Home loan EMI calculator
EMI = P x r x (1 + r)n / ((1 + r)n minus 1), where P is the loan amount, r the monthly interest rate (annual rate divided by 12 and by 100) and n the number of monthly instalments. Enter your numbers below; the result updates as you type.
Calculate your EMI
Year by year schedule
How each year's EMIs split between principal and interest, and the balance left.
How to lower your EMI
A longer tenure lowers the EMI but raises the total interest; a larger down payment or a part prepayment reduces both. New floating rate home loans from banks have been linked to an external benchmark, such as the RBI repo rate, since October 2019, so the EMI or tenure can change when the lender resets the rate.
Frequently asked questions
How is home loan EMI calculated?
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), with P the loan amount, r the monthly rate and n the number of months. For ₹30,00,000 at 8.5% a year for 20 years the EMI works out to about ₹26,035.
Does a longer tenure save money?
No. It lowers the monthly EMI but you pay interest for longer, so the total interest goes up.
Is the EMI fixed for the whole loan?
Only on a fixed rate loan. On a floating rate loan the lender can change the rate, which changes the EMI or the tenure.
These calculators use only the numbers you enter; the starting values are examples, not offers or forecasts. Lenders set the actual rate, tenure, eligibility and fees. Information only, not financial advice.