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Sowparnika EMI Calculator

Property Price
Down Payment
Term (Loan Duration)
Interest Rate
Calculate
Add extra payments

Add extra payments:

Find out how making extra payments can help you pay off your house quicker.

To monthly mortgage payment
Extra yearly mortgage payment
Occurring every
One-time mortgage payment
In
Monthly Principal & Interest ₹999.03
Monthly Extra Payment ₹0.00
Estimated monthly payment ₹999.03
Down Payment ₹52,000.00
Extra Payments ₹0.00
Total Principal Paid ₹208,000.00
Total Interest Paid ₹151,650.40
Total of all payments ₹411,650.40
Start Date
Estimated Payoff Date

Amortization Schedule

Payment Date Payment Principal Interest Total Interest Balance
PMI
Insurance
Taxes
HOA

Calculator with PMI, Taxes, Insurance, and HOA

Use this calculator to understand the impact of Property Mortgage Insurance (PMI), taxes, and insurance on your total monthly mortgage payment in India. This will help you estimate all hidden costs involved in your mortgage.
Interest
Only

Interest Only Mortgage Calculator


Planning an interest-only mortgage? Use this calculator to find out how your monthly payments will be structured when paying only interest for a fixed period, and how this impacts the total loan balance.
Extra
Payments

Mortgage Calculator with Extra Payments


See how making small extra payments towards your home loan can significantly reduce the interest burden and shorten your mortgage term. This calculator helps you plan your extra payments and evaluate the savings.

Calculator Terms

Property Price

The price of the property you are planning to purchase in India Rupees (₹). Make sure to account for any additional charges like GST, registration fees, and stamp duty which may not be included in the listed price.

Down Payment

The down payment is the initial portion of the property price that you need to pay upfront, typically ranging between 4% and 20% of the total price. The remainder of the price is usually financed by a mortgage loan. In India, making an initial payment of at least 20% often helps you avoid paying additional mortgage insurance.

Mortgage Term

The mortgage term refers to the duration over which you plan to repay the home loan. Common options in India include 15-year and 30-year fixed-rate mortgage plans. The term you choose will impact the interest rate and your monthly repayment amounts.

Interest Rate

The interest rate is the percentage charged by the lender for borrowing the mortgage amount. The rate provided is typically the average market rate but can vary depending on factors such as your credit score, down payment, and the lender's policies.

Mortgage Start Date

The mortgage start date refers to the date from which your monthly mortgage repayments will begin. Make sure this date aligns with your planned home purchase and financial schedule.

Extra Payments

Extra payments allow you to pay down the principal amount of your loan faster, which can help reduce the overall interest burden and shorten the duration of your mortgage. Regular extra payments can significantly speed up the process of becoming mortgage-free.

When to Use a Mortgage Calculator?

About Mortgage Calculator with Extra Payments

This mortgage calculator with extra payments (amortization schedule calculator) helps you estimate your monthly home loan payment in India. It shows how much of your payment goes toward the loan principal and how much is spent on interest.

Consider Different Scenarios with Mortgage Calculator and Extra Payments

Before deciding to purchase a property with a home loan, it’s crucial to first calculate the potential monthly mortgage payment. This will help you assess how much of your monthly income will go toward the mortgage. Typically, your monthly loan repayment should not exceed 40-50% of your household income.

By adjusting the down payment value in the mortgage calculator, you can see how your monthly payments change. A higher down payment not only reduces the monthly payment but can also help lower your interest rate and avoid private mortgage insurance (PMI).

What Does the Monthly Payment Include?

When calculating your home loan payment, you might be surprised by how much of your payment goes toward the interest. A small difference in interest rate can significantly affect the overall cost of your loan over time. It’s important to understand how your payment is divided between interest and the loan principal.

Initially, most of your payment will go toward paying interest. Over time, as the principal reduces, a larger portion of your payment will go toward reducing the outstanding loan balance.

The mortgage calculator allows you to track this progress with an amortization schedule. By adjusting the loan’s interest rate, down payment, and property price, you can visualize the best possible payment structure.

Calculate Savings with Extra Payments

You can use the mortgage calculator to determine how making extra payments towards your loan’s principal can shorten your loan term and reduce the total interest paid. You can see the effects of making extra payments annually, monthly, or even as a one-time lump sum payment.

This mortgage calculator is designed to provide a general estimate of your costs. Always consult with your lender for an accurate quote and verify the details before proceeding with any financial commitments.