# Mortgage Loan EMI Calculator

**Mortgage Loan EMI Calculator** is a money tool that helps you figure out how much you’d have to pay each month for your home loan. You just plug in three things: the amount you’re borrowing, the interest rate, and how long you’ll take to repay (loan term).

The calculator will spit out an estimated amount you’d pay every month (EMI). This is a handy way to plan your finances and know what to expect when it comes to paying back your loan.

## How Does Mortgage Calculator Help You?

Buying a home is a big decision, and it’s important to have a clear picture of your finances before you take the plunge.

### Benefits

**Budget:**Enter loan details to see your estimated monthly payment (EMI). Plan your budget to avoid surprises.**Loan Comparison:**Compare different lenders by interest rate and terms. Choose the loan that saves you money.**Financial Planning:**See if the EMI fits your budget. Make adjustments if needed.**Find the Perfect Tenure:**Explore how loan terms affect your monthly payment and total interest.Forget complex calculations! Get instant results for different loan scenarios.**Easy Calculations**

### Few Drawbacks

- Estimates Only: The EMI amount is based on what you enter. Actual costs may vary due to fees.
- Variable Rates Can Fluctuate: The EMI may change over time with variable interest rates.
^{1}Variable Interest Rate**Website**: Investopedia - Not the Whole Picture: The mortgage loan refinance calculator doesn’t include property taxes, insurance, or maintenance costs.

## How to Calculate Mortgage Loan Payment

**Find a Mortgage Calculator:**Use a website like Pricemint.**Enter Loan Details:**- House price
- Down payment
- Loan term (years)

**Add Annual Costs:**- Interest rate
- Property taxes
- Homeowner’s Insurance
- HOA fees (if applicable)

**Click “Calculate”:**See your estimated monthly payment.**Remember:**It’s an estimate. Talk to a lender for a more accurate number.

## How Does Mortgage EMI Calculator Work?

Ever wondered how a mortgage loan repayment calculator figures out your monthly payment? It’s all thanks to a special formula that considers three key things:

**Loan Amount (P):**The total amount you borrow.**Interest Rate (R):**The yearly interest charged on the loan, divided by 12 to get the monthly rate.**Loan Tenure (N):**The total length of your loan in months (usually years multiplied by 12).

The calculator uses these numbers in a formula that looks complex, but it boils down to this:

**Mortgage Formula EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]**

where EMI is your monthly payment.

Let’s see it in action! Imagine you borrow ₹50,00,000 for your dream home at 8% interest for 20 years. Here’s how the calculator does the math:

**Monthly Interest Rate:**8% / 12 months = 0.00667 (rounded)**Loan Tenure in Months:**20 years x 12 months/year = 240 months**Plug it in!**The calculator crunches the numbers and gives you your estimated monthly EMI.

## Loan Amortization

Ever wondered where your monthly loan payment goes? A loan amortization table breakdown of your mortgage payments over time, showing how much goes towards principal (the actual loan amount) and how much covers interest.

Let’s create a sample amortization table for a small property loan of ₹25,00,000 at an annual interest rate of 7%, borrowed for a tenure of 15 years (180 months). This is a simplified example, and rounding may occur.

Month | Payment Amount (EMI) | Interest Paid | Principal Paid | Remaining Balance |
---|---|---|---|---|

1 | ₹22,308 | ₹13,750 | ₹8,558 | ₹24,14,442 |

2 | ₹22,308 | ₹13,632 | ₹8,676 | ₹23,86,766 |

3 | ₹22,308 | ₹13,513 | ₹8,795 | ₹23,59,071 |

4 | ₹22,308 | ₹13,392 | ₹8,916 | ₹23,31,455 |

5 | ₹22,308 | ₹13,270 | ₹9,038 | ₹23,03,917 |

… | … | … | … | … |

176 | ₹22,308 | ₹2,232 | ₹20,076 | ₹2,33,870 |

177 | ₹22,308 | ₹2,122 | ₹20,186 | ₹2,13,684 |

178 | ₹22,308 | ₹2,011 | ₹20,297 | ₹1,93,387 |

179 | ₹22,308 | ₹1,900 | ₹20,408 | ₹1,73,079 |

180 | ₹22,308 | ₹1,787 | ₹20,521 | ₹0.00 |

## Article References

- 1Variable Interest Rate
**Website**: Investopedia