Home Loan Calculator
Plan your home loan EMI, total interest, and repayment schedule.
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Home Loan Calculator
Use the formula and worked example below to calculate manually.
Overview
A home loan calculator helps you estimate your monthly EMI, total interest outgo, and repayment schedule for a housing loan, so you can plan your finances before taking on a mortgage.
How to use this calculator
- Enter the home loan amount you need.
- Enter the annual interest rate quoted by your bank or NBFC.
- Set the loan tenure (typically 10–30 years for home loans).
- Optionally, enter any prepayment amount to see how it reduces tenure or EMI.
- Review the EMI, total interest, and year-wise amortisation schedule.
Understanding the inputs & results
Loan amount
The amount you borrow to purchase or construct the property.
Interest rate
The rate at which the lender charges interest. Home loans can be fixed or floating rate (linked to REPO or MCLR).
Tenure
The repayment period — typically 10 to 30 years for home loans.
EMI
Equated Monthly Instalment — your fixed monthly outflow combining principal and interest.
Amortisation
The schedule showing how each EMI is split between principal repayment and interest, and how the outstanding balance reduces over time.
The formula
Home loan EMI
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
P = principal, r = monthly interest rate (annual / 12 / 100), n = total months.
Worked example
₹50 lakh home loan at 8.5% p.a. for 20 years.
- r = 8.5 / 12 / 100 = 0.00708; n = 240.
- EMI ≈ ₹43,391.
- Total paid = 43,391 × 240 = ₹1,04,13,840.
- Total interest = ₹1,04,13,840 − ₹50,00,000 = ₹54,13,840.
✓ EMI ≈ ₹43,391. Total interest outgo ≈ ₹54.14 lakh over 20 years.
Frequently asked questions
Tips & things to know
- Making even one extra EMI per year can reduce a 20-year loan by 2–3 years.
- Negotiate with the bank — even 0.25% lower rate saves lakhs over 20 years.
Home loan rates vary by lender, credit profile, and tenure. This is an estimate for planning; confirm terms with your lender before signing.