Reverse Mortgage Calculator
Turn your home's value into regular income during retirement.
₹
Yr
%
%
₹
Monthly Payment
₹10,119
Closing Balance vs Time
Projected closing balance during your loan tenure
Charted closing balance for your tenure of 20 years
Projections are estimates and may vary with actual returns and expenses
Comparision Table
Home Loan | Reverse Mortgage |
|---|---|
Lumpsum lending by bank to builder. | Annuity lending by bank to Senior Citizens (Retirees). |
Loan sanctioned is in present value terms. | Loan sanctioned is in future value terms. |
EMIs paid to bank deduct Interest first & balance amount is principal repayment. | EMIs receive from bank are principal only. Interest is calculated on the EMI amount received for each period. |
EMIs are paid by borrower at the end of month. | EMI amount is required by the Senior Citizens (retired) at the beginning of the month. |
Bank recover the loan amount from the borrower (through EMI payments). | Bank recovers the loan amount by selling off the mortgaged property at the end of Loan Tenure. |
Outstanding Loan Balance can be computed using amortization table/function. | Outstanding Loan Balance can be computed by computing the Future Value. |
# Installment | Opening Balance | Payment Amount | Interest Amount | Closing Balance |
|---|---|---|---|---|
1 | ₹0 | ₹1,21,427 | ₹5,393 | ₹1,26,820 |
2 | ₹1,26,820 | ₹1,21,427 | ₹15,919 | ₹2,64,166 |
3 | ₹2,64,166 | ₹1,21,427 | ₹27,318 | ₹4,12,912 |
4 | ₹4,12,912 | ₹1,21,427 | ₹39,664 | ₹5,74,003 |
5 | ₹5,74,003 | ₹1,21,427 | ₹53,035 | ₹7,48,465 |
6 | ₹7,48,465 | ₹1,21,427 | ₹67,515 | ₹9,37,407 |
7 | ₹9,37,407 | ₹1,21,427 | ₹83,197 | ₹11,42,031 |
8 | ₹11,42,031 | ₹1,21,427 | ₹1,00,181 | ₹13,63,639 |
9 | ₹13,63,639 | ₹1,21,427 | ₹1,18,574 | ₹16,03,641 |
10 | ₹16,03,641 | ₹1,21,427 | ₹1,38,494 | ₹18,63,562 |
11 | ₹18,63,562 | ₹1,21,427 | ₹1,60,067 | ₹21,45,057 |
12 | ₹21,45,057 | ₹1,21,427 | ₹1,83,431 | ₹24,49,916 |
13 | ₹24,49,916 | ₹1,21,427 | ₹2,08,734 | ₹27,80,077 |
14 | ₹27,80,077 | ₹1,21,427 | ₹2,36,138 | ₹31,37,642 |
15 | ₹31,37,642 | ₹1,21,427 | ₹2,65,815 | ₹35,24,885 |
16 | ₹35,24,885 | ₹1,21,427 | ₹2,97,956 | ₹39,44,269 |
17 | ₹39,44,269 | ₹1,21,427 | ₹3,32,765 | ₹43,98,461 |
18 | ₹43,98,461 | ₹1,21,427 | ₹3,70,463 | ₹48,90,351 |
19 | ₹48,90,351 | ₹1,21,427 | ₹4,11,289 | ₹54,23,068 |
20 | ₹54,23,068 | ₹1,21,427 | ₹4,55,505 | ₹60,00,000 |
FAQs
A reverse mortgage is a special type of loan designed for senior citizens (retirees) where they can borrow against their home's equity. Unlike traditional mortgages, the homeowner receives regular payments from the bank, and the loan is typically repaid by selling the property at the end of the loan tenure.