Home Loan EMI Calculator
Supports tenures up to 360 months (30 years), with a year-wise breakdown alongside the monthly schedule.
A home loan EMI is the fixed monthly amount that repays both principal and interest over the tenure. The formula is the same as for any reducing-balance loan; what differs is scale. Home loans are large and long — up to 30 years — so small changes in rate or tenure move the total cost by lakhs of rupees.
Early EMIs are mostly interest. On the default ₹40,00,000 loan at 8.5% over 20 years, the first EMI of ₹34,713 contains ₹28,333 of interest and only ₹6,380 of principal. Across the first year you pay ₹3,36,946 in interest and repay just ₹79,609 of principal, as the year-wise table below shows. That front-loading is why early prepayment saves more than late prepayment. Before you sign, also decide between a fixed and a floating rate; the difference is explained below the schedule.
Loan Details
Home loan tenures typically go up to 360 months (30 years).
Your EMI
This is an estimate, not an offer. The figures above are indicative calculations based on the numbers you entered and standard industry formulas/rules of thumb. They are not a loan/insurance quote, a pre-approval, or a guarantee of approval by any bank, NBFC, or insurer. Actual eligibility, interest rate, premium, and approval are decided solely by the lender/insurer after their own underwriting and verification.
Year-wise Summary
| Year | Principal Paid | Interest Paid | Closing Balance |
|---|
Monthly Amortization Schedule
| Month | EMI | Principal | Interest | Balance |
|---|
How Rate and Tenure Change the Cost
Every row below is for a ₹40,00,000 loan.
| Interest rate | Tenure | Monthly EMI | Total interest |
|---|---|---|---|
| 8.5% | 15 years (180 months) | ₹39,390 | ₹30,90,125 |
| 8.5% | 20 years (240 months) | ₹34,713 | ₹43,31,103 |
| 8.5% | 25 years (300 months) | ₹32,209 | ₹56,62,725 |
| 9.5% | 20 years (240 months) | ₹37,285 | ₹49,48,459 |
A longer tenure lowers the EMI but raises the total interest. One extra percentage point on the 20-year loan adds about ₹2,570 to each EMI and about ₹6.17 lakh to the total interest.
Fixed vs Floating Interest Rates
With a floating rate, the interest rate moves with an external benchmark — most banks link home loan rates to the RBI repo rate — so your EMI or tenure changes when the benchmark or your lender's spread is reset. With a fixed rate, the rate stays put for the agreed period. Many "fixed" home loans in India fix the rate only for an initial period, often a few years, and then switch to floating, so read the sanction letter carefully. Fixed rates usually start higher than floating ones, while floating rates offer no certainty but pass on falls in the benchmark.
RBI guidelines generally bar lenders from charging prepayment penalties on floating-rate loans to individual borrowers, while fixed-rate loans may carry them; confirm the terms in your own agreement. This calculator assumes one constant rate for the whole tenure, so treat its output as a snapshot and re-run the numbers if your floating rate changes.
Where to Go Next
- Home Loan Eligibility Calculator — see how much you may be able to borrow against a property, given the LTV cap and your income.
- Loan Prepayment Calculator — compare shortening your tenure with lowering your EMI after a part-prepayment.
- FOIR Calculator — check what share of your income the EMI would take.
Frequently Asked Questions
How is home loan EMI different from personal loan EMI?
The underlying formula is identical — EMI = [P × R × (1+R)^N] / [(1+R)^N − 1] — but home loans typically run for much longer tenures (up to 30 years / 360 months) and carry lower interest rates since they are secured against the property.
What does the year-wise summary show that the monthly schedule doesn’t?
It rolls up the principal and interest paid in each year, which makes it easier to see how the interest-to-principal ratio shifts as the loan matures — most interest is front-loaded in the early years.
Is this the exact EMI my bank will charge?
No — this is an indicative estimate. Your actual rate, processing fees, and EMI depend on the lender’s underwriting and the specific home loan scheme.