Home Loan EMI Calculator
Calculate home loan EMIs, total interest and a year-by-year principal and interest split.
About the Home Loan EMI Calculator
Enter the loan amount, interest rate and tenure in years. The calculator gives the monthly EMI, the total interest and the total you'll repay, with a year-by-year split of principal and interest.
A home loan EMI is the fixed monthly payment that repays the loan over its tenure, with interest on the reducing balance. Early EMIs are mostly interest; the schedule shows the switch to principal. In India most home loans are floating-rate, so the EMI or tenure changes when the lender's rate moves.
The formula
Payment = P × i ÷ (1 − (1 + i)⁻ⁿ)
- P
- amount borrowed
- i
- monthly rate: yearly rate ÷ 12
- n
- number of monthly payments
Worked example
₹50 lakh at 8.5% for 20 years
- Monthly rate 8.5% ÷ 12 = 0.708%; 240 EMIs
- EMI: ₹43,391.16
- Total interest ₹54,13,879, more than the loan itself
Things to keep in mind
- Assumes the rate stays the same; floating-rate EMIs or tenures change when the lender's rate moves.
- Processing fees, insurance and property costs aren't included.
Questions people ask
Can I claim tax benefits?
In India under the old regime: principal under 80C (up to ₹1.5 lakh) and interest under 24(b) (up to ₹2 lakh for a self-occupied home).
Is a longer tenure better?
It lowers the EMI but raises total interest considerably.