Home Loan EMI Calculator
Calculate your home loan EMI, total interest and full amortization schedule instantly — with prepayment planning to see how much you can save.
Get personalised insights. Enter your details and click Calculate.
How is Home Loan EMI Calculated?
Your home loan EMI (Equated Monthly Installment) is the fixed amount you pay every month towards principal and interest, calculated using the reducing-balance method followed by Indian banks and NBFCs.
EMI = [P × R × (1 + R)N] ÷ [(1 + R)N − 1]
- P — Principal loan amount
- R — Monthly interest rate (annual interest rate ÷ 12 ÷ 100)
- N — Loan tenure in months
For example, a ₹50,00,000 home loan at 8.5% annual interest for 20 years works out to an EMI of about ₹43,391 per month. Use the calculator above to compute your exact EMI, view the month-by-month amortization schedule, and see how prepayments reduce your total interest outgo.
Frequently Asked Questions
What is EMI in a home loan?
EMI stands for Equated Monthly Installment — a fixed monthly payment that combines both principal repayment and interest, calculated so that the loan is fully repaid by the end of its tenure.
How does prepayment reduce my home loan interest?
Every prepayment is applied directly to your outstanding principal, which lowers the interest charged in every subsequent month. You can choose to use the savings to either reduce your remaining tenure or lower your EMI amount. To model a lump-sum or extra monthly payment on its own, try our dedicated Home Loan Prepayment Calculator.
Does the interest rate or the loan tenure affect EMI more?
Both affect EMI, but tenure has a bigger long-term cost impact: a longer tenure lowers the EMI but sharply increases total interest paid, while a small change in interest rate has a smaller effect on the monthly EMI but still adds up over a long tenure.
Read more: How much home loan can I actually afford?