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Mortgage Calculator

Estimate your monthly home loan payment and see the full amortization schedule. Enter the property price, your down payment, the loan term and interest rate. Optionally add property tax, home insurance, PMI, and HOA or maintenance charges to get the complete monthly outflow. All amounts are in Indian Rupees (₹).

Loan details
Taxes & other costs (optional)

PMI is uncommon on Indian home loans — leave it at 0 unless your lender charges it.

Estimated monthly payment

₹35,989.04

Principal & interest
₹35,989
Property tax
₹0
Home insurance
₹0
PMI
₹0
HOA / maintenance
₹0
Other costs
₹0
Loan amount
₹40,00,000
Down payment
₹10,00,000 (20%)
Total of 240 payments
₹86,37,369
Total interest
₹46,37,369
Total taxes & costs
₹0
Total out-of-pocket
₹96,37,369
Payoff date
Aug 2046

Loan balance over time

Amortization schedule

Yearly breakdown of interest, principal, costs and remaining balance
YearInterestPrincipalTaxes & costsBalance
2026₹1,19,729₹24,227₹0₹39,75,773
2027₹3,54,687₹77,181₹0₹38,98,592
2028₹3,47,447₹84,421₹0₹38,14,171
2029₹3,39,528₹92,340₹0₹37,21,830
2030₹3,30,866₹1,01,003₹0₹36,20,828
2031₹3,21,391₹1,10,477₹0₹35,10,350
2032₹3,11,028₹1,20,841₹0₹33,89,509
2033₹2,99,692₹1,32,177₹0₹32,57,333
2034₹2,87,293₹1,44,576₹0₹31,12,757
2035₹2,73,731₹1,58,138₹0₹29,54,619
2036₹2,58,896₹1,72,972₹0₹27,81,647
2037₹2,42,670₹1,89,198₹0₹25,92,448
2038₹2,24,922₹2,06,946₹0₹23,85,502
2039₹2,05,509₹2,26,359₹0₹21,59,142
2040₹1,84,275₹2,47,594₹0₹19,11,549
2041₹1,61,049₹2,70,820₹0₹16,40,729
2042₹1,35,644₹2,96,224₹0₹13,44,505
2043₹1,07,856₹3,24,012₹0₹10,20,493
2044₹77,462₹3,54,407₹0₹6,66,086
2045₹44,216₹3,87,653₹0₹2,78,433
2046₹9,479₹2,78,433₹0₹0

First 12 months shown before calculating. Figures are estimates; the final payment is adjusted so the balance reaches exactly zero.

How the mortgage payment is calculated

The principal-and-interest portion of a mortgage is a fixed monthly amount that fully repays the loan over its term. It is found with the standard amortizing-loan formula:

M = P × r × (1 + r)n ÷ ((1 + r)n − 1)

  • M — the monthly principal & interest payment
  • P — the loan amount (home price minus down payment)
  • r — the monthly interest rate (annual rate ÷ 12 ÷ 100)
  • n — the number of monthly payments (loan term in years × 12)

When the interest rate is 0%, the payment is simply the loan amount divided by the number of months. Property tax, home insurance, PMI, HOA and other costs are converted to a monthly figure and added on top of Mto give the total monthly payment. PMI, where it applies, is removed automatically once the outstanding balance falls to 80% of the home price.

Key terms

Amortization
The process of paying off a loan through regular payments. Each payment covers the interest due for the period first, and the remainder reduces the principal balance.
Down payment
The upfront amount you pay from your own funds. A higher down payment lowers the loan amount, the monthly payment and the total interest.
PMI (private mortgage insurance)
A US-style insurance charged when the down payment is below 20%. Indian lenders typically do not levy a separate PMI charge; leave the field at zero unless yours does.
Total out-of-pocket
The down payment plus every monthly payment over the full term, including taxes, insurance and other recurring costs.

Frequently asked questions

How is the monthly mortgage payment calculated?
The principal-and-interest payment uses the standard amortizing-loan formula: M = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12 and by 100) and n is the total number of monthly payments (loan term in years x 12). Property tax, home insurance, PMI, HOA and other costs are added on top of this figure.
What is included in the total monthly payment?
The total monthly payment shown adds five parts: principal and interest on the loan, one-twelfth of the annual property tax, one-twelfth of the annual home insurance premium, monthly PMI (if the down payment is below 20%), and any monthly HOA or maintenance charge plus other recurring costs.
What is PMI and do I need it in India?
PMI (private mortgage insurance) is a US concept that protects the lender when the down payment is under 20% of the property value. Indian home loans usually do not levy a separate PMI charge, though lenders may require property or loan-protection insurance. The PMI field is provided for parity and can be left at zero.
How much down payment should I make on a home loan?
A larger down payment reduces the loan amount, the total interest paid and the monthly payment. In India, lenders typically finance up to 75-90% of the property value, so a down payment of at least 10-25% is usually required. Putting down 20% or more also avoids mortgage insurance where it applies.
What is an amortization schedule?
An amortization schedule is a table listing every payment over the life of the loan, split into the interest portion and the principal portion, with the declining outstanding balance. Early payments are mostly interest; later payments are mostly principal. The schedule below can be viewed month by month or summarised by year.
Does making a larger or extra payment reduce total interest?
Yes. Any amount paid above the scheduled principal-and-interest payment goes directly to reducing the outstanding balance, which lowers all future interest and shortens the loan term. Even a small regular extra payment can save a significant amount of interest over 20-30 years.