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Mortgage Calculator India 2026 – EMI & Amortization Schedule

Use this free Mortgage Calculator in India to plan your home purchase — compute monthly EMI, total interest payable, and view a complete amortization breakdown.

Calculate monthly payment, total interest, and full amortization schedule.

Home Price

Down Payment ($)

Annual Interest Rate (%)

Loan Term (Years)

Annual Property Tax ($)

Annual Home Insurance ($)

Currency

Monthly Payment (Principal + Interest)

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Including tax & insurance: —

Loan Amount

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Total Interest

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Total Cost

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Down Payment %

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Monthly Tax

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Monthly Insurance

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What is a Mortgage Calculator?

A mortgage calculator helps you estimate your monthly home loan payment based on the loan amount, interest rate, and repayment term. It breaks down how much of each payment goes toward principal vs. interest, and how much you'll pay in total over the life of the loan.

Formula Used

M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where: M = monthly payment, P = principal, r = monthly rate, n = number of payments

Example Calculation

Example — US ($400,000 home, 20% down, 7.5%, 30 years)

Loan = $320,000 | Monthly P&I = $2,237 | Total Interest = $485,320 | Total Cost = $805,320

Example — India (₹80L home, 20% down, 8.5%, 20 years)

Loan = ₹64L | Monthly EMI = ₹55,714 | Total Interest = ₹69.7L | Total Cost = ₹1.34Cr

Example — UK (£350,000 home, 10% down, 5.5%, 25 years)

Loan = £315,000 | Monthly payment = £1,927 | Total Interest = £263,100

Why Use a Mortgage Calculator?

Buying a home is often the largest financial decision of your life. A mortgage calculator helps you understand the true cost of borrowing before you commit. By adjusting the down payment, term, and interest rate, you can find the combination that fits your budget. Most financial advisors recommend keeping your total housing cost below 28% of gross monthly income.

Knowing your monthly payment helps you plan your budget around property taxes, insurance, maintenance, and utilities — not just the loan payment itself.

What is a good mortgage interest rate?▾

Rates vary by country and time. In the US (2024–25), rates ranged 6.5–8% for 30-year fixed. In India, home loan rates typically range 8–9.5%. In the UK, 2-year fixed rates were around 4.5–6%.

How does down payment affect my mortgage?▾

A larger down payment reduces your loan amount, lowering monthly payments and total interest. It also typically eliminates PMI (Private Mortgage Insurance) once you cross 20% down in the US.

What is the 28% rule?▾

A common guideline: your monthly mortgage payment (PITI) should not exceed 28% of your gross monthly income. So on a $6,000/month income, keep mortgage at or below $1,680/month.

Should I choose a 15-year or 30-year mortgage?▾

A 15-year loan has higher monthly payments but you pay far less total interest. A 30-year loan gives lower payments and more cash flow flexibility. The right choice depends on your income stability and other financial goals.

💡 Tip: Putting 20% down avoids Private Mortgage Insurance (PMI), saving $100–$300/month on a typical US mortgage.