Home Loan EMI Calculator

Output:

Your Amortization Details (Yearly/Monthly)

Year Principal Paid Interest Charged Total Payment Outstanding Balance Loan paid to date
Loan Repayment Progress

Home Loan EMI Calculator – Easily Calculate Your EMI

Buying a home is a significant financial decision, and knowing your Equated Monthly Installments (EMI) in advance can help you plan your budget effectively. Our Home Loan EMI Calculator helps you calculate your monthly payments based on loan amount, tenure, and interest rate.

Use this tool to determine your EMI, total interest payable, and amortization schedule within seconds.

What is Home Loan EMI?

EMI (Equated Monthly Installment) is the fixed monthly payment you make towards repaying your home loan. It includes both principal repayment and interest payments.

EMI depends on three main factors:

  • Loan Amount: The total amount borrowed.
  • Interest Rate: The rate charged by the lender.
  • Loan Tenure: The repayment period (in months or years).

How to Calculate Home Loan EMI?

EMI is calculated using the following formula:

EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]

Where:

  • P = Loan Amount
  • R = Monthly Interest Rate (Annual Rate / 12 / 100)
  • N = Loan Tenure (in months)

Example of Home Loan EMI Calculation

Let’s say you take a home loan of ₹50,00,000 at an interest rate of 7.5% per annum for 20 years (240 months).

EMI Calculation:

EMI = [50,00,000 × 0.00625 × (1+0.00625)^240] / [(1+0.00625)^240 – 1]

EMI = ₹40,280 per month.

The total amount paid over 20 years will be ₹96,67,200, including ₹46,67,200 as interest.

Benefits of Using a Home Loan EMI Calculator

  • Instant Calculation: Get accurate EMI results within seconds.
  • Financial Planning: Helps plan your budget and loan repayment.
  • Loan Comparison: Compare different loan tenures and interest rates.
  • Interest Breakup: Understand how much you pay towards principal and interest.
  • Better Loan Selection: Choose the best loan option that suits your financial needs.

Home Loan Amortization Schedule

The amortization schedule shows how each EMI is split between principal and interest payments over the loan tenure.

Year Principal Paid Interest Paid Remaining Loan Balance
1 ₹1,00,000 ₹3,80,000 ₹48,00,000
5 ₹7,00,000 ₹14,50,000 ₹43,00,000
10 ₹20,00,000 ₹25,00,000 ₹30,00,000

Frequently Asked Questions (FAQs)

Most banks offer home loans with a minimum tenure of 5 years and a maximum of 30 years.

A longer tenure reduces the EMI but increases the total interest paid over the loan period.

Yes, you can prepay your home loan partially or fully. Some banks charge a prepayment penalty, so check with your lender.

Interest is calculated using reducing balance method, meaning the interest component decreases as you repay the principal.

Conclusion

A Home Loan EMI Calculator is a vital tool for financial planning. Whether you’re planning to buy a home or refinance an existing loan, use our Home Loan EMI Calculator to get accurate EMI estimates.