About the Mortgage calculator
A mortgage is a loan secured by property. In India the term often means a loan against property (LAP), where an owned property is pledged to borrow for other purposes; home loans are also mortgages.
How the Mortgage calculator works
EMI = P × i × (1 + i)^n ÷ [(1 + i)^n − 1]
- P
- Loan amount
- i
- Annual interest rate ÷ 12 ÷ 100
- n
- Number of monthly instalments
Each EMI pays that month’s interest on the outstanding balance and repays part of the principal. Early EMIs are mostly interest; later ones are mostly principal.
The calculator assumes a fully amortising loan at a constant rate, repaid in equal monthly payments.
Worked example
- Loan amount
- ₹25,00,000
- Annual interest rate
- 10%
- Time period
- 15 years
Example inputs
- Monthly EMI
- ₹26,865.13
- Total interest
- ₹23,35,723.03
- Total repayment
- ₹48,35,723.03
Calculated result
Why use a Mortgage calculator?
- Estimate the payment on a loan against property.
- Compare a mortgage with an unsecured loan for the same amount.
Mortgage calculator FAQs
How is a loan against property different from a home loan?
A home loan buys or builds a home. A loan against property borrows against a property you already own, often for business or personal needs, usually at a higher rate.
How much can I borrow against property?
Lenders lend a share of the property’s assessed value, depending on the property type and your income.
What costs are not included?
Processing fees, valuation and legal charges, stamp duty and insurance.
What happens if I stop paying?
The lender can enforce its security over the property under the loan terms and the law.