Home Loan EMI Calculator

Planning to buy a home? Calculate your Equated Monthly Installment (EMI) easily with our Home Loan EMI Calculator. Understand your monthly outflow, total interest payable, and see a detailed year-by-year breakdown of your loan repayment.

Enter your desired loan amount, the expected annual interest rate, and the loan tenure in years below.

1. Loan Details

Loan Amount (₹)

The total amount you wish to borrow.

Annual Interest Rate (%)

The annual rate of interest offered by the bank (e.g., 8.5).

Loan Tenure (Years)

The duration for which you are taking the loan (e.g., 15, 20).

How To Use This EMI Calculator

Using the Home Loan EMI Calculator is simple:

Enter Loan Amount: Input the total principal amount you plan to borrow (e.g., ₹50,00,000).
Enter Interest Rate: Provide the annual interest rate for the loan (e.g., 8.75%).
Enter Loan Tenure: Specify the loan duration in years (e.g., 20 years). The equivalent number of months will be displayed automatically.
Click Calculate: Press the "Calculate EMI" button.
Review Results: The calculator will display:
- Your calculated Monthly EMI.
- Total Principal Amount borrowed.
- Total Interest you'll pay over the loan tenure.
- Total amount (Principal + Interest) payable.
- A pie chart showing the Principal vs. Interest breakdown.
- A line chart illustrating yearly payments (principal, interest) and the decreasing loan balance.
- A detailed monthly amortization table showing the breakdown for each payment.
Download Schedule (Optional): Click the "Download Schedule (CSV)" button to save the monthly breakdown for offline use.

EMI Calculation Methodology

The Equated Monthly Installment (EMI) is calculated using the standard formula:

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

Where:

P = Principal Loan Amount
r = Monthly Interest Rate (Annual Rate / 12 / 100)
n = Loan Tenure in Months (Years × 12)

Based on the calculated EMI, the calculator generates:

Total Interest Payable: (EMI × n) - P
Total Payment: EMI × n (or P + Total Interest)
Amortization Schedule: For each month, it calculates the interest portion (Remaining Balance × r) and the principal portion (EMI - Interest Portion). The remaining balance is updated accordingly.
Yearly Summary: Aggregates the monthly principal and interest payments for each year and shows the outstanding balance at the end of each year.

Frequently Asked Questions

What is EMI?

EMI stands for Equated Monthly Installment. It's a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is fully paid off along with interest.

How does the loan tenure affect my EMI?

The loan tenure has a significant impact:

Longer Tenure: Results in a lower monthly EMI, making payments more manageable initially. However, you end up paying significantly more total interest over the life of the loan.
Shorter Tenure: Leads to a higher monthly EMI but reduces the total interest paid substantially. You become debt-free faster.

Choosing the right tenure involves balancing monthly affordability with the total cost of the loan.

Can my EMI change during the loan tenure?

Yes, your EMI can change if you have a floating-rate home loan. In a floating rate loan, the interest rate is linked to a benchmark rate (like the RBI's repo rate) and changes when the benchmark rate changes. An increase in the interest rate can lead to a higher EMI or an extension of the loan tenure (keeping EMI the same), while a decrease can lower the EMI or shorten the tenure. Fixed-rate loans have a constant interest rate and EMI throughout the tenure.

What is an amortization schedule?

An amortization schedule is a table detailing each periodic payment on a loan. It shows how much of each payment goes towards interest and how much goes towards the principal loan balance. It also shows the outstanding balance of the loan after each payment. This schedule helps you visualize how your loan balance decreases over time.

Does this calculator account for prepayment?

No, this standard EMI calculator assumes regular payments as per the schedule without any prepayments (paying extra towards the principal). Prepayments can significantly reduce your total interest paid and shorten the loan tenure. Banks usually offer separate prepayment calculators or allow you to see the impact of prepayment through their online portals.