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Calculate your monthly EMI, total interest payable, and view the full amortization schedule for your home loan.
Enter your loan amount, interest rate, and tenure
Fill in your loan amount, interest rate, and tenure to see your monthly EMI and amortization schedule.
EMI depends on principal, interest rate, and tenure.
Standard reducing balance EMI formula.
A home loan EMI calculator is an online tool that helps you compute the Equated Monthly Instalment (EMI) you need to pay towards your home loan. It takes into account the principal loan amount, the applicable interest rate, and the tenure to determine the monthly outgo .
EMI stands for Equated Monthly Instalment. It is the fixed amount you pay to the lender each month until the loan is fully repaid. Each EMI consists of two components: the principal repayment and the interest payment .
In the early years of your loan, a larger portion of your EMI goes towards interest. Over time, as the outstanding principal reduces, a larger portion goes towards principal repayment .
| Tenure | Monthly EMI | Total Interest | Total Payment |
|---|---|---|---|
| 10 Years | ₹62,010 | ₹24.41 Lakh | ₹74.41 Lakh |
| 15 Years | ₹49,239 | ₹38.63 Lakh | ₹88.63 Lakh |
| 20 Years | ₹43,391 | ₹54.14 Lakh | ₹1.04 Crore |
| 25 Years | ₹40,261 | ₹70.78 Lakh | ₹1.21 Crore |
| 30 Years | ₹38,446 | ₹88.41 Lakh | ₹1.38 Crore |
A longer tenure reduces your monthly EMI but significantly increases the total interest you pay over the life of the loan. Choose your tenure carefully based on your repayment capacity and financial goals .
The EMI is calculated using the formula: EMI = P × r × (1+r)^n / [(1+r)^n – 1], where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly instalments (tenure in years × 12) .
Three main factors determine your EMI: the principal loan amount (higher loan = higher EMI), the interest rate (higher rate = higher EMI), and the loan tenure (longer tenure = lower EMI but higher total interest). Your credit score, income, and property value also influence the interest rate you're offered .
Yes, you can reduce your EMI through several methods: making a prepayment (which reduces the outstanding principal), refinancing your loan at a lower interest rate, or extending your loan tenure (though this increases total interest). Prepaying even small amounts early in the loan can significantly reduce your total interest outgo .
EMI is the fixed monthly payment you make throughout the loan tenure. Prepayment is an additional lump-sum payment made towards the outstanding principal, over and above your regular EMI. Prepayments reduce your outstanding balance, which can either lower your EMI or shorten your tenure .
A shorter tenure means higher EMIs but lower total interest paid. A longer tenure means lower EMIs but significantly higher total interest. Choose based on your monthly cash flow and how much total interest you're willing to pay. Ideally, keep your EMI below 40% of your monthly income .
Yes. Under the old tax regime, you can claim deduction on principal repayment under Section 80C (up to ₹1.5 lakh) and on interest paid under Section 24(b) (up to ₹2 lakh for self-occupied property). First-time homebuyers may also claim additional benefits under Section 80EE/80EEA .