Mortgage Calculator
Monthly principal and interest on a home loan after your down payment.
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Principal and interest only — excludes taxes and insurance.
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Monthly payment—
Total cost of loan—
Loan amount—
Total interest—
What this calculator covers
This estimates the monthly principal and interest payment on a home loan, based on the property price, your down payment, the interest rate, and the term. The loan amount is simply the price minus your down payment, and the payment is calculated with the standard amortisation formula used by every lender.
What it deliberately excludes is everything else that arrives with a house. Property tax, home insurance, maintenance or society charges, and — where applicable — mortgage insurance are all real monthly costs that sit outside the loan payment. Budget for them separately, or you will be accurate about the loan and wrong about affordability.
A worked example
Take a property at 50,00,000 with a 10,00,000 down payment, borrowing 40,00,000 at 8.5% over 20 years. The monthly payment works out to roughly 34,713. Across 240 payments you repay approximately 83,31,100 — meaning interest alone comes to about 43,31,100, more than the original loan.
That figure is the one worth sitting with. Now reduce the term to 15 years: the payment rises to about 39,392, but total interest falls to roughly 30,90,600. Paying 4,679 more each month saves over 12,00,000 across the life of the loan.
How the down payment changes everything
A larger down payment reduces the loan, the payment, and the total interest simultaneously. In the example above, raising the down payment to 15,00,000 cuts the monthly figure to about 30,374 and total interest to roughly 37,89,700 — a saving of over 5,40,000 for 5,00,000 more upfront. Lenders in India typically require at least 10–20% down, and a larger contribution can also improve the rate offered.
Floating rates and what they do to this projection
Most home loans in India are floating-rate, linked to an external benchmark that moves with policy rates. This calculator assumes a fixed rate throughout, which makes it a snapshot rather than a forecast. When benchmark rates rise, lenders usually extend your tenure rather than raise your EMI — which keeps the monthly figure stable but quietly increases total interest. Check your amortisation schedule after any rate change rather than assuming the loan still ends when you expected.
Before you commit
- Add property tax, insurance, and maintenance to the payment shown here before deciding what you can afford.
- Keep total EMIs across all loans below roughly 40% of net monthly income.
- Retain an emergency fund after the down payment — being asset-rich and cash-poor is how manageable loans become unmanageable.
- Compare the APR across lenders, not the headline rate, since processing fees and legal charges vary considerably.
Frequently asked questions
Does this include property tax and insurance?
No. The figure covers principal and interest only. Property tax, home insurance, society maintenance, and any mortgage insurance are additional monthly costs you should budget for separately.
How much should I put down?
Indian lenders generally require 10–20% of the property value. A larger down payment reduces your loan, your monthly payment, and your total interest, and may earn you a better rate — but not at the cost of leaving yourself without an emergency fund.
Should I choose a 15-year or 30-year term?
A shorter term costs more monthly but far less overall. Run both in the calculator and compare the total interest figures. Choose the shortest term whose payment you can sustain through a period of reduced income, not the shortest you can manage in a good month.
What happens when interest rates change on a floating loan?
Most Indian lenders keep the EMI constant and extend the tenure instead. Your monthly outgo stays the same, but the loan runs longer and costs more in total. You can usually request an EMI increase instead to keep the original end date.
Is prepaying a home loan a good idea?
Financially it usually is, especially in the first half of the term when most of each payment is interest. Floating-rate home loans to individuals in India generally cannot carry prepayment penalties. Weigh it against the tax deduction you may be claiming on interest and principal.