How the Home Loan EMI Calculator works
Use this calculator to see the monthly EMI, the total interest and a year-by-year repayment schedule for a home loan. Change the amount, interest rate or tenure and the result updates instantly.
Formula: EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
A longer tenure lowers the EMI but increases the total interest you pay. Part-prepayments early in the loan save the most interest.
Home loans in India often qualify for tax benefits on principal (Section 80C, old regime) and interest (Section 24b). Check with a tax adviser for your case.