What is Mortgage Calculator?
Mortgage Calculator helps you estimate a housing payment including loan EMI, property tax and insurance.
The main result is estimated monthly housing payment, with a breakdown of loan EMI and loan principal. The formula, example and assumptions below explain how to interpret it.
How to use Mortgage Calculator
Use the example to get familiar with the form, then enter your own figures. Any rates in the example are illustrative. Check the field labels and units before calculating.
- Gather property price (₹), down payment (₹), annual mortgage rate (%), loan term in months, annual property tax (₹), annual insurance (₹) and monthly maintenance (₹). Use values from the same situation or reporting period.
- Replace the example property price with your own value, then complete the other fields. Check the displayed units.
- Select Calculate and read estimated monthly housing payment with its result breakdown. Change one input and calculate again to compare a second scenario. Reset restores the original example.
- Enter property price in ₹, at least 0. Decimals are accepted.
- Enter down payment in ₹, at least 0. Decimals are accepted.
- Enter annual mortgage rate in %, at least 0 and at most 100. Decimals are accepted.
- Enter loan term in months, at least 1 and at most 600. Use a whole number.
- Enter annual property tax in ₹, at least 0. Decimals are accepted.
- Enter annual insurance in ₹, at least 0. Decimals are accepted.
- Enter monthly maintenance in ₹, at least 0. Decimals are accepted.
Mortgage Calculator: a worked example
With the inputs below, the result is ₹38,212.93 (estimated monthly housing payment). Follow the example, then replace these illustrative values with your own.
| Input or output | Example value |
|---|---|
| Property price (₹) | ₹50,00,000 |
| Down payment (₹) | ₹10,00,000 |
| Annual mortgage rate (%) | 8.5 % |
| Loan term in months | 240 |
| Annual property tax (₹) | ₹12,000 |
| Annual insurance (₹) | ₹6,000 |
| Monthly maintenance (₹) | ₹2,000 |
| Estimated monthly housing payment | ₹38,212.93 |
| Loan EMI | ₹34,712.93 |
| Loan principal | ₹40,00,000 |
Understanding the Mortgage result
Read estimated monthly housing payment alongside loan EMI and loan principal. These describe different parts of the same calculation.
Displayed results use a readable number of decimal places. When checking a result by hand, keep extra precision until the last step. To compare scenarios, change one input at a time and keep the others fixed.
- Example Loan EMI: ₹34,712.93
- Example Loan principal: ₹40,00,000
Mortgage Calculator: assumptions and common mistakes
A useful estimate starts with the right inputs. Check the following assumptions and limits before applying the result to your situation.
- Monthly reducing-balance estimate with a constant rate and end-of-month payments. Actual lender rounding, payment dates, rate resets, fees and taxes can change the schedule.
- Compare offers over the same tenure. A lower EMI can come from a longer loan, which may increase total interest.
For wider guidance, visit Reserve Bank of India. The formula and scope of this specific tool are stated on this page.
