Plan your home purchase with an accurate monthly payment estimate.
A home loan is usually the largest financial commitment most people ever take on, often stretching 15 to 30 years, so even a small difference in interest rate or tenure changes the total cost by lakhs of rupees. This calculator uses the standard reducing-balance amortization formula that virtually every bank and housing finance company in India uses to compute your EMI, so the numbers you see here line up closely with what a lender will quote you.
Move the three sliders — loan amount, interest rate, and tenure — and the monthly EMI, total interest payable, and total repayment amount update immediately. Below the summary cards you get a year-by-year amortization schedule showing exactly how much of each year's payments goes toward principal versus interest, plus a downloadable PDF you can save or share with family before you sign anything.
Three inputs decide your EMI: the principal you borrow, the annual interest rate your lender offers, and the tenure over which you repay. Home loan interest rates in India are typically linked to an external benchmark (most commonly the RBI repo rate) plus a spread set by the lender, so your rate can move up or down during the loan's life if you're on a floating-rate product. A longer tenure lowers your monthly EMI but increases the total interest you pay over the life of the loan — this calculator makes that trade-off visible instantly instead of leaving you to do the math by hand.
Your credit score, income stability, existing obligations, and the property's value relative to the loan amount (loan-to-value ratio) all influence the rate a lender actually offers you, so treat the numbers here as a planning estimate and confirm the final figures with your lender before committing.
For example, a ₹30,00,000 home loan at 8.5% annual interest over a 20-year tenure works out to an EMI of approximately ₹26,035 a month, with total interest of about ₹32,48,327 over the full tenure — meaning you eventually repay close to ₹62,48,327 in total.
$26,035
$3,248,327
$6,248,327
Principal · 48%
$3,000,000
Total Interest · 52%
$3,248,327
| Year | Principal Paid | Interest Paid | Balance Remaining |
|---|---|---|---|
| 1 | $59,707 | $252,709 | $2,940,293 |
| 2 | $64,984 | $247,432 | $2,875,309 |
| 3 | $70,728 | $241,688 | $2,804,580 |
| 4 | $76,980 | $235,436 | $2,727,600 |
| 5 | $83,785 | $228,632 | $2,643,815 |
| 6 | $91,190 | $221,226 | $2,552,625 |
| 7 | $99,251 | $213,166 | $2,453,374 |
| 8 | $108,024 | $204,393 | $2,345,351 |
| 9 | $117,572 | $194,844 | $2,227,779 |
| 10 | $127,964 | $184,452 | $2,099,815 |
| 11 | $139,275 | $173,141 | $1,960,540 |
| 12 | $151,586 | $160,831 | $1,808,954 |
| 13 | $164,985 | $147,432 | $1,643,969 |
| 14 | $179,568 | $132,849 | $1,464,402 |
| 15 | $195,440 | $116,977 | $1,268,962 |
| 16 | $212,715 | $99,701 | $1,056,247 |
| 17 | $231,517 | $80,899 | $824,730 |
| 18 | $251,981 | $60,435 | $572,749 |
| 19 | $274,254 | $38,163 | $298,495 |
| 20 | $298,495 | $13,921 | $0 |
How is home loan EMI calculated?
EMI is calculated using the reducing-balance formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly installments (years × 12). Each EMI includes both an interest component and a principal component; the interest share is highest in the early years and falls steadily as the outstanding balance shrinks.
What is a good tenure for a home loan?
A shorter tenure means a higher EMI but far less total interest, while a longer tenure lowers the EMI but increases total interest substantially. Most borrowers choose the shortest tenure whose EMI comfortably fits their monthly budget — typically no more than 40-45% of net monthly income — rather than automatically picking the maximum tenure a lender offers.
Does the EMI change if I have a floating interest rate?
Yes. With a floating-rate home loan, your EMI or your tenure (depending on the lender's policy) can change whenever the benchmark rate moves. Use this calculator to check how your EMI would look at a slightly higher rate as a buffer before committing to a loan amount.
Can I reduce my home loan interest after taking the loan?
Yes — making prepayments whenever you have surplus cash reduces the outstanding principal and therefore the interest charged going forward. Our loan prepayment calculator shows exactly how much time and interest you save with extra monthly payments.
Is the EMI shown here exactly what my bank will charge?
This calculator gives a mathematically accurate estimate based on the amount, rate and tenure you enter. Your actual EMI may differ slightly due to processing fees, insurance add-ons, rounding conventions, or a different day-count method used by your specific lender — always confirm the final figure in your loan sanction letter.
Should I choose a 20-year or 30-year home loan?
A 30-year tenure lowers your EMI and can help you qualify for a larger loan amount, but it can nearly double the total interest paid compared to a 20-year tenure at the same rate. If your income allows it, a shorter tenure is usually the cheaper choice overall — use the sliders above to compare both side by side.