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Mortgage Loan Calculator Research Team | Posted On Monday, February 04,2019, 03:00 PM

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Mortgage Loan Calculator



Mortgage Loan Calculator

What is a Mortgage Loan?

A mortgage loan is taken to purchase a real estate property, or a piece of land or property for personal or commercial use. A mortgage loan is sanctioned by banks against real estate or property that is pledged as collateral (security against the loan). The rate of interest on mortgage loans differs across banks. This is a secured loan, which means the lender may forfeit property in case loan is not repaid.

About the Mortgage Payment Calculator:

The mortgage loan calculator is a tool that helps users find monthly EMIs on mortgage loans. The users have to provide the loan amount, interest rate and tenure to calculate monthly EMIs. You can use the online mortgage calculator to enhance knowledge and get a proper idea on various aspects of the mortgage loan.  Mortgage calculator comes to the rescue of customers as it simplifies extensive data and helps users get a clear picture on the variables through charts and graphs. The mortgage loan calculator uses this formula to calculate monthly EMIs:

EMI: P * R (1 + R) N – 1


P stands for principle amount

R stands for rate of interest

N stands for number of months

All you would have to do is enter the loan amount, applicable interest rate, and the time period or tenure of the loan, based on which the EMIs are calculated automatically.

Want to know more on home loan? We at will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.

Mortgage Loan Calculator

How to use Mortgage loan calculator?

A mortgage loan calculator helps get comparative analysis of monthly EMIs on providing the required inputs. Using mortgage loan calculator is convenient and simple. The loan calculator is easily accessible as several loan aggregators and bank websites offer the EMI calculator. The user must include details like loan amount, tenure and rate of interest. As soon as you enter the requisite data, the EMI calculator displays the monthly EMI along with graphical/ pie chart representation of the principal vs interest rate.

See Also: Important Facts On Home Loans

Features of Mortgage Calculator:

Listed below are some of the salient features of mortgage calculator:

  • Analyze by comparing: with the help of mortgage calculator you can analyze various loan schemes offered by different banks. The mortgage calculator gives an idea on how much money you can save on EMIs by availing loan from any particular bank.
  • Explore options: Users can check for different loan amounts, tenure or rate of interest to compare the loan rates given by different banks. Exploring every option gives insight on the importance of down payment, how the interest rate works and how much loan is suitable for you.
  • Repayment scenarios: by using the mortgage calculator you get an idea on repayment schedule. Your year to year payment schedule will be illustrated with the help of an amortization table.
  • Desired amortization: the users get details of their total payment schedule along with monthly payments. The list also shows the yearly payment schedule for the loan availed.
  • Quick tool: the mortgage calculators are handy and are easy to use. These calculators are designed specifically for users so that they can engage with the tool easily. The mortgage calculator helps the user understand the different aspects of the loan by using pie charts, tables as well as graphs.
  • Less dependency on agents/ professionals: the users can view and explore the mortgage loan option without consulting any professionals or agents. This saves the hassles of receiving unwanted phone calls. This also prevents people falling into traps as many agents coax unaware customers into availing high interest rate loans.
  • Simplified presentation of loans:  mortgage loan comes to the rescue of customers who do not have clear idea on loans. These calculators simplify complex data and helps customers get a clear picture of the loans.

Better understanding of products: There is a view that easy-to-use mortgage calculators lead to a better understanding of products and services rather than rich description in a text format.

Amortization Table:

Here we will take a hypothetical situation and try to explore how the mortgage loan calculator works and provides output that helps you calculate EMI, interest, principal and outstanding amount throughout loan tenure:

Let’s say, Rahul Singh, an IT professional avails a mortgage loan of Rs 5 lakhs for a tenure of 10 years. He visits the online mortgage loan calculator and provides the following details:

  • Loan amount: Rs 5 Lakhs.
  • Tenure: 10 years.
  • Rate of interest: 9%

The following result is displayed:

Your monthly EMI is: Rs 6,334

The following table illustrates the repayment schedule:







Rs. 6333.78



Rs. 5 lakh


Rs. 6333.78

Rs. 375

Rs. 2583.78

Rs. 497416.21


Rs. 6333.78

Rs. 3570.26

Rs. 2763.51

Rs. 473272.41


Rs. 6333.78

Rs. 3355.86

Rs. 2977.91

Rs. 444471.23


Rs. 6333.78

Rs. 2875.87

Rs. 3457.91

Rs. 379992.11


Rs. 6333.78

Rs. 2318.51

Rs. 4015.27

Rs. 305119.97


Rs. 6333.78

Rs. 1671.31


Rs. 218179.63


Rs. 6333.78

Rs. 919.79

Rs.  5413. 98

Rs. 117225.89


Rs. 6333.78

Rs. 47.14

Rs. 6286. 63

Rs. 0.01

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