Home Loan EMI Calculator
A home loan is usually the longest and largest loan you will take. Enter the loan amount, rate and tenure to see your monthly EMI, the interest you will pay over the years and how the balance falls.
Results
Monthly EMI
₹43,391.16
- Total interest
- ₹54,13,879
- Total payment
- ₹1,04,13,879
- Principal + interest
- Number of payments
- 240
Your monthly EMI is ₹43,391.16 for 240 payments, with ₹54,13,879 in total interest.
Principal vs interest
- Principal₹50,00,000 (48.0%)
- Total interest₹54,13,879 (52.0%)
Yearly payment schedule (20 rows)
| Period | Principal paid | Interest paid | Total paid | Balance |
|---|---|---|---|---|
| Year 1 | ₹99,511 | ₹4,21,182 | ₹5,20,694 | ₹49,00,489 |
| Year 2 | ₹1,08,307 | ₹4,12,387 | ₹5,20,694 | ₹47,92,181 |
| Year 3 | ₹1,17,881 | ₹4,02,813 | ₹5,20,694 | ₹46,74,300 |
| Year 4 | ₹1,28,300 | ₹3,92,394 | ₹5,20,694 | ₹45,46,000 |
| Year 5 | ₹1,39,641 | ₹3,81,053 | ₹5,20,694 | ₹44,06,359 |
| Year 6 | ₹1,51,984 | ₹3,68,710 | ₹5,20,694 | ₹42,54,375 |
| Year 7 | ₹1,65,418 | ₹3,55,276 | ₹5,20,694 | ₹40,88,957 |
| Year 8 | ₹1,80,039 | ₹3,40,655 | ₹5,20,694 | ₹39,08,918 |
| Year 9 | ₹1,95,953 | ₹3,24,741 | ₹5,20,694 | ₹37,12,965 |
| Year 10 | ₹2,13,274 | ₹3,07,420 | ₹5,20,694 | ₹34,99,691 |
| Year 11 | ₹2,32,125 | ₹2,88,569 | ₹5,20,694 | ₹32,67,566 |
| Year 12 | ₹2,52,643 | ₹2,68,051 | ₹5,20,694 | ₹30,14,923 |
| Year 13 | ₹2,74,974 | ₹2,45,720 | ₹5,20,694 | ₹27,39,949 |
| Year 14 | ₹2,99,279 | ₹2,21,415 | ₹5,20,694 | ₹24,40,670 |
| Year 15 | ₹3,25,733 | ₹1,94,961 | ₹5,20,694 | ₹21,14,937 |
| Year 16 | ₹3,54,525 | ₹1,66,169 | ₹5,20,694 | ₹17,60,412 |
| Year 17 | ₹3,85,862 | ₹1,34,832 | ₹5,20,694 | ₹13,74,550 |
| Year 18 | ₹4,19,968 | ₹1,00,726 | ₹5,20,694 | ₹9,54,582 |
| Year 19 | ₹4,57,090 | ₹63,604 | ₹5,20,694 | ₹4,97,492 |
| Year 20 | ₹4,97,492 | ₹23,202 | ₹5,20,694 | ₹0 |
Show the calculation steps
- Monthly interest rate r = 8.5% ÷ 12 = 0.70833% (0.0070833 as a decimal).
- Number of monthly payments n = 20 years = 240 payments.
- (1 + r)^n = 5.4412, so EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1) = ₹43,391.16.
- Total payment = EMI × n = ₹43,391.16 × 240 = ₹1,04,13,879.
- Total interest = total payment − principal = ₹1,04,13,879 − ₹50,00,000 = ₹54,13,879.
- Lenders may round the EMI to the nearest whole currency unit, so your bank's figure can differ slightly.
How a home loan EMI works
The EMI stays the same each month, but its make-up changes. In the early years most of it is interest, because the balance is at its highest. Over time more of each EMI repays principal.
Because the tenure is long, the total interest can be close to or even exceed the amount you borrowed. That is why small changes in rate or tenure matter so much for a home loan.
Ways to reduce the cost of a home loan
Home loans are usually the easiest place to save through small actions:
- Make a larger down payment so you borrow less.
- Choose the shortest tenure whose EMI you can comfortably afford.
- Prepay when you have spare cash: use the loan prepayment calculator to see the saving.
- Compare lenders, and consider a balance transfer if rates fall.
Tax benefits
In India, interest on a home loan and repayment of principal can qualify for deductions under Sections 24(b) and 80C, subject to limits, conditions and the old tax regime. Check the current rules or ask a tax adviser.
Formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
Total payment = EMI × n
Total interest = Total payment − P
Where:
- P
- = Principal, the loan amount
- r
- = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- n
- = Number of monthly payments
Example calculation
₹50,00,000 home loan at 8.5% for 20 years
Inputs
- Loan Amount
- ₹50,00,000
- Interest Rate
- 8.5 %
- Loan Tenure
- 20 years
Result
- Monthly EMI
- ₹43,391.16
- Total interest
- ₹54,13,879
- Total payment
- ₹1,04,13,879
- Number of payments
- 240
Step-by-step
- Monthly interest rate r = 8.5% ÷ 12 = 0.70833% (0.0070833 as a decimal).
- Number of monthly payments n = 20 years = 240 payments.
- (1 + r)^n = 5.4412, so EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1) = ₹43,391.16.
- Total payment = EMI × n = ₹43,391.16 × 240 = ₹1,04,13,879.
- Total interest = total payment − principal = ₹1,04,13,879 − ₹50,00,000 = ₹54,13,879.
Important notes
- Property registration, stamp duty, processing fees and insurance are not included in the loan amount or the EMI.
- For a floating-rate loan the EMI or tenure changes when the lender changes the rate.
Disclaimer: This calculator provides estimates for informational purposes and should not be considered financial advice. Actual figures from lenders, banks and investment products can differ because of fees, taxes, rounding rules and changing rates. Consult a qualified professional before making financial decisions.
Frequently asked questions
What is a good tenure for a home loan?
A longer tenure gives a lower EMI but costs more interest. Many borrowers choose the shortest tenure whose EMI fits comfortably within about 40% of their income.
How much of my early EMIs is interest?
Most of it. On a 20-year loan at 8.5%, the first EMI is roughly 70% interest. The yearly schedule below the result shows how the split changes.
Does prepaying a home loan help?
Yes, especially in the early years, because it reduces the balance that interest is charged on. Use the prepayment calculator to test different amounts.
Related calculators
- EMI CalculatorCalculate the equated monthly instalment (EMI) on a home, car or personal loan, plus the total interest and a year-by-year repayment schedule.
- Personal Loan EMI CalculatorFind the monthly EMI and total interest on a personal loan for tenures from a few months to several years.
- Car Loan EMI CalculatorCalculate the EMI and total interest on a car loan, then compare tenures to find a payment that fits your budget.
- Loan Amortization CalculatorGenerate a full month-by-month amortization schedule showing principal, interest and balance for any loan.
Explore more in Loan & EMI Calculators.