mortgage loan emi calculator

When you plan to buy a home, one of the most critical financial tools you will need is a mortgage loan EMI calculator. It is an automated tool that takes into account the basic details about your potential home loan and gives you the calculations required to plan your finances.

In this article, we’ll go over what a mortgage loan is, what an EMI calculator is, and how to use an EMI calculator to get your monthly mortgage payment. We’ll also delve into the benefits of this tool for prospective borrowers.

Understanding Your Mortgage Loan

A mortgage loan is a form of secured loan where you can make use of the funds by pledging your property as collateral to the lender. The lender will have the liability to take possession of the property if the borrower fails to pay off the mortgage loan.

A vital part of the mortgage loan process is calculating your equated monthly instalment (EMI). The EMI is made up of the principal and interest components calculated on the basis of the loan amount, rate of interest, and loan tenure.

Introducing the Mortgage Loan EMI Calculator

An EMI calculator is an online tool that calculates the monthly payments, or EMIs, that you will need to make towards your loan. It gives you a clear picture of your monthly obligations in relation to your mortgage loan. This calculation, while simple, can be time-consuming, especially if you’re contemplating different loan amounts or interest rates.

A mortgage loan EMI calculator simplifies this process, providing you with a quick, accurate snapshot of your potential monthly payment. It allows you to adjust variables, such as the loan amount, interest rate, and loan term to see how changes in these factors will impact your monthly payment.

How to Use a Mortgage Loan EMI Calculator

Using a mortgage loan EMI calculator is straightforward. You just need to fill in the required information, including:

1. Loan amount: This is the amount of money you plan to borrow.

2. Interest rate: This is the rate of interest charged on your loan.

3. Loan tenure: This is the period over which you plan to repay the loan.

Once you’ve entered this information into the calculator, it will use a specific mathematical formula to calculate your monthly mortgage payment or EMI.

The formula used is:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]


P = Principal loan amount

R = Monthly interest rate

N = Number of monthly instalments

Benefits of Using a Mortgage Loan EMI Calculator

The mortgage loan EMI calculator not only simplifies the process but also provides the following benefits:

  • Assists in budget planning: 

Knowing the EMI amount in advance will help you plan your budget efficiently.

  • Saves time: 

The EMI calculator gives an instant result, saving a lot of time compared to manual calculations.

  • Helps in comparing different loan scenarios: 

You can adjust the loan amount, interest rate, and tenure to compare different loan scenarios and choose the most suitable one for your needs.


A mortgage loan EMI calculator is a powerful tool that can make your life significantly easier when you’re planning to take out a home loan. It helps you evaluate your loan repayment plan by giving you a detailed understanding of the EMI amount you would need to pay each month based on the loan amount, interest rate, and loan tenure.

Always remember, though, that while a mortgage loan EMI calculator can provide you with useful estimations, it’s essential to consult with your bank or financial advisor to understand fully the financial commitment you’re taking on with a mortgage loan.

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By Anurag Rathod

Anurag Rathod is an Editor of, who is passionate for app-based startup solutions and on-demand business ideas. He believes in spreading tech trends. He is an avid reader and loves thinking out of the box to promote new technologies.