๐ Home Loan EMI Calculator
Estimate the monthly EMI for your housing loan in seconds.
โ
โ
About this calculator
A home loan EMI (Equated Monthly Installment) is the fixed amount you pay your lender every month until the loan is fully repaid. Each EMI covers part of the interest and part of the principal โ early on most of it is interest, and over time more goes toward the principal. This calculator shows your monthly EMI, the total interest you'll pay, and a full year-by-year amortization schedule so you can see exactly how the loan reduces over time.
Formula
EMI = P ร r ร (1 + r)^n รท ((1 + r)^n โ 1), where P = loan amount, r = monthly interest rate (annual รท 12 รท 100), n = number of months.
How to use
Enter your Loan Amount, Loan Tenure, Interest Rate (p.a.) above โ the result updates instantly as you type or drag the sliders. It's free and needs no sign-up.
Frequently Asked Questions
How is the home loan EMI calculated?
It uses the standard reducing-balance formula based on your loan amount, interest rate and tenure. Interest is charged on the outstanding balance, which falls with every payment.
Does a longer tenure reduce my EMI?
Yes โ a longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan. A shorter tenure means higher EMIs but far less total interest.
What happens if I make a prepayment?
Prepaying reduces your outstanding principal, which lowers the total interest and can shorten your tenure. Use the Mortgage Payoff calculator to see the impact of extra payments.