Free Mortgage & EMI Calculator

The three tabs above compute the same underlying math but present it for different situations. Use EMI for a home, car, or personal loan in India, shown in rupees with the standard reducing-balance formula. Use Mortgage for a US- or UK-style home loan, which adds optional property tax and insurance on top of principal and interest for a full monthly payment. Use Personal Loan when you specifically need to compare a flat-rate offer against a reducing-balance one, since it supports both. Each also has its own dedicated page — see the EMI Calculator, Mortgage Calculator, and Personal Loan Calculator — if you'd rather bookmark it directly.

With a flat rate, interest is charged on the full original principal for the entire tenure, so you keep paying interest on money you have already repaid. With reducing balance, interest is charged only on the outstanding balance, which falls every month, making the effective cost lower. A 10% flat rate is roughly equivalent to a 17–18% reducing rate. Indian banks use reducing balance for home loans and most retail loans.

A prepayment reduces your outstanding principal. You can then either keep the EMI the same and shorten the tenure (which saves the most interest), or keep the tenure and lower the EMI. Prepaying early in the loan saves far more interest, because that is when the interest component of each EMI is highest. The home loan prepayment calculator shows the figures for your loan.

For a ₹20,00,000 loan at 8.5% annual interest over 20 years (240 months), the EMI is about ₹17,356. Total interest works out to roughly ₹21.65 lakh, and the total amount repaid is about ₹41.65 lakh. Enter these exact values in the calculator above to see your precise figures and the full month-by-month schedule.

The core math is the same amortization formula. An EMI calculator (India) typically works in rupees and focuses on principal plus interest. A mortgage calculator (US/UK) often adds property tax, home insurance, and sometimes PMI, and expresses the down payment as a percentage of the home price to show the full monthly housing cost. LoanCalcNow supports both modes and switches automatically based on your region.

Loan-to-Value (LTV) is the loan amount divided by the property's value, shown as a percentage. If you borrow $320,000 on a $400,000 home, your LTV is 80%. A lower LTV (a bigger down payment) usually earns a better interest rate and, in the US, helps you avoid private mortgage insurance (PMI), which typically applies above 80% LTV.

Yes. A car loan uses the same reducing-balance EMI formula as any other loan. Enter your car loan amount, interest rate, and tenure (usually 1 to 7 years) in the EMI or Personal Loan tab to get your monthly payment and the complete repayment schedule.

As of September 2026, home loan rates in India generally range from about 7.2% to 9.8% per annum for salaried, well-qualified borrowers, depending on the lender, your credit score, and the loan amount. Rates are linked to the RBI repo rate, so they move with monetary policy. See the bank-by-bank comparison for each lender's current rate, or confirm directly with your bank before deciding.

A 15-year mortgage has higher monthly payments but a lower interest rate and dramatically less total interest, because you repay faster. A 30-year mortgage has lower, more affordable monthly payments, but you pay far more interest over the life of the loan. Use the Mortgage tab to compare both terms side by side for your own numbers.

No. All calculations run entirely in your browser using JavaScript. Nothing you type — loan amounts, interest rates, or tenure — is sent to a server, saved, or shared. That is why the tool needs no signup or login. See our Privacy Policy for full details.

Yes. Most Indian lenders now use risk-based pricing, so a higher CIBIL score (typically 750 and above) can earn a lower interest rate, while a weaker score may mean a higher rate or rejection. Even a small rate difference changes your EMI and total interest noticeably, so it is worth improving your score before you apply.

Lenders usually ask for identity and address proof (Aadhaar, PAN, passport), income proof such as salary slips, bank statements and Form 16 or ITR for the last two to three years, and property papers like the sale agreement and title documents. Self-employed applicants also submit business proof and audited financials. Exact requirements vary by bank, so confirm the checklist first.

A longer tenure lowers your monthly EMI but increases the total interest you pay, because the loan runs for more years. A shorter tenure means higher EMIs but far less interest overall. A practical approach is to pick the longest tenure your budget comfortably allows, then use prepayments to shorten it. Try both in the calculator above to see the trade-off in rupees.

Both SBI and HDFC price home loans against an external benchmark (the RBI repo rate) plus a spread, so their headline rates usually sit within a narrow band and move with policy. The rate you are actually offered depends on your credit score, loan amount and profile. Compare the final offered rate, processing fee and prepayment terms together, not just the advertised rate.

A processing fee is a one-time charge a lender takes to approve and set up your loan, usually a small percentage of the amount (often 0.25% to 1%) plus taxes. Because you receive the loan minus this fee but still repay EMIs on the full principal, it slightly raises your effective interest rate. The calculator's fee field shows that effective rate so you can compare offers fairly.

Yes. A home loan balance transfer moves your outstanding loan to a new lender offering a lower rate, which can reduce your EMI or shorten your tenure. Weigh the savings against costs like the new processing fee and paperwork, and check that the rate gap is wide enough to be worthwhile. Transfers usually help most early in the loan, when interest makes up the bulk of each EMI.

The EMI formula is identical, but personal loans are unsecured, so they carry higher interest rates (often 10% to 24%) and shorter tenures (usually one to five years) than home loans. That means a higher EMI for every rupee borrowed. Use the Personal Loan tab to compare flat-rate and reducing-balance quotes, since the two methods can differ sharply in real cost.

Missing an EMI usually triggers a late-payment penalty and extra interest, and the missed payment is reported to credit bureaus, which lowers your credit score. Repeated defaults can get the loan classified as non-performing and, for secured loans, lead to recovery action on the asset. If you expect trouble paying, contact your lender early to discuss restructuring or a revised schedule.

The repo rate is the rate at which the RBI lends to banks. Most Indian floating-rate loans are linked to it, so when the RBI raises the repo rate your interest rate and EMI tend to rise, and when it cuts the rate they fall. Lenders often keep the EMI steady and adjust your tenure instead, or reset the EMI at the next review. Fixed-rate loans are unaffected during the fixed period.

A fixed-rate mortgage keeps the same interest rate and the same monthly principal-and-interest payment for the whole term, giving predictable payments. An adjustable-rate mortgage (ARM) starts with a lower fixed rate for an intro period, such as five years, then adjusts periodically with the market, so your payment can rise or fall. Fixed rates suit long-term stability; ARMs can suit shorter ownership plans.

It depends on the loan program and country. In the US, conventional loans often expect around 20% to avoid mortgage insurance, though some programs allow as little as 3% to 5%. A larger down payment lowers your loan amount, monthly payment and total interest, and can earn a better rate. Use the Mortgage tab's down-payment field to see how different amounts change your payment.

Private mortgage insurance (PMI) is a fee US lenders add when your down payment is below 20% (loan-to-value above 80%), protecting the lender if you default. You can avoid it by putting down 20% or more, and you can usually cancel it later once you have built enough equity. PMI raises your monthly cost without reducing your loan, so include it when checking affordability.

Refinancing replaces your current mortgage with a new one, usually to get a lower rate, change the term, or tap home equity. It is generally worth it when the new rate is meaningfully lower and you will stay in the home long enough to recover the closing costs — the break-even point. Compare the new payment and total interest against your existing loan before deciding.

Pre-approval is a lender's conditional commitment to lend you a specific amount after reviewing your income, assets and credit. It shows sellers you are a serious, qualified buyer and tells you a realistic price range before you shop. It differs from pre-qualification, which is a lighter estimate. Pre-approval does not lock a rate, but it speeds up final approval once you make an offer.

Amortization is the schedule that splits each monthly payment between interest and principal. Early on, most of the payment goes to interest because the balance is large; over time the principal share grows and the balance falls to zero by the end of the term. The amortization table above shows this month by month, and you can download it as a CSV to review every payment.

Many mortgage payments follow PITI: principal, interest, property taxes and homeowners insurance. Lenders often collect the taxes and insurance in an escrow account and pay those bills for you. If your down payment is under 20%, PMI may be added, and some homes include HOA dues. The Mortgage tab lets you add tax and insurance to estimate the full monthly cost.

A common guideline is the 28/36 rule: keep housing costs under about 28% of your gross monthly income and total debt payments under about 36%. Lenders also weigh your credit, down payment and existing debts. Rather than borrowing the maximum, choose a payment that leaves room for savings and emergencies. Enter a target payment in the calculator and work backward to a comfortable price.

Requirements vary by country and program. In the US, conventional loans often start around a 620 score, government-backed loans can allow lower, and the best rates usually go to scores of 740 and above. In the UK and Australia, lenders assess your overall credit history and affordability rather than a single number. A higher score generally means a lower rate and a smaller payment.

An escrow (or impound) account is held by your lender to collect part of your property taxes and homeowners insurance with each monthly payment, then pay those bills when they fall due. It spreads large annual costs into manageable monthly amounts and makes sure the bills are paid on time. Your total payment can change when tax or insurance amounts are reassessed each year.

Extra payments go straight to principal, which shortens your loan and cuts total interest, often by a large amount over a 30-year term — even one extra payment a year helps. First, check that your loan has no prepayment penalty, and weigh it against other goals like retirement savings or clearing higher-interest debt. Try an extra amount in the calculator to see the interest saved.