Free Online Mortgage Calculator
Use this free Mortgage Calculator to estimate home loan EMI, total interest, total repayment, and the impact of extra monthly payments or one-time prepayment.
A home loan is usually the largest loan a family takes. Small changes in interest rate, tenure, or prepayment timing can change total interest by lakhs. This calculator gives a quick repayment view so you can compare lender quotes and plan prepayments before signing loan documents.
The calculator uses the standard EMI formula and a monthly repayment simulation for prepayment planning. Actual lender schedules can differ because of floating-rate resets, part-payment rules, EMI reset choices, minimum prepayment amount, charges, and loan agreement terms.
Key Features
When to Use This Mortgage Calculator
How to Use the Mortgage Calculator
- 1. Enter the home loan amount, annual interest rate, and loan tenure.
- 2. Add optional extra monthly payment if you plan to pay more than EMI.
- 3. Add one-time prepayment amount and the month when it may happen.
- 4. Enter processing, legal, insurance, or other loan-side charges.
- 5. Review EMI, total interest, total repayment, interest saved, months saved, and revised payoff time.
Mortgage Calculator FAQ
Is this Mortgage Calculator free?
Yes. The Mortgage Calculator is free and does not require login.
How is mortgage EMI calculated?
EMI is calculated using loan amount, monthly interest rate, and total number of monthly instalments. The formula is the standard reducing-balance EMI formula used for home loans.
Does prepayment reduce EMI or tenure?
This calculator assumes prepayment reduces tenure while EMI stays the same. Some lenders may let you choose EMI reduction instead, so confirm with your bank.
Does this include floating-rate changes?
No. It assumes the entered interest rate stays constant. Floating-rate home loans can change when the benchmark rate or lender spread changes.
Should I always prepay my home loan?
Not always. Compare prepayment benefit with emergency fund needs, tax planning, investment returns, liquidity, lender charges, and financial goals before deciding.