Home Loan EMI Calculator
Work out your monthly home loan EMI, total interest payable over the loan term, and a year-by-year repayment schedule showing how your outstanding balance reduces over time.
Fill in the form and select "Calculate" to see your results here.
What is the Home Loan EMI Calculator?
A home loan is almost always repaid through an Equated Monthly Instalment (EMI) — a fixed amount you pay every month that covers both interest and a portion of the principal. Early in the loan, most of each EMI goes toward interest; as the outstanding balance falls, more of each instalment goes toward principal. This calculator computes your exact monthly EMI from the loan amount, interest rate and tenure, and shows how the balance reduces year by year so you can see the full shape of the repayment before you commit to a lender or a tenure.
How to use this calculator
- Enter the loan amount you plan to borrow (the principal, not the property value).
- Enter the annual interest rate your lender has quoted.
- Enter the loan tenure in years — most home loans in India run 10 to 30 years.
- Select "Calculate EMI" to see your monthly instalment, total interest, total repayment, and a year-wise amortization schedule.
Formula
This is the standard reducing-balance EMI formula used by Indian banks and NBFCs. Each month, interest is charged only on the remaining outstanding balance, so the interest portion of your EMI shrinks and the principal portion grows every month, even though the EMI itself stays fixed.
Example
Consider a home loan of ₹50,00,000 at 8.5% p.a. for a tenure of 20 years (240 months). The monthly interest rate works out to 8.5 ÷ 12 ÷ 100 = 0.7083%. Applying the EMI formula gives a monthly instalment of approximately ₹43,391. Over 240 months, total payments come to roughly ₹1,04,13,840, of which about ₹54,13,840 is interest and ₹50,00,000 is the original principal — meaning the interest paid over the life of the loan is slightly more than the amount borrowed. Enter these figures in the calculator above to see the exact year-wise breakdown.
Factors that affect your EMI
- Loan amount. A larger principal directly increases your EMI, all else being equal — EMI scales roughly proportionally with the loan amount for a fixed rate and tenure.
- Interest rate. Even a small change in rate has a large effect on long-tenure loans, since interest compounds on the outstanding balance every month for years.
- Loan tenure. A longer tenure reduces the EMI but increases the total interest paid over the life of the loan; a shorter tenure raises the EMI but reduces total interest substantially.
- Fixed vs floating rate. This calculator assumes a fixed rate for the full tenure. Most Indian home loans carry a floating rate linked to an external benchmark (like the repo rate), so your actual EMI or tenure may be revised whenever the lender's rate changes.
- Prepayments. Any lump-sum or partial prepayment reduces the outstanding principal immediately, which lowers total interest and can shorten the tenure or reduce the EMI — see the Home Loan Prepayment Calculator to model this.
Frequently Asked Questions
No. This calculator computes only the principal-and-interest EMI on the loan amount you enter. Processing fees, mortgage insurance, property tax, and other charges are separate and not included in the figures shown here.
Because interest each month is charged only on the outstanding balance, not the original loan amount. As you repay principal, the balance — and therefore the interest charged on it — keeps shrinking, so a growing share of each fixed EMI goes toward principal.
It gives you an accurate snapshot at the rate you enter, but a floating rate can change during the loan term. When your lender revises the rate, your actual EMI or remaining tenure will differ from this estimate. Re-run the calculator with the new rate whenever it changes to see the updated numbers.
Usually a significant amount in total interest, though your EMI will be higher. Try the same loan amount and rate at different tenures in the calculator above and compare the "Total Interest Payable" figure to see the trade-off for your specific numbers.
It should be very close, assuming your loan uses standard monthly reducing-balance interest and no prepayments or rate changes occur. Small differences can arise from your lender's exact day-count conventions or rounding rules.
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Calculations are estimates based on the information entered. They do not account for processing fees, insurance, prepayment charges, or changes to a floating interest rate, and are not a substitute for the amortization schedule provided by your lender. See our full disclaimer.