBI guidance says stamp duty, registration and documentation charges should not inflate the financed property cost used for LTV. This is why the calculator adds those items to upfront cash instead of property value. A low down payment does not remove them. It leaves you with a larger loan and less initial equity while transaction costs still need funding.
Compare the calculator's upfront figure with liquid savings available after retaining an emergency reserve. Do not use every rupee for closing if the home needs immediate repairs, appliances, interiors or moving expenses.
Extra Payments and Prepayment Rules
Extra principal reduces the balance earlier. This usually lowers later interest and shortens the payoff period. The benefit is strongest when the extra payment starts early, the interest rate is high and the remaining tenure is long.
The model assumes your extra amount is applied with every EMI, directly to principal, and the regular EMI stays unchanged. A lender may instead reduce EMI, change tenure or process a part-payment on a different date. Confirm the instruction and review the next statement.
For loans sanctioned or renewed on or after January 1, 2026, the RBI Pre-payment Charges on Loans Directions, 2025 state that regulated entities must not levy prepayment charges on floating-rate loans to individuals for non-business purposes. This applies to part or full prepayment, regardless of funding source, without a minimum lock-in. Fixed-rate and other excluded cases follow the disclosed lender policy. The sanction letter, loan agreement and Key Facts Statement should state the applicable rule.
Floating-Rate Reset Stress Test
A floating-rate home loan can change when its reference benchmark changes. The stress result recalculates EMI at the entered rate plus your chosen percentage-point increase while keeping the original principal and tenure. It answers a narrow question: what would the payment be if the higher rate applied from the start and the term did not extend?
Real resets occur after some principal has already been repaid. A lender may raise EMI, extend tenure or combine both. RBI guidance requires regulated lenders to communicate reset effects and offer applicable choices, including higher EMI, longer tenure, a switch to fixed rate where offered, and part or full prepayment. Switching charges can apply when disclosed.
Run at least three cases: your offered rate, rate plus 1 percentage point and rate plus 2 percentage points. Check whether the higher payment still leaves room for essential spending, insurance, irregular repairs and savings.
Home-Loan Tax Treatment in 2026
Do not subtract a standard tax benefit from every home loan. Tax value depends on the law for the relevant tax year, property use, completion status, ownership and repayment shares, the selected regime, eligible lender, other deductions and your taxable income.
The Income-tax Act, 2025 took effect on April 1, 2026. Current Section 22 covers deductions from income from house property, including eligible interest on borrowed capital. For specified self-occupied cases, the Act provides a ₹2 lakh interest ceiling when conditions are met, including completion within the required period and lender certification. Other cases can follow different treatment.
Current Section 123 with Schedule XV covers qualifying specified payments. The schedule includes eligible home-loan principal repayment and certain stamp duty and registration expenses, subject to conditions and the combined deduction framework. Restrictions under the default tax regime and rules for let-out property can change the practical benefit.
Enter only the estimated annual reduction in actual tax, not the deduction amount. A ₹2 lakh deduction does not mean ₹2 lakh cash saved. The cash effect depends on the taxable amount it offsets and your applicable rate. Keep the input at zero when uncertain, then check the current ITR instructions or a qualified tax adviser.
How to Judge Affordability
The calculator shows two planning ratios. The housing-cost ratio compares EMI plus recurring ownership charges with take-home household income. The EMI-plus-debt ratio compares the new EMI and existing monthly debt payments with take-home income.
These are personal cash-flow indicators, not universal approval limits. Lenders may use gross income, fixed-obligation-to-income rules, assessed income, age, loan term, co-applicant income and internal buffers. Your safe level also depends on income stability, dependants, rent during construction, school fees, health costs and emergency savings.
A practical review includes four checks:
- You retain an emergency reserve after paying the down payment and closing costs.
- The stress-test payment fits without stopping essential insurance or long-term savings.
- You have budgeted for repairs, maintenance increases and major society assessments.
- You can manage a temporary income interruption without missing EMIs.
Interest-Rate Comparison Example
The same ₹60 lakh, 20-year loan changes materially when the rate changes. The figures below exclude prepayment and all non-loan housing costs.
| Annual rate | Approximate EMI | Approximate total interest |
|---|---|---|
| 7.5% | ₹48,336 | ₹56.01 lakh |
| 8.5% | ₹52,069 | ₹64.97 lakh |
| 9.5% | ₹55,928 | ₹74.23 lakh |
A lower rate reduces both EMI and lifetime interest when the principal and tenure stay the same. Compare offers using the annual percentage rate and disclosed charges, not only the nominal rate. A fee-heavy offer with a slightly lower rate is not automatically cheaper, especially if you expect to refinance or repay early.
Important Calculator Limits
- The interest rate stays constant in the main amortization schedule.
- Payments occur monthly and the rate compounds monthly.
- Extra principal begins with the first payment and stays constant.
- Property tax, insurance and maintenance do not increase over time.
- The calculator does not model pre-EMI, construction-linked disbursement, moratorium interest, step-up EMI, balloon payment or offset accounts.
- It does not calculate a lender's APR, credit decision, legal property value or final tax liability.
- It does not account for home appreciation, rent saved, opportunity cost or selling costs. Use the rent-versus-buy tool for that comparison.
Related Property and Loan Calculators
Frequently Asked Questions
What is the difference between a mortgage calculator and an EMI calculator?
An EMI calculator usually shows principal-and-interest payment only. This mortgage calculator also estimates recurring housing costs, upfront cash, LTV, prepayment savings, affordability ratios and a higher-rate stress case.
How does this calculator determine the loan amount?
It subtracts the entered down payment from the property purchase price. It does not add stamp duty, registration or lender fees to the loan. Replace the figures with the final sanctioned structure when it differs.
Does the EMI include stamp duty and registration?
No. EMI covers the entered loan principal and interest. Stamp duty, registration and other purchase costs appear in upfront cash because they depend on state, property and buyer rules and are not assumed to be financed.
What LTV ratio does the calculator use?
It divides the loan by the lower of purchase price or lender valuation. It compares the result with the published RBI bank guide of 90% up to ₹20 lakh, 80% above ₹20 lakh through ₹75 lakh, and 75% above ₹75 lakh. A lender may set a lower limit.
Will extra monthly payments always save interest?
They save interest in this reducing-balance model when applied promptly to principal. Actual savings depend on timing, allocation, rate changes and the contract. Check the next loan statement after each part-payment.
Can a lender charge for prepaying a floating-rate home loan?
For loans sanctioned or renewed from January 1, 2026, RBI directions prohibit prepayment charges on floating-rate loans to individuals for non-business purposes. Fixed-rate and other excluded cases follow disclosed policy, so check the agreement and Key Facts Statement.
Why might my lender's EMI differ from this result?
The lender may use a different disbursement date, daily interest, rounding, broken-period interest, staged release, insurance financing, reset date or tenure. Use the lender's repayment schedule as the contractual record.
Should I enter the home-loan deduction as tax saving?
No. Enter the estimated reduction in actual tax, not the deduction amount. Eligibility and cash value depend on current law, property use, ownership, completion, tax regime, other claims and your applicable tax rate.
What monthly mortgage payment is affordable?
There is no single safe percentage for every household. Review the full housing cost, existing debts, income stability, dependants, emergency savings and the higher-rate result. Lender approval is separate from personal affordability.
Official References
- Reserve Bank of India: housing-finance LTV ratios and treatment of transaction costs
- Reserve Bank of India: floating-rate EMI reset FAQs, updated October 1, 2025
- Reserve Bank of India: Pre-payment Charges on Loans Directions, 2025
- Income Tax Department: Income-tax Act, 2025 as amended by Finance Act, 2026
- Income Tax Department: Income-tax Rules, 2026
Financial and tax disclaimer: This calculator and article provide general educational estimates. They do not provide a loan offer, sanction, APR, property valuation, legal review, repayment statement, tax filing position or financial advice. Actual EMI, rate resets, fees, LTV, prepayment treatment, taxes, insurance, eligibility and approval depend on the lender, contract, property, borrower and current law. Verify every figure with the lender, relevant authority and qualified adviser before borrowing, buying or making a tax claim.