Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Mortgage Loan Calculator

    What is a Mortgage Loan?

    In a mortgage loan, the issuing bank extends a loan against any real estate or property pledged by the applicant or customer as security or collateral. Most banks offer various types of mortgage loans based on different factors such as tenure, fixed or floating interest rate and class of borrowers.

    How to use Mortgage Calculator?

    A mortgage calculator helps users calculate their Equated Monthly Instalments (EMI) by using the following data

    • Loan amount
    • Tenure
    • Rate of interest

    Most bank websites have an EMI calculator which displays several illustrative scenarios based on the input details submitted by users. It is important to note that results generated by a user-friendly mortgage calculator cannot be a substitute for professional consultancy, necessary documentation such as certificates and financial statements.

    Features of Mortgage Calculator

    The salient features of mortgage calculators are listed below:

    • Comparative analysis: Mortgage calculators help users get a comparative analysis of various loan schemes offered by different banks in that users can figure out how much money they can save money by switching to a particular bank.

    • Explore options: Users can enter different loan amounts, tenures and rates of interest into the online calculator to assess various payment options in addition to ascertaining the total cost of a mortgage.

    • Repayment scenarios: Users can make use of the repayment mortgage calculator to get results on their repayments schedules upon entering details related to monthly payments, interest rate and tenure.

    • Desired amortization schedule: Users can get detailed results on their in terms of their monthly mortgage payments, interest, principal and principal outstanding.

    • Customised: Each user can enter the required details such as type of interest rate, amortization period and loan amount among others into a mortgage calculator and get the desired results.

    • Handy tool/quick: Mortgage calculators are user-friendly in that they can be used to make quick calculations in less time to get an overview of various mortgage options available in the market without consulting any professionals. It is, therefore, a handy tool.

    • Simplify complex scenarios: In many cases, prospective loan applicants may get overwhelmed by the financial jargon in the policy document or website. Mortgage calculator comes to the rescue of such customers in that it simplifies extensive data and helps users get a clear picture of the variables rather than mere nebulous ideas on paper.

    • Better understanding of products: There is a view that easy-to-use mortgage calculators lead to a better understanding of products and services rather than rich description in a text format. The data is out there for all to see sans complex verbiage.

    • Win-win: Owing to the aforementioned reasons, many industry experts believe that many banks/financial institutions and financial websites will stand to gain by introducing advanced versions of mortgage calculators to not only attract more visitors to their site but also improve customer satisfaction and retention. The users too can make use of the tool to enhance their knowledge of various financial products and make use of them in an efficient manner.

    Amortization Table

    Sandeep Sharma, a 30-year-old IT employee, opts for a Mortgage Loan for a period of 10 years. The details are listed below:

    Loan Amount: Rs.5 lakh

    Tenure: 10 years

    Rate of Interest: 9%

    Sharma entered the above details in a mortgage calculator and got the following results

    EMIs: 120 Months

    Monthly Interest Rate: 0.75%

    Monthly EMI Payment: Rs. 6,334

    Total Loan Amount Payable: Rs. 760,055

    Total Interest Amount Payable: Rs. 260,055

    Below is the amortization table based on the aforementioned details?

    Month EMI Interest Principal Outstanding
    0 - - - Rs.5 lakh
    1 Rs. 6333.78 Rs. 375 Rs. 2583.78 Rs. 497416.21
    10 Rs. 6333.78 Rs. 3570.26 Rs. 2763.51 Rs. 473272.41
    20 Rs. 6333.78 Rs. 3355.86 Rs. 2977.91 Rs. 444471.23
    40 Rs. 6333.78 Rs. 2875.87 Rs. 3457.91 Rs. 379992.11
    60 Rs. 6333.78 Rs. 2318.51 Rs. 4015.27 Rs. 305119.97
    80 Rs. 6333.78 Rs. 1671.31 Rs. 4662.47 Rs. 218179.63
    100 Rs. 6333.78 Rs. 919.79 Rs. 5413.98 Rs. 117225.89
    120 Rs. 6333.78 Rs. 47.14 Rs. 6286.63 Rs. 0.01

    Mortgage Loan Calculator Reviews

    • Axis Bank Personal Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      I have applied for Axis Bank Personal Loan through online .The agent clearly explained the process of the loan.The rate of interest was as ok and the processing fee was also ok. while submitting the documents not yet faces any issues .The documentation part was more.The loan amount got on time .The loan amt was sufficient s well .The Overall Service is Good.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      I came to know about Bank bazaar through advertisement only.Then i have checked for credit score .Bank bazaar is providing very good service as of now need to avoid calling the same person frequently.Then i have tried to apply for Tata Capital Personal loan .The agent clearly explained the process of the loan and not yet faced any issues as of now.The rate of interest was little bit high and the processing fee was acceptable .The Overall Service is Good .
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 24, 2019
    • Tata capital Personal Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      I have applied for Tata capital Personal Loan.I have not faced any issues. The rate of interest was littile bit high and the processing fee was little bit acceptable.The agent clearly explained the process of the loan.I have not faced any issues till now .The Overall Service is Good and satisfactory .
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "GOOD PORTAL TO USE"
      0.5 4.0/5 "Great!"
      It is the first time experience with the Bankbazaar.com and i had a very good experience also i am using it through the mobile application as the application is user friendly and convenient to access. The customer service is very good and responsive. by explaining the details of the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 24, 2019
    • ICICI Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have been using the personal loan with the ICICI since from last few years the loan amount with them was good also the documentation process was simple and it was hassle free to use. The rate of interest with this nominal added on that the service is very good with this bank.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • ICICI Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the ICICI BANK the loan amount with this bank what they have offered was satisfactory. The rate of interest with this bank was nominal also i am using it since from last one year and it is good to use.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "ONE STOP SOLUTION"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com i have been using it since from last few months and i have a very good experience i have been using it through the mobile application as the application is user friendly also it is convenient to access. The customer service is good and they are responsive.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • IndusInd Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      There is no particular reason for taking the personal loan with the INDUSIND BANK. The loan amount was good and the rate of interest was 10.5% which is nominal when compared to the others. The documentation process was easy and it is comfortable.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I came to know about Bank bazaar through online only .The Bank bazaar is the only online website giving all details about the banking products .I have applied for Tata Capital Personal Loan and not yet faced any issues .The agent clearly explained the process and not yet faced any issues as of now.The Overall Service is Good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Tata capital Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Tata capital Personal Loan. No clue on the rate of interest and charges levied by them,The agent clearly explained the process .I have not faced any issues till now .I have cancelled the plan of taking the personal loan since not require the personal loan .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Kotak Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The reason for taking the personal loan with the KOTAK MAHINDRA BANK is i am an existing customer customer with this bank. The loan amount was good also the rate of interest was 11.5% with this loan and the duration is for 48months for repaying he loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "USER FRIENDLY PORTAL TO USE"
      0.5 5.0/5 "Blown Away!"
      It is the first time experience with the Bankbazaar.com and i had a very good experience with the Bankbazaar.com. I am using it through the mobile application as the application is user friendly and convenient to access. The customer service is very good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • Early Salary Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      It is the best loan that i have taken with the EarlySalary when compared to the other so i have taken this loan. The documentation process was simple and and also i got a loan within a day after the documents. The loan amount was lesser with this loan as they have given also the rate of interest was lesser.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 24, 2019
    • HDFC Bank Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan with the HDFC BANK and have been using it since from last few years and the documentation process was simple and it is easy procedure to get the loan. I got the loan within 10-15 days with this bank. The rate of interest was lesser with 11.5% with 4 years of duration.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "USER FRIENDLY PORTAL TO USE"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com i am using it from last one year and i have a good experience and i am using it through the mobile application as well as the website both are easy and user friendly portal to access. The customer service is good and they are responsive.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • Early Salary Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      The loan amount was lesser along with that it is with lesser duration which is comfortable so taken the personal loan with the EarlySalary. The documentation process was simple and the documents collected at the doorsteps. I got the loan within 8-10days with this loan also, the loan amount is good with 12-13% of rate of interest.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • Axis Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the consumer durable loan with the AXIS BANK they have offered with the good loan amount also the documentation process was simple to get the loan. I have taken the MOBILE PHONE with this bank, the duration for repaying the loan is for 9 months.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Bank Bazaar Personal Loan
      "CONVENIENT PORTAL"
      0.5 4.0/5 "Great!"
      Bankbazaar.com this is the first time experience as i have been using it through the website the portal is convenient also it is user friendly to access.The customer service is good and also they are good by explaining the details of the loan.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Early Salary Personal Loan
      "AVERAGE"
      0.5 4.0/5 "Great!"
      The documentation process was good with the EarlySalary where i have applied for the personal loan. The loan amount was good also the processing fee was nominal. The rate of interest was higher with this loan when compared to the other loans.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • Early Salary Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Personal Loan Early Salary. The agent clearly explained the process .The rate of interest was nominal and the processing fee was nominal. I have got loan amount on time .The loan amount was sufficient and not yet faced any difficulties.The Overall Service is Good and Satisfactory .
      Was this review helpful? 0
      , gurgaon
      Reviewed on Mar 24, 2019
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