Is the mortgage calculator free?

Yes. All SmartCalc tools are free to use in your browser.

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Can I use the results for planning?

Yes — use them as estimates and confirm important decisions with a qualified professional.

Mortgage Calculator

Estimate a home-loan monthly payment. This dedicated page is built for fast, clean calculations and search visibility.

Enter your values, click calculate, and see the result instantly. The page uses a simple, focused layout to improve usability on mobile and desktop.

How to use this calculator

Open the mortgage calculator page.
Enter the required values in the form fields.
Click Calculate to see the result and breakdown.
Use the related links to explore similar tools.

Results are estimates. For lending, taxes, trading, nutrition, or medical decisions, verify with a qualified professional.

How your mortgage EMI is calculated

A mortgage EMI (Equated Monthly Instalment) uses the reducing balance method. Each month, interest is charged only on the outstanding principal — not the original loan amount. Early EMIs are heavily weighted toward interest; later EMIs shift toward principal repayment. This is why prepaying in the first few years saves far more than prepaying later.

The formula is EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ – 1), where P is loan amount, r is monthly interest rate, and n is total months. At ₹50 lakh over 20 years at 8.5% p.a., your EMI is approximately ₹43,391.

Total interest vs. loan amount

A ₹50 lakh loan at 8.5% for 20 years costs ₹54.1 lakh in total interest — more than the loan itself.
Reducing tenure to 15 years saves ₹17.8 lakh in interest, though the EMI rises by about ₹7,500/month.
A single annual prepayment of ₹1 lakh from year 3 onward can cut tenure by 4–5 years and save ₹10+ lakh.

Fixed rates offer predictability but are typically 0.5–1% higher than floating rates at origination. Floating rate loans in India are linked to the lender's repo rate or MCLR. Most Indian borrowers choose floating given the longer-term downward trajectory of rates since 2019.

Frequently asked questions

What portion of my early EMIs goes toward interest?▼

In the first year of a 20-year loan, roughly 80–85% of each EMI goes toward interest and only 15–20% toward principal. By year 15, this flips. This is why financial advisors recommend prepaying home loans early — the interest savings in the first 5 years are disproportionately large.

Should I choose a shorter tenure even if EMI is higher?▼

Generally yes, if your monthly cash flow allows it. A shorter tenure means lower total interest paid and faster equity building. Run both scenarios — compare total interest paid in rupees, not just monthly EMI. The difference is usually far larger than people expect.

Does this calculator account for processing fees and insurance?▼

No. The EMI shown is the pure principal + interest calculation. In practice, lenders charge processing fees (0.25–1% of loan amount), and home loan insurance is often bundled. Add these to your upfront cost estimate separately.

How do prepayments reduce my loan tenure?▼

Prepayments reduce your outstanding principal, which reduces the interest charged in subsequent months. With the same EMI, more goes toward principal each month, accelerating payoff. Even one annual prepayment of 5–10% of outstanding principal can cut a 20-year loan by 3–5 years.