

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 (₹) |
---|---|---|---|---|---|
10,00,000 | 8.5 | 20 | 8,677 | 20,82,266 | 10,82,266 |
25,00,000 | 9.0 | 15 | 25,374 | 45,67,392 | 20,67,392 |
50,00,000 | 8.0 | 25 | 38,591 | 1,15,77,345 | 65,77,345 |
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?
2. What is the formula for calculating a mortgage payment?
3. How much loan can I afford?
4. What is an amortization schedule?
5. What is the difference between a fixed-rate and a variable-rate mortgage?
6. How does the loan tenure affect my monthly payment?
7. How does interest rate impact my mortgage payments?
8. What are the benefits of using a mortgage calculator?
9. Can I use this calculator for loans other than home mortgages?
10. What is the significance of the down payment in a mortgage?
11. How does the Vedantu Mortgage Calculator compare to other online calculators?

















