# MORTGAGE CALCULATOR

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**Total Interest:**

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**Principal Amount:**

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**Total Amount:**

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## What is a Mortgage Calculator

Toolerz **Mortgage Calculator** is a free Online Tool to Calculate monthly installments, total loan amount, and amortization schedule with options for taxes

Our mortgage loan calculator is a tool that helps you make calculations on the amount of EMI to be repaid on the obtained loan against property.

The mortgage loan calculator also displays the EMI breakup for the floating/fixed rate of interest.

**What is a Loan Against Property EMI?**

Financial institutions provide loans against property and you will have to make EMI repayments on your mortgaged property as per the chosen EMI.

The Equated Monthly Installment, EMI is a combination of the principal amount and the interest and you will have to make complete repayment until the set loan amount is fully repaid.

Usually, a bigger portion of the EMI containing interest amount is set for repayment, and eventually, the bigger portion is set in pace with the principal payment.

Your repayment amount is fundamentally dependent on the interest component it attracts on the loan drawn against the property.

The interest rate on the sanctioned loan amount differs from bank to bank.

**What Factors Get into the EMI Calculation?**

Your loan amount (**Principal Amount**) is completely dependent on the property that is mortgaged with banks or financial institutions. Therefore, for higher values of loan amount, you will be charged with higher EMIs.

The tenure of the mortgage loan is dependent on two important factors. They do refer to the current age and the retirement age.

Opting for a longer loan term shall reduce the EMIs thus revealing you from the burden of making you pay huge money.

You can utilize the feature of prepayment of your loan amount provided you can obtain a larger loan amount for a low interest rate.

You can opt for a loan against property from financial institutions that offer different rates as they keep changing from time to time.

Financial institutions provide two kinds of interest rates, in floating type, the interest rates do vary during the repayment period. Whereas, in the fixed type of repayment, your loan interest rate remains the same for the entire tenure.

**What Formula Does Loan Against Property Calculator Use? **

Financial institutions define the EMI to be paid after issuing the loan against property. These calculators use mathematical formulas that serve the purpose of the individuals who apply for a loan against property.

**EMI amount = [p x r x (1 + R)^ N]/[(1+R)^N-1]**

(P, R, and N are the three variables, and any change in one, two, or three, a contract change is observed.

P stands for principal amount is the value of money that is approved by the financial institution.

R is the rate of interest that is decided by the money lender.

N stands for the number of allotted years for the repayment of the loan.

You can illustrate and view how the formula is applicable.

The loan against the property is INR 20 lakh with an average rate of interest equal to 11 percent for a tenure of 5 years. Then,

Rate of interest = 11/100/12

Years converted to months, N = 5 years or 60 months.

EMI = [20,00,000 x 11/100/12 x (1+11/100/12)^60]/ [(1+11/100/12)^60-1] = INR **43,483.00**.

**Benefits of using the Loan Against Property Calculator:**

Financial institutions provide loans against property by filling in the details in the property calculator. After that, you will get the equated monthly installment, EMI in a split second.

The property calculator enables you to balance your income and expenses which helps you save money for essential financial goals.

The mortgage loan calculators are made available online and by operating those you can save time and decide at what pace you must repay equated monthly installment, EMI on the loan credit.

Usually, it becomes important to understand how the repayments are broken down to complete the loan payment.

Loan against property calculators keeps you away from complex calculations and provides you instant solutions.

Good at providing simple solutions to complex calculations, & easy to operate.

You can change the value of the variables such as principal amount, total number of terms, and a calculator for an EMI that makes you feel comfortable while making repayments.

You can operate the mortgage loan calculator anytime (24 x 7) from anywhere.

You can obtain the complete breakup of the total payment from the Amortisation Schedule.

The above tabular column is an example of the payment of EMI that contains two main components, interest paid, principal paid, and the outstanding balance.

For a steady payment of EMI (INR 11894.97) for six years from 2023 to 2028 years, you will find the interest paid and principal paid components keep increasing from year on year (2023-2028)

**How to Calculate the EMI for Loan against Property?**

You must insert the amount in the blanks by sliding the knob on the horizontal bar.

You will have to select the loan amount, interest rate, and tenure.

The EMI calculator shall display the EMI, the interest payable, and the total amount payable ( principal + interest)

**Practical Illustration: **

Enter the loan amount = INR 5,00,000.00 | Rate of Interest = 15%| Tenure = 5 years.

Then, in a little while, you will find the EMI calculator deriving the answers for you, and they are total amount = principal + interest (INR 7,13,697), interest payable (INR 2,13,697), and EMI (11,894).

**How Can a Mortgage Loan Calculator Help?**

Until your EMI payments are paid off, you will have to keep track of the repayments of the mortgage loan for a floating loan.

The **Mortgage loan calculator** helps you calculate the monthly payments and it outperforms the human mind.

You can estimate the mortgage loan and the calculator provides good estimates for financial planning that are more accurate and never end up in wrongdoing.

Mortgage loans on property keep on changing and each property is evaluated for loans differently. And the EMI calculators are designed to provide precise EMIs on mortgaged property.

**Eligibility Criteria for Loan Against Property: **

** **You must declare the total annual income.

To take a loan against property, you must have attained 21 years of age.

Your property should be evaluated before applying for a loan against the property.

You must be able to present financial documents related to the property.

Loan against property is provided to salaried class / self-employed individuals.