Mortgage Payment Calculator

What is Mortgage EMI?

Mortgage EMI (or home loan EMI) is the fixed amount you pay every month towards principal and interest (P&I) on your housing loan. Banks use the reducing balance method. In India, mortgage and home loan are the same product; tenures are typically 15–25 years. Use the calculator above for your EMI and the extra-cost section for your total monthly housing cost.

Your total monthly housing cost often includes more than the loan EMI: property tax, home insurance, and maintenance. Planning with the full amount helps you avoid overstretching your budget. Tax benefits (80C on principal, 24(b) on interest) can reduce your effective cost—see our Home Loan EMI Calculator for details. Use this tool to see both the EMI and the total outflow so you can compare different loan amounts and tenures.

How is Mortgage Payment Calculated?

The same reducing-balance formula applies:

• E = EMI (monthly P&I)
• P = Principal (loan amount)
• r = monthly interest rate
• n = tenure in months

Total Monthly Housing Cost

Your total monthly outflow often includes more than EMI: property tax, home insurance, and maintenance. Use the "Extra monthly costs" section on this page to add these and see your total estimated monthly amount. For tax benefits on the loan (80C, 24b), see our Home Loan EMI Calculator.

Example: ₹40 Lakh at 8.5% for 20 Years

For a loan of ₹40,00,000 at 8.5% p.a. for 20 years, the monthly EMI (principal + interest) is approximately ₹34,747. Over 20 years you will pay a significant amount in interest; the reducing balance means more of each EMI goes toward principal as time goes on. If you add ₹3,000 per month for property tax and insurance, your total monthly housing cost is about ₹37,747. Use the calculator and extra-cost section with your numbers to get exact figures and to compare 15-year vs 20-year tenures.

Benefits of Using This Calculator

A mortgage payment calculator shows your exact EMI (P&I) so you can plan your budget before you buy. Adding property tax and insurance in the extra-cost section gives you a realistic total monthly housing cost, which helps with affordability and comparing different loan amounts or tenures.

Use it to see how much total interest you will pay over the loan term and how a shorter tenure (e.g. 15 years) increases EMI but reduces total interest. The extra-cost section ensures you do not forget recurring expenses when deciding how much you can afford. Use the results when discussing offers with your lender.

How to Use This Calculator

Enter the loan amount, interest rate, and tenure in years. The main calculator shows your monthly EMI (principal + interest). Use the "Extra monthly costs" section to add estimated property tax, insurance, or maintenance and see your total monthly outflow.

Change any input to compare scenarios (e.g. 15 vs 20 years) and to see how a larger down payment reduces EMI. Use the results when discussing offers with your lender and to ensure your total housing cost fits your monthly budget. For tax benefits on the loan, see our Home Loan EMI Calculator.

FAQs: Mortgage Payment