Home Loan EMI Calculator
Calculate your monthly EMI, total interest, and view complete payment schedule instantly.
Home Loan EMI Calculator
₹1 Lakh₹1 Cr
4%20%
1 Yr30 Yrs
Monthly EMI
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Principal
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Total Interest
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EMI
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Loan Amount
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Interest Payable
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Total Payment
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How Home Loan EMI is Calculated
EMI stands for Equated Monthly Installment. It is the fixed monthly payment you make to repay your home loan. The EMI depends on three key factors: the principal loan amount, the rate of interest, and the loan tenure.
EMI Calculation Formula
EMI = P × r × (1+r)ⁿ / [(1+r)ⁿ – 1]
- P = Principal Loan Amount
- r = Monthly Interest Rate (Annual Rate / 12 / 100)
- n = Loan Tenure in Months (Years × 12)
Example Calculation
For a home loan of ₹50,00,000 at 8.5% p.a. for 20 years:
• P = ₹50,00,000
• r = 8.5 / 12 / 100 = 0.00708
• n = 20 × 12 = 240 months
→ Monthly EMI: ₹43,391
→ Total Interest: ₹54,13,846
→ Total Payment: ₹1,04,13,846
Tips to Reduce Home Loan EMI
- 1 Make Prepayments: Any lump-sum prepayment directly reduces the outstanding principal, lowering future interest burden and either reducing EMI or shortening tenure.
- 2 Choose Shorter Tenure: While a longer tenure reduces EMI, it significantly increases total interest paid. Choose the shortest tenure you can afford.
- 3 Compare Interest Rates: Even a 0.5% difference in interest rate can save lakhs over the loan tenure. Compare offers from multiple banks.