Home Loan EMI Calculator
Work out the monthly instalment on a home loan, the total interest over its life, and what paying a little extra each year takes off both.
What the Home loan EMI calculator does
A home loan EMI calculator computes the fixed monthly instalment that clears a loan over its tenure, using EMI = P x i x (1+i)^n / ((1+i)^n - 1), where i is the annual rate divided by twelve. It also shows total interest, the year-by-year balance, and how many months an annual part-prepayment removes from the tenure.
Your loan
Floating rates move. This assumes the rate you set holds for the whole term.
Paid once every twelve months. Lenders normally keep the EMI and shorten the tenure, which is what this shows.
What it costs
- Monthly instalment
- ₹43,391.16
- Total interest
- ₹54,13,878.80
- Total repaid
- ₹1,04,13,878.80
52% of everything you repay is interest.
Illustration only, computed from the assumptions shown — not a forecast, a projection of any product's performance, or a guarantee. Rates, prices and rules change, so the actual outcome will differ.
Year by year
The instalment never changes. What changes is how much of it is interest — which is why prepaying early is worth so much more than prepaying late.
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | ₹4,21,182.48 | ₹99,511.46 | ₹49,00,488.54 |
| 2 | ₹4,12,386.57 | ₹1,08,307.37 | ₹47,92,181.17 |
| 3 | ₹4,02,813.19 | ₹1,17,880.75 | ₹46,74,300.42 |
| 4 | ₹3,92,393.60 | ₹1,28,300.34 | ₹45,46,000.08 |
| 5 | ₹3,81,053.02 | ₹1,39,640.92 | ₹44,06,359.16 |
| 6 | ₹3,68,710.03 | ₹1,51,983.91 | ₹42,54,375.24 |
| 7 | ₹3,55,276.03 | ₹1,65,417.91 | ₹40,88,957.34 |
| 8 | ₹3,40,654.59 | ₹1,80,039.35 | ₹39,08,917.99 |
| 9 | ₹3,24,740.75 | ₹1,95,953.19 | ₹37,12,964.80 |
| 10 | ₹3,07,420.27 | ₹2,13,273.67 | ₹34,99,691.14 |
| 11 | ₹2,88,568.82 | ₹2,32,125.12 | ₹32,67,566.02 |
| 12 | ₹2,68,051.07 | ₹2,52,642.87 | ₹30,14,923.15 |
| 13 | ₹2,45,719.74 | ₹2,74,974.20 | ₹27,39,948.95 |
| 14 | ₹2,21,414.52 | ₹2,99,279.42 | ₹24,40,669.53 |
| 15 | ₹1,94,960.94 | ₹3,25,733.00 | ₹21,14,936.53 |
| 16 | ₹1,66,169.11 | ₹3,54,524.83 | ₹17,60,411.70 |
| 17 | ₹1,34,832.34 | ₹3,85,861.60 | ₹13,74,550.10 |
| 18 | ₹1,00,725.68 | ₹4,19,968.26 | ₹9,54,581.84 |
| 19 | ₹63,604.30 | ₹4,57,089.64 | ₹4,97,492.20 |
| 20 | ₹23,201.74 | ₹4,97,492.20 | ₹0.00 |
Illustration only, computed from the assumptions shown — not a forecast, a projection of any product's performance, or a guarantee. Rates, prices and rules change, so the actual outcome will differ.
How the EMI calculation works
EMI = P × i × (1 + i)ⁿ / ((1 + i)ⁿ − 1)
P is the amount borrowed, n the number of months, and i the monthly rate — the annual rate divided by twelve, which is the convention on a bank's sanction letter rather than the effective-rate conversion used elsewhere on this site. The instalment is constant; what changes is its composition. In the first month almost all of it is interest, because interest is charged on the whole outstanding balance; by the last month almost all of it is principal. That is why prepaying early saves so much more than prepaying late, and why a rate quoted per year costs far more than twelve times the first month's interest suggests.
Frequently asked questions
Why does my bank's EMI differ from this by a few rupees?
Lenders round the instalment differently, and some compute interest on a daily rather than monthly reducing balance, which shifts the figure slightly. The rate convention here is the one on a sanction letter: the annual rate divided by twelve. A difference of a few rupees a month is rounding; a difference of hundreds usually means a different rate, tenure or a fee added to the principal.
Does prepaying reduce my EMI or my tenure?
Unless you ask otherwise, Indian lenders keep the EMI and shorten the tenure, and that is what this calculator shows. Shortening the tenure saves far more interest than cutting the instalment, because interest accrues on the outstanding balance for fewer months. Reducing the EMI instead leaves you paying for the original term.
Is the interest on a home loan deductible?
It depends on the property and the regime. Under the old regime a self-occupied house allows interest up to Rs 2 lakh under section 24(b) and a let-out property allows it without limit; under the new regime a self-occupied house gets no interest deduction at all. Tax treatment depends on your circumstances and current law - consult a qualified tax professional.
What happens to the EMI when a floating rate changes?
On a floating-rate loan the lender normally holds the EMI and adjusts the tenure, so a rate rise lengthens the loan rather than raising the payment - until the tenure cannot stretch further, at which point the EMI does rise. The total interest here assumes the rate you entered holds for the whole term, which no floating-rate loan does.
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