Home Loan EMI Calculator
Plan your dream home with our precise EMI planner. Supports pre-payment and tenure adjustment.
Expert Tip
Try enabling Prepayment. Even a small extra payment of ₹5,000/month can reduce your tenure by years and save lakhs in interest.
Disclosure: Some recommendations may include partner links. We may earn a commission at no extra cost to you.
How to calculate Home Loan EMI?
Equated Monthly Installment (EMI) is the fixed amount you pay to the bank every month. It consists of principal repayment and interest payment.
Formula Used
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- P = Principal Loan Amount
- R = Monthly Interest Rate (Annual Rate/12/100)
- N = Loan Tenure in Months
Understanding Home Loans
How Home Loan EMI Works Explained
Click to load video
Was this calculator helpful?
More Financial Tools
Popular US Locations
* City-specific landing pages coming soon for US locations.
Calculate EMI by City (India)
Frequently Asked Questions
What is EMI and how is it calculated?
EMI (Equated Monthly Installment) is a fixed monthly payment comprising principal and interest. It's calculated using the formula: P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate, and n is tenure in months.
Should I prepay my loan?
Prepayment is beneficial if your loan interest rate exceeds your investment returns. For home loans below 7-8%, investing surplus funds in equity may yield better long-term returns.
How does loan tenure affect total interest?
Longer tenure means lower EMI but higher total interest paid. For example, a ₹50L loan at 8% for 20 years costs ₹41.9L in interest, while the same loan for 10 years costs ₹21.8L in interest.
What is the difference between fixed and floating rates?
Fixed rates remain constant throughout the loan tenure, providing payment certainty. Floating rates change with market conditions (MCLR/repo rate), potentially saving money when rates fall but increasing costs when rates rise.