Home Loan EMI Calculator
Work out your home loan EMI, total interest and how much a part-prepayment saves. Month-by-month schedule and CSV download, in rupees.
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About the Home Loan EMI Calculator
A home loan is usually the largest and longest loan a family takes, often 15 to 30 years, so even a small difference in the rate or the tenure changes the total interest by lakhs of rupees. Banks quote the EMI, but the full cost and the effect of prepaying are harder to see.
This calculator uses the standard amortisation formula that banks use for fixed-rate loans: interest is charged each month on the remaining balance, and each payment covers that interest plus a growing share of the principal. The yearly schedule shows how the balance falls over time. Try different rates and terms to see the trade-off: a longer term lowers the monthly payment but usually adds a lot more interest in total. The example starts at ₹50 lakh at 8.5% for 20 years; replace it with the amount, rate and tenure from your sanction letter. Prepaying even one EMI's worth a year can cut several years off a home loan.
How to use the Home Loan EMI Calculator
- 1
Enter the amount you want to borrow, in any currency.
- 2
Enter the yearly interest rate and the term in years or months.
- 3
Read the monthly payment, total interest and total paid, and scroll the schedule to see the balance year by year.
- 4
Planning to prepay? Add an extra monthly amount, a yearly lump sum or a one-time payment, and choose whether to finish sooner or lower the EMI. The interest saved appears at once.
- 5
Switch the schedule to months for every EMI, or download it as a CSV file for Excel or Google Sheets.
Examples
5,000,000 at 8.5% for 20 yearsMonthly payment: 43,391.16
Total interest: 5,413,878.80
Total paid: 10,413,878.80Good to know
- Assumes a fixed rate, monthly payments and interest charged monthly at the yearly rate ÷ 12. Variable rates, interest-only periods and balloon payments are not modelled.
- Fees, insurance, taxes and early repayment charges are not included, so the real cost of a loan may be higher. Lenders’ quoted APR includes some of these.
- Results are rounded to two decimal places; the final payment absorbs any rounding difference.
Frequently asked questions
Is there a charge for prepaying a home loan?
For floating-rate home loans taken by individuals, RBI rules do not allow banks and housing finance companies to charge foreclosure or part-prepayment fees. Fixed-rate loans may carry a charge, so check your loan agreement.
What is an EMI?
An equated monthly instalment: the same payment every month for the whole term. Early payments are mostly interest; later ones are mostly principal.
How is the monthly payment calculated?
Payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r the monthly rate (yearly rate ÷ 12 ÷ 100) and n the number of months.
Should I use a prepayment to cut the tenure or the EMI?
Cutting the tenure saves more interest, because the balance falls faster while you keep paying the same EMI. Lowering the EMI frees up money each month but saves less. Try both in the calculator to see the difference for your loan.
Does a shorter term save money?
Usually, yes. The monthly payment is higher, but you pay interest for fewer months, so the total interest is lower.
Is anything I enter saved?
No. Calculations run on your device and nothing is stored or sent.
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