Yes, this mortgage calculator is 100% free to use with no hidden charges, no premium features, and no subscription required. You can use it unlimited times for any number of mortgage calculations. Every feature including the amortization schedule, EMI calculation, and detailed breakdown is available at no cost whatsoever. There are no signup requirements, no email collection, and no limitations on usage.

Absolutely. Your financial data is completely safe because all calculations happen directly in your browser using JavaScript. No data is sent to any server, stored in any database, or shared with any third party. Once you close the page, all entered information is gone. We take your financial privacy very seriously. There are no tracking cookies collecting your financial inputs, and no analytics on the numbers you enter.

This mortgage calculator uses the standard EMI formula used by banks worldwide: EMI = P × r × (1+r)^n / ((1+r)^n - 1). The calculations are accurate to the paisa level. However, actual EMIs from banks may vary slightly due to processing fees, insurance premiums, or varying interest rate methods such as daily reducing balance versus monthly reducing balance. Always confirm the final EMI with your lender before making financial commitments.

The calculator uses the standard Equated Monthly Installment formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12 divided by 100), and n is the total number of monthly installments. This is the same formula used by all major Indian and international banks for calculating fixed-rate mortgage payments.

Yes, this calculator is specifically designed with Indian home loan buyers in mind. It supports INR currency with Indian number formatting, and the examples use realistic Indian property prices and interest rates. You can calculate EMIs for loans from SBI, HDFC, ICICI, Axis Bank, Bank of Baroda, and all other Indian lenders. The interest rates and tenure ranges are calibrated for the Indian market.

In India, the terms mortgage and home loan are often used interchangeably. Technically, a mortgage is the legal agreement where your property serves as collateral for the loan. A home loan is the actual financial product you get from a bank. This calculator works for both purposes, helping you calculate the EMI and total cost of borrowing regardless of which term you use. The underlying mathematics remain identical.

A longer loan tenure reduces your monthly EMI but increases the total interest paid over the loan period. For example, a ₹50 lakh loan at 8.5% for 20 years has an EMI of approximately ₹43,391 with total interest of ₹54.14 lakh. The same loan for 30 years has an EMI of ₹38,446 but total interest jumps to ₹88.40 lakh. Choose wisely based on your monthly budget and long-term financial goals.

Yes, the calculator supports multiple currencies including USD, EUR, GBP, and JPY, making it suitable for international mortgage calculations. Whether you are buying a property in the United States, United Kingdom, Europe, or Japan, you can use this tool to plan your mortgage payments accurately. NRIs frequently use this tool to compare property investment opportunities across different countries.

An amortization schedule is a year-by-year breakdown showing how much of each payment goes toward principal repayment versus interest. It is important because it reveals that in the early years of a mortgage, most of your EMI goes toward interest rather than reducing your actual loan balance. Understanding this helps you plan prepayments effectively to save on total interest costs and become debt-free sooner.

This version calculates standard EMI without prepayments. For basic mortgage planning and comparison between different loan options, this gives you the exact monthly obligation. If you plan to make prepayments, the actual interest savings would be additional. We recommend using this as your baseline calculation and then discussing prepayment options with your bank to understand the savings potential.

As of 2025, competitive home loan interest rates in India range from approximately 8.25% to 9.50% depending on the lender, your credit score (CIBIL score), loan amount, and employment type. SBI, HDFC, and ICICI typically offer rates starting around 8.40% to 8.75%. Salaried individuals with CIBIL scores above 750 and stable employment often get the best rates. Self-employed applicants may see slightly higher rates.

As a general rule, your EMI should not exceed 40% of your monthly take-home salary. Banks typically offer home loans up to 60 times your monthly salary. For example, if your monthly salary is ₹1,00,000, you could potentially get a loan of ₹50-60 lakhs, with an EMI around ₹40,000. Use this calculator to verify exact EMI amounts for different loan sizes and ensure they fit comfortably within your budget.

Yes, you can easily compare different mortgage scenarios by running multiple calculations. Try different combinations of loan amount, interest rate, and tenure to find the most affordable option. For example, compare a 20-year versus 25-year tenure, or compare offers from different banks with varying interest rates to make an informed decision. Note down results from each calculation for side-by-side comparison.