What you should know about mortgage loan calculator

There are different kinds of loans offered in the market. Depending on your needs and the purpose, you can choose which one you need and the kind of lending institute you seek to borrow. A mortgage loan is a secured one sanctioned by private and public banks against a borrower’s residential or commercial property. Any lender who offers such loans keeps the property as security until it gets entirely repaid by the borrower.

The amount received under the loan gets used for varied purposes. When it comes to repayment, EMIs are set-up for a specific duration to not become cumbersome for the borrower.


Also called loan against property, it includes massive sum. So, it does not hurt to get the EMI calculations figured. If you are aware of how much you need to pay monthly, for how long, you are prepared to pay the principal amount and interest rates. For calculating the EMIs smoothly, many lenders introduced the mortgage loan calculator, a tool that computes the EMIs that you need to pay towards the loan.

The factors involved under the calculator are –

•    EMIs
•    Principal amount
•    Interest rates
•    Number of years

Things to remember

•    The loan tenure gets affected by the applicant’s age. The lender considers your current age and estimated retirement age. Longer the tenure, smaller the EMI amount and higher the interest rates.
•    Interest rates depend on the kind of loan you borrow, the financial status, credit history and score, type of property bought, etc. These could either be floating, which are subject to change in the middle of the loan term, or fixed, remaining the same throughout the duration.
•    The principal sum depends on the property you buy and mortgage. Higher the loan amount, higher would be the EMIs.

You should feed the loan amount, interest rates which lenders charge, and the tenure. The loan against property calculator shows precisely how much you owe monthly. It is the best way to remain ahead of the repayments and make sure you do not miss the monthly payments and fall prey to the financial mess.

The calculator not only portrays how much EMI you require but also gives an end-to-end amortisation schedule. It is a tabular representation of the principal sum and the interest rates based on the periodic loan payment. You can check how much of the monthly EMIs goes towards principal repayment along with interest.

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