Housing Loan Interest Rate Calculator

Home Loan Interest and Payment Calculator

Input Fields

Monthly Income

Rs.

Enter your monthly income

Other Income

Rs.

Enter your other monthly income

Monthly Expenditure

Rs.

Enter your monthly expenditure

Term of Loan1 years2 years3 years4 years5 years6 years7 years8 years9 years10 years11 years12 years13 years14 years15 years16 years17 years18 years19 years20 years

Annual Interest Rate

%

Enter the annual interest rate

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Your Results

Home Loan Value

Total Interest

Monthly Payment

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Housing Loan Payment and Interest Formulas

\[ \text{Eligible EMI} = (\text{Monthly Income} + \text{Other Income}) – \text{Monthly Expenditure} \] \[ \text{Monthly Payment} = \frac{P \times r}{1 – (1 + r)^{-n}} \] \[ \text{Total Interest} = (\text{Monthly Payment} \times n) – \text{Loan Amount} \]

Where:

• $$Monthly Income$$ = Primary income per month
• $$Other Income$$ = Additional income sources per month
• $$Monthly Expenditure$$ = Total monthly expenses
• $$Eligible EMI$$ = Maximum affordable monthly loan payment
• $$P$$ = Principal loan amount (after down payment if applicable)
• $$r$$ = Monthly interest rate (annual interest rate divided by 12)
• $$n$$ = Total number of monthly payments
• $$Monthly Payment$$ = Fixed monthly loan installment
• $$Total Interest$$ = Total interest paid over the life of the loan

The Housing Loan Interest Rate Calculator helps borrowers estimate how much they can afford to borrow, what their monthly repayments would be, and how much total interest they would pay. It’s essential for planning mortgage commitments based on financial capacity.