About the Home Loan EMI Calculator
What is the Home Loan EMI Calculator?
A home loan is usually the largest loan you will ever take, repaid over 15 to 30 years. Small differences in rate or tenure change the total interest by lakhs, so it pays to run the numbers before you sign.
Enter the loan amount, interest rate and tenure. This home loan EMI calculator shows your monthly EMI, the total interest and amount payable, a year-by-year amortization schedule, and how much of the first year's interest and principal qualify for tax deductions under Sections 24(b) and 80C in the old regime.
How to use the Home Loan EMI Calculator
- Home Loan Amount (₹) (sample: 50,00,000)
- Interest Rate (% per year) (sample: 8.5)
- Tenure (years) (sample: 20)
- Press Calculate Home Loan EMI (results also refresh as you type). The result card shows the Monthly EMI, along with Interest paid in year 1, Deductible under Sec 24(b) – old regime, max ₹2 lakh, Principal repaid in year 1 (counts for 80C, max ₹1.5 lakh) and Total interest.
Formula used
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- P = the loan amount
- r = the monthly interest rate = annual rate ÷ 12 ÷ 100
- n = the number of monthly instalments
Each month, interest = outstanding balance × r and the rest of the EMI repays principal, so interest falls and principal repayment rises over time.
Worked example
These are the sample values already filled in the calculator above, and the result it returns for them:
| Input | Sample value |
|---|---|
| Home Loan Amount (₹) | 50,00,000 |
| Interest Rate (% per year) | 8.5 |
| Tenure (years) | 20 |
| Result | Value |
|---|---|
| Monthly EMI | ₹43,391 |
| Interest paid in year 1 | ₹4,21,182 |
| Deductible under Sec 24(b) – old regime, max ₹2 lakh | ₹2,00,000 |
| Principal repaid in year 1 (counts for 80C, max ₹1.5 lakh) | ₹99,511 |
| Total interest | ₹54,13,879 |
| Total amount payable | ₹1,04,13,879 |
Tips for using the Home Loan EMI Calculator
- Banks lend up to 90% of the property value for loans up to ₹30 lakh, 80% up to ₹75 lakh and 75% above that (RBI LTV limits).
- Most home loans are floating-rate, linked to the repo rate; there are no prepayment charges on them for individuals.
- Choose the longest tenure you are offered for flexibility, then prepay whenever you can.