🏠 What is a Mortgage Calculator?

A Mortgage Calculator helps you calculate the monthly home loan payment (EMI) along with:

• Total interest
• Total payment
• Loan breakdown over time

It is mainly used for home loans / property loans.

🎯 How to Use a Mortgage Calculator

1. Enter Property Price / Loan Amount
   
   • Example: ₹30,00,000
2. Enter Down Payment (Optional)
   
   • Example: ₹5,00,000
3. Enter Interest Rate (%)
   
   • Example: 8% per year
4. Enter Loan Tenure
   
   • Example: 20 years
5. Click “Calculate”
   
   • Press the calculate button
6. View Result
   
   • Monthly EMI
   • Total interest
   • Total repayment

📊 Formula Used

👉 EMI = [P × r × (1+r)^n] / [(1+r)^n – 1]

Where:

• P = Loan amount
• r = Monthly interest rate
• n = Number of months

📊 Example

👉 Loan = ₹25,00,000
👉 Interest = 8%
👉 Time = 20 years

➡️ EMI ≈ ₹20,900/month
➡️ Total Payment ≈ ₹50+ lakh

⚡ Common Uses

• 🏠 Home buying planning
• 📊 Loan comparison
• 💰 Budget management
• 🏦 Financial planning