Every month
- Principal and interest
- ₹52,069
- Property tax
- ₹0
- Home insurance
- ₹0
- Maintenance or society charges
- ₹0
- Total monthly outflow
- ₹52,069
Loans
Mortgage Calculator
Estimate your monthly home loan payment, total monthly cost and the interest an extra payment could save.
Your home and loan
Change any number to see the estimate update. The calculation stays in your browser.
Assumption: payments are made at the end of each month at a fixed rate. The extra amount is paid with every instalment from month one.
Your estimated monthly cost
Illustration based on your assumptions, not a guarantee.
Over the whole loan
- Loan amount
- ₹60,00,000
- Down payment
- ₹15,00,000
- Total interest
- ₹64,96,655
- Principal and interest paid
- ₹1,24,96,655
- Original loan term
- 20 years
With the extra payment
Enter an extra monthly amount to see how much sooner the loan could end and how much interest it avoids.
Yearly balance
Balances are shown after each year’s payments. Add an extra payment to compare balances.
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| Year 1 | ₹1,19,414 | ₹5,05,419 | ₹58,80,586 |
| Year 2 | ₹1,29,969 | ₹4,94,864 | ₹57,50,617 |
| Year 3 | ₹1,41,457 | ₹4,83,376 | ₹56,09,161 |
| Year 4 | ₹1,53,960 | ₹4,70,872 | ₹54,55,200 |
| Year 5 | ₹1,67,569 | ₹4,57,264 | ₹52,87,631 |
| Year 6 | ₹1,82,381 | ₹4,42,452 | ₹51,05,250 |
| Year 7 | ₹1,98,501 | ₹4,26,331 | ₹49,06,749 |
| Year 8 | ₹2,16,047 | ₹4,08,786 | ₹46,90,702 |
| Year 9 | ₹2,35,144 | ₹3,89,689 | ₹44,55,558 |
| Year 10 | ₹2,55,928 | ₹3,68,904 | ₹41,99,629 |
| Year 11 | ₹2,78,550 | ₹3,46,283 | ₹39,21,079 |
| Year 12 | ₹3,03,171 | ₹3,21,661 | ₹36,17,908 |
| Year 13 | ₹3,29,969 | ₹2,94,864 | ₹32,87,939 |
| Year 14 | ₹3,59,135 | ₹2,65,697 | ₹29,28,803 |
| Year 15 | ₹3,90,880 | ₹2,33,953 | ₹25,37,924 |
| Year 16 | ₹4,25,430 | ₹1,99,403 | ₹21,12,494 |
| Year 17 | ₹4,63,034 | ₹1,61,799 | ₹16,49,460 |
| Year 18 | ₹5,03,962 | ₹1,20,871 | ₹11,45,498 |
| Year 19 | ₹5,48,508 | ₹76,325 | ₹5,96,991 |
| Year 20 | ₹5,96,991 | ₹27,842 | ₹0 |
ChangelogHow we test this calculatorEmbed this calculator
How this calculator works
At the defaults, the loan payment is about ₹52,069 a month, and an extra ₹10,000 each month ends the loan 6 years 4 months sooner.
- Step 1Find the loan₹60 lakhhome price minus the down payment
- Step 2Split the rate0.71%the yearly rate divided into twelve monthly rates
- Step 3Level the payment₹52,069one equal amount for 240 months
Each month, interest is charged on what you still owe. The payment first covers that interest; whatever is left reduces the balance. Early on most of the payment is interest, and the share flips as the balance falls.
What the result leaves out
- Fees and chargesProcessing fees, loan insurance and valuation costs are not included.
- Rate changesOne fixed rate is used for every month; resets on a floating loan are not predicted.
- Cost growthProperty tax, insurance and upkeep are held flat, though real bills tend to move.
Worked example
- Monthly rate
i = annual rate ÷ (12 × 100)- Monthly payment
M = L × i ÷ (1 − (1 + i)^−n)- Balance after k months
B = L(1 + i)^k − M((1 + i)^k − 1) ÷ i
- Lloan amount ₹60,00,000
- imonthly rate 0.71%
- nnumber of monthly payments 240
- Monthly principal and interestlevel payment from the formula₹52,069
- Total paid over the termM × n₹1,24,96,655
- Year 1 interest, with extra paymentsum of monthly interest₹5,00,632
- Total interest, no extra paymentM × n − L₹64,96,655
- Interest saved by the extra paymentinterest without extra − interest with extra₹23,46,112
The extra amount is added to every payment from month one. Figures are rounded for display; the calculation keeps full precision.
Reading your result
- Original plan20 yearsTotal interest about ₹64.97 lakh.
- With extra payment13 years 8 monthsTotal interest about ₹41.51 lakh, which is ₹23.46 lakh less.
- Original plan
- With extra payment
Total monthly outflow adds your optional property tax, insurance and upkeep to the loan payment. Those costs are shown as a monthly cash need and do not change the loan’s interest.
Mortgage, home loan or EMI?
In India a mortgage is usually called a home loan, and its fixed monthly payment is the EMI. The maths is the same.
To check how much a lender may offer on your income, use the home loan eligibility calculator. The rent vs buy calculator compares buying with renting and investing the difference.
For a month-by-month schedule, open the amortization calculator. To compare a lump-sum part-payment with a lower EMI, try the loan prepayment calculator. Buying in the US with a VA loan or in Canada? See the VA mortgage calculator or the Canadian mortgage calculator.
Common mistakes
Mistake: Budgeting only for the loan payment.
Instead: Add recurring costs and check the total monthly outflow.
Mistake: Entering a yearly cost while monthly is selected.
Instead: Match the “Costs entered as” switch to the figures you typed.
Mistake: Treating the estimate as the lender’s schedule.
Instead: Compare with the written schedule, fees and prepayment terms in your loan papers.
This calculator does not assess affordability or recommend a loan. Use your lender’s written terms for exact obligations and consult a qualified professional about your circumstances.
Checking the method
A separate script recomputes every test case two ways, by closed-form formulas and by a month-by-month ledger.
Read how we test our calculators, or browse more money calculators.
Frequently asked questions
How is the monthly mortgage payment calculated?
The loan is the home price minus the down payment. The payment is the level amount that repays that loan, with interest on the remaining balance each month, over the chosen number of years.
What is included in total monthly outflow?
It adds the loan payment to any property tax, home insurance and maintenance or society charges you enter, each converted to a monthly figure.
Can I enter the down payment as an amount?
Yes. Choose percentage or amount. The amount cannot exceed the home price, and a down payment equal to the price leaves no loan.
How does extra monthly principal work?
The extra amount is added to every instalment from the first month and goes entirely to the balance, so later interest is calculated on less and the loan ends sooner.
Why does the result show time saved instead of a date?
The calculator has no start date, so it reports how many months shorter the loan becomes and how much interest is avoided.
Are taxes and insurance counted in total interest?
No. Total interest covers only the loan. Optional costs appear in the monthly outflow, not in the interest figure.
Does this model a floating or changing rate?
No. One fixed annual rate applies to every month. A rate change can alter the payment and payoff time.
Is the result a lender quote?
No. It is an illustration based on the assumptions shown. Lender fees, rounding and payment dates can produce different figures.
Sources and methodology
The formulas are standard time-value-of-money results. We check every figure against golden values worked out independently, by closed form and by month-by-month simulation; see the methodology.
- Principles of Finance 2e, section 8.5: Equal Payments with a Financial Calculator and Excel, OpenStax, Rice University (accessed 22 Oct 2026)
Written and maintained by Nitin Raturi, a software engineer (about the author). Last reviewed 22 Oct 2026; next review due by . Found an error? Tell us.
Changelog
- : Registered at the owner's request. Estimates the loan payment, total monthly outflow and yearly balance. The default plan with an extra payment ends 6 years 4 months sooner.