Mortgage Calculator
Here’s how to use the Mortgage Calculator I provided:
Step-by-Step Guide
1. Enter Your Loan Details
- Loan Amount (₹) – Enter the total amount you want to borrow (e.g., ₹50,00,000 for a home loan).
- Annual Interest Rate (%) – Enter the yearly interest rate (e.g., 8.5% for a typical home loan).
- Loan Term (Years) – Enter the loan duration (e.g., 20 years).
2. Click “Calculate Mortgage”
- After filling in all details, click the green “Calculate Mortgage” button.
3. View Results
The calculator will display:
✅ Monthly Payment – Your fixed EMI (e.g., ₹43,391 for ₹50L at 8.5% for 20 years).
✅ Total Payment – Total amount repaid over the loan term (Principal + Interest).
✅ Total Interest – Extra amount paid as interest.
✅ Loan Term – Total number of payments (e.g., 240 for 20 years).
Example Calculation
| Input | Value |
|---|---|
| Loan Amount | ₹50,00,000 |
| Interest Rate | 8.5% |
| Loan Term | 20 years |
Results:
- Monthly EMI: ₹43,391
- Total Payment: ₹1,04,13,840
- Total Interest: ₹54,13,840
- Payments: 240 (20 years × 12 months)
Tips for Accurate Results
🔹 Interest Rate: Check if your bank offers a fixed or floating rate.
🔹 Loan Term: Longer terms reduce EMI but increase total interest.
🔹 Extra Payments: If you plan to prepay, adjust the loan term accordingly.
This calculator helps you plan home loans, car loans, or any EMI-based loans easily!