About the Mortgage Compare Calculator
What is the Mortgage Compare Calculator?
Choosing the right home loan can save lakhs over 20 years. This home loan comparison calculator compares two mortgage offers on the numbers that matter.
Enter the loan amount and each offer's rate, tenure and processing fee. The calculator shows the EMI, total interest plus fees and APR for each, and which one is cheaper over its life.
How to use the Mortgage Compare Calculator
- Loan Amount (₹) (sample: 50,00,000)
- Loan A – Interest Rate (%) (sample: 8.4)
- Loan A – Tenure (years) (sample: 20)
- Loan A – Processing Fee (%) (sample: 0.5)
- Loan B – Interest Rate (%) (sample: 8.9)
- Loan B – Tenure (years) (sample: 25)
- Loan B – Processing Fee (%) (sample: 0)
- Press Compare Loans (results also refresh as you type). The result card shows the Cheaper Loan, along with Loan A – EMI, Loan B – EMI, Loan A – total cost (interest + fees) and Loan B – total cost (interest + fees).
Formula used
Lifetime cost = Σ EMIs − Loan + Processing fee × 1.18
- EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
Floating rates change over time; compare the spread over the repo rate as well as today's rate.
Worked example
These are the sample values already filled in the calculator above, and the result it returns for them:
| Input | Sample value |
|---|---|
| Loan Amount (₹) | 50,00,000 |
| Loan A – Interest Rate (%) | 8.4 |
| Loan A – Tenure (years) | 20 |
| Loan A – Processing Fee (%) | 0.5 |
| Loan B – Interest Rate (%) | 8.9 |
| Loan B – Tenure (years) | 25 |
| Loan B – Processing Fee (%) | 0 |
| Result | Value |
|---|---|
| Cheaper Loan | Loan A, saves ₹21,17,833 |
| Loan A – EMI | ₹43,075 |
| Loan B – EMI | ₹41,618 |
| Loan A – total cost (interest + fees) | ₹53,67,554 |
| Loan B – total cost (interest + fees) | ₹74,85,387 |
| Loan A – APR incl. fees | 8.82% |
| Loan B – APR incl. fees | 9.27% |
Tips for using the Mortgage Compare Calculator
- Ask for the spread over the benchmark rate — it stays fixed while the repo rate moves.
- A longer tenure (25 years) can cost far more than a 20-year loan despite a lower EMI.
- You can switch lenders later with a balance transfer if rates fall.