Mortgage Calculator

Loan Amount: Annual Interest Rate (%): Loan Term (Years):

Mortgage Calculator

A Mortgage Calculator is an essential financial tool that helps users calculate their monthly home loan EMI (Equated Monthly Installment) based on factors like loan amount, interest rate, and tenure. Whether you’re planning to buy a house, apartment, or plot in India, this calculator helps estimate your repayment schedule and total interest cost.

What is a Mortgage?

A mortgage or home loan is a type of secured loan where the property is pledged as collateral. In India, banks and NBFCs (Non-Banking Financial Companies) offer home loans with interest rates ranging from 7% to 10% per annum. The loan consists of:

Principal Amount – The original loan borrowed from the bank.
Interest – The additional cost paid to the lender, calculated as a percentage of the principal.

Key Features of the Mortgage Calculator Plugin

✔ Accurate EMI Calculation – Helps users estimate monthly EMI payments before applying for a home loan.
✔ Total Interest Cost Breakdown – Understand how much interest is paid over the loan tenure.
✔ Interactive Circular Chart – Visualizes the principal vs. interest proportion in the loan repayment.
✔ Repayment Schedule Table – Displays a detailed month-by-month EMI breakup for better financial planning.
✔ SEO-Optimized & Mobile Responsive – Works perfectly on all devices without affecting website speed.

Benefits of Using a Mortgage Calculator in India

✅ Plan Your Budget – Calculate the exact EMI before taking a home loan.
✅ Compare Loan Offers – Helps users choose the best home loan option from different Indian banks like SBI, HDFC, ICICI, and Axis Bank.
✅ Interest Savings Strategy – Shows how extra payments or shorter loan tenures can reduce total interest costs.
✅ Quick & Hassle-Free – No need for manual calculations; get instant results in seconds.

Mortgage EMI Calculation Formula & Explanation

A Mortgage EMI (Equated Monthly Installment) is the fixed payment you make each month toward repaying your home loan. It consists of two main components:

Principal Amount (P) – The loan amount borrowed.
Interest (R) – The cost of borrowing, based on the bank’s home loan interest rate.

Mortgage EMI Formula:

EMI = (P × R × (1+R)^N) ÷ ((1+R)^N – 1)

Where:

EMI = Monthly Loan Installment
P = Loan Amount (Principal)
R = Monthly Interest Rate = Annual Interest Rate / 12 / 100
N = Loan Tenure in Months (Years × 12)

Step-by-Step Example Calculation

✅ Suppose you take a ₹50,00,000 home loan at an 8% annual interest rate for 20 years.

Convert Interest Rate to Monthly Rate:
R = (8 ÷ (12 × 100)) = 0.00667
Convert Loan Tenure to Months:
N = 20 × 12 = 240 months
Apply the Formula:
EMI = (50,00,000 × 0.00667 × (1+0.00667)²⁴⁰) ÷ ((1+0.00667)²⁴⁰ – 1)
Final EMI Calculation:
EMI ≈ ₹41,822 per month

Key Takeaways:

✅ Total Payment over 20 years = ₹41,822 × 240 = ₹1,00,37,280
✅ Total Interest Paid = ₹1,00,37,280 – ₹50,00,000 = ₹50,37,280
✅ Higher Loan Tenure = More Interest Paid

Why Use a Mortgage Calculator?

Saves time by automating complex EMI calculations.
Helps compare different loan amounts & interest rates.
Provides a breakdown of total interest vs. principal paid.
Enables better financial planning before applying for a home loan.

Example Calculation for an Indian Home Loan

Let’s assume:

Home Loan Amount: ₹50,00,000
Annual Interest Rate: 8%
Loan Tenure: 20 years

💰 Using the Mortgage Calculator:

Monthly EMI: ₹41,822
Total Repayment Amount: ₹1,00,37,280
Total Interest Paid: ₹50,37,280

A donut chart will display the loan breakdown (principal vs. interest), and the repayment table will show the detailed month-wise EMI breakup, making it easier to track payments.

Why Choose This Mortgage Calculator Plugin?

This WordPress Mortgage Calculator is designed for Indian users, ensuring compatibility with INR (₹) and optimized for Google search rankings. It uses Chart.js for stable graphs, maintains WordPress file integrity, and is built for fast-loading performance.

📢 Start using our Mortgage Calculator today and make informed home loan decisions!