Finance Tool
Find your monthly equated installment and total interest over the life of your home loan.
Monthly EMI
₹43,391
Equated Monthly Installment
This uses the reducing-balance EMI method. Actual lender figures may vary slightly due to rounding and payment schedules.
EMI stands for Equated Monthly Installment. It is the fixed amount you pay every month to repay your home loan over a set number of years. An EMI includes both principal (the amount you borrowed) and interest (the cost of borrowing), calculated so the same rupee amount is due every month. The EMI calculator uses a standard mathematical formula to compute this payment based on the loan amount, annual interest rate, and loan tenure in months.
The calculator applies the standard EMI formula used by banks and financial institutions worldwide. You provide three inputs: the principal loan amount (how much you're borrowing), the annual interest rate (as a percentage), and the tenure in years. The formula divides the interest-weighted principal by the number of months, accounting for compound interest. The result is your fixed monthly payment. The calculator also generates an amortization schedule showing how much of each payment goes to principal versus interest—early payments are mostly interest, later ones mostly principal.
EMI = P × r × (1 + r)^n / ((1 + r)^n - 1)P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments (years × 12). The formula ensures you pay the same amount every month while interest is calculated on the remaining balance.
| Input | Result | Notes |
|---|---|---|
| Loan: ₹50 lakhs, Rate: 7% p.a., Tenure: 20 years (240 months) | EMI: ₹38,867 per month; Total paid: ₹93.28 lakhs; Total interest: ₹43.28 lakhs | A typical home loan scenario showing how interest roughly equals the principal over 20 years at 7% |
| Loan: ₹30 lakhs, Rate: 6.5% p.a., Tenure: 15 years (180 months) | EMI: ₹24,283 per month; Total paid: ₹43.71 lakhs; Total interest: ₹13.71 lakhs | Shorter tenure and lower principal reduce monthly burden and total interest significantly |
| Loan: ₹75 lakhs, Rate: 8% p.a., Tenure: 25 years (300 months) | EMI: ₹55,255 per month; Total paid: ₹165.77 lakhs; Total interest: ₹90.77 lakhs | Longer tenure lowers monthly payment but dramatically increases total interest paid |
EMI is only your fixed monthly principal + interest payment. The total cost includes EMI plus processing fees, insurance, property registration, stamp duty, and taxes. Use the calculator for EMI, then add these extras to your overall budget.
Yes, but only for the current rate period. If your rate is floating (changes every 6–12 months), recalculate whenever the rate changes. Banks will send you a revised EMI schedule when the rate resets.
Prepayment reduces your remaining principal balance. Most banks let you shorten your tenure or reduce your EMI—check your loan agreement. Using this calculator, reduce the principal or tenure to see the benefit of prepayment.
Use your bank's current home loan rate from their website (typically 6–8.5% in India depending on credit score and market conditions). Once you get a formal offer, recalculate with your exact sanctioned rate.
Yes, if you use the correct principal, annual rate, and tenure. Banks use the same standard formula. Minor differences may appear if your bank rounds rates or uses daily compound interest, but the result is nearly identical.
Only by prepaying a lump sum (using your bonus, savings, or inheritance) to reduce the principal balance. Alternatively, refinance your loan if rates have dropped. The calculator helps you model both scenarios.