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Mortgage Calculator: Calculate Your Loan Payment & EMI

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How to Use a Mortgage Calculator for Accurate Home Loan Planning


What is Mortgage Calculator?

A mortgage calculator helps you easily estimate your monthly home loan (EMI) payments based on loan amount, annual interest rate, and tenure in years. It instantly reveals the cost of your loan, making complex calculations simple and error-free.


Using this calculator, you save time and ensure accuracy when planning to buy a house or property. It's useful for students, first-time buyers, and anyone wanting to understand their potential EMI and total interest in seconds.


Formula Behind Mortgage Payment Calculator

The EMI is found using: EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1], where P is the loan principal, r is monthly interest rate (annual rate divided by 12×100), and n is total payments (months). This formula helps you repay both interest and principal by the end of the tenure.


Mortgage Calculation Table

Loan Amount (₹)Interest Rate (%)Tenure (yrs)EMI/month (₹)Total Payment (₹)Total Interest (₹)
10,00,0008.5208,67720,82,26610,82,266
25,00,0009.01525,37445,67,39220,67,392
50,00,0008.02538,5911,15,77,34565,77,345

Steps to Use Mortgage Calculator

  • Enter your loan amount, the interest rate, and the tenure in years in the fields above.
  • Click the "Calculate" button to proceed.
  • You'll instantly see your EMI, total payment, and total interest in an easy format.

Why Use Vedantu’s Mortgage Calculator?

Vedantu’s tool gives fast, accurate EMI calculation without sign-ups or distractions. It’s designed for mobile use and prevents manual errors, helping you budget with clarity and peace of mind.


Quick calculations allow you to compare offers or plan purchases anytime, anywhere. With step-by-step formula explanations, it's perfect for mastering both maths and personal finance basics. Explore more practical maths tools like our Compound Interest Calculator and Percentage Calculator for deeper insight.


Applications of Mortgage Calculator

This calculator helps you make informed choices when buying a house or selecting a home loan. It's used for comparing banks, fixing your monthly budget, and visualizing long-term costs with different interest rates and tenures.


You can also use it for planning car loans, personal loans, and learning amortization in school or college. Maths and commerce students will find it handy for finance exercises. Check out related learning resources like Algebra in Maths for more foundational skills or explore number skills with our Prime Numbers list.


Regularly using tools like this mortgage payment calculator boosts your confidence in real-life decision making. For more such tools, browse our complete collection of maths calculator resources to sharpen your quantitative reasoning.


FAQs on Mortgage Calculator: Calculate Your Loan Payment & EMI

1. How do I calculate my monthly mortgage payment?

Calculating your monthly mortgage payment involves using a formula that considers the loan amount, interest rate, and loan term. The Vedantu Mortgage Calculator simplifies this process by allowing you to input these variables and instantly receive your monthly payment. The calculator also provides a detailed breakdown of the calculation, showing the principal and interest components of each payment. This helps you understand the repayment schedule and the total cost of your mortgage.

2. What is the formula for calculating a mortgage payment?

The standard formula for calculating a monthly mortgage payment (EMI) is: EMI = P × r × (1 + r)^n / ((1 + r)^n – 1), where P is the principal loan amount, r is the monthly interest rate (annual interest rate divided by 12 and then by 100), and n is the number of monthly payments (loan term in years multiplied by 12). Our calculator uses this formula to provide accurate results.

3. How much loan can I afford?

Determining loan affordability depends on your financial situation. Consider your monthly income, expenses, and debt obligations. A general rule of thumb is to keep your total housing costs (including mortgage payments, taxes, and insurance) below 28% of your gross monthly income. Use Vedantu's mortgage calculator to experiment with different loan amounts, interest rates, and loan terms to see what monthly payments you can comfortably manage.

4. What is an amortization schedule?

An amortization schedule is a detailed table showing the breakdown of each mortgage payment over the loan's life. It illustrates the allocation of each payment between principal and interest, revealing how much of the principal is paid down each month and the remaining loan balance. While Vedantu's calculator doesn't generate a full amortization schedule, it gives you the total interest paid, providing a useful overview of the loan's cost.

5. What is the difference between a fixed-rate and a variable-rate mortgage?

A fixed-rate mortgage has an interest rate that remains constant throughout the loan term, making your monthly payments predictable. A variable-rate mortgage, also known as an adjustable-rate mortgage (ARM), has an interest rate that fluctuates based on market conditions, leading to varying monthly payments. Vedantu's calculator helps you understand the impact of different interest rates on your monthly payments, allowing you to compare fixed and variable-rate scenarios.

6. How does the loan tenure affect my monthly payment?

A longer loan tenure results in lower monthly payments, but you'll pay significantly more interest over the life of the loan. A shorter loan tenure means higher monthly payments, but you'll pay less interest overall. Use our calculator to compare different loan tenures and find the balance that suits your budget and financial goals.

7. How does interest rate impact my mortgage payments?

Higher interest rates lead to higher monthly payments and a greater total interest paid over the life of the loan. Lower interest rates result in lower monthly payments and less total interest. Vedantu's calculator allows you to input different interest rates to see how they affect your monthly payments and total loan cost. This is crucial for comparing different loan offers.

8. What are the benefits of using a mortgage calculator?

Mortgage calculators offer several benefits: They provide quick and accurate calculations of monthly payments; they allow you to explore different loan scenarios (adjusting the loan amount, interest rate, and term) to see how these changes affect your payment; they facilitate comparison shopping among different lenders; and they help you make informed financial decisions related to homeownership. Vedantu's calculator is designed for ease of use and understanding.

9. Can I use this calculator for loans other than home mortgages?

While primarily designed for home mortgages, the underlying principles of EMI calculations apply to other types of installment loans, such as car loans and personal loans. You can use Vedantu's calculator for these purposes, provided you have the necessary loan details (principal amount, interest rate, and loan term). Remember to be aware of any additional fees associated with specific loan types.

10. What is the significance of the down payment in a mortgage?

The down payment is the initial upfront payment you make towards the purchase of a property. A larger down payment reduces the loan amount you need to borrow, resulting in lower monthly payments and less total interest paid. While our calculator primarily focuses on the loan amount, keep in mind that a larger down payment can significantly impact the overall cost of your mortgage.

11. How does the Vedantu Mortgage Calculator compare to other online calculators?

Vedantu's Mortgage Calculator is designed to be user-friendly, providing clear and concise results. It focuses on providing not only the monthly payment but also a basic understanding of the calculation process. The emphasis is on educational value, making it suitable for students learning about personal finance and mathematical concepts related to loans.