Home Loan EMI Calculator
About Home Loan EMI Calculator
The Home Loan EMI Calculator helps you easily estimate your monthly loan payment and total interest. Just enter your loan amount, interest rate, and loan tenure to get instant results. It’s a quick and accurate way to plan your repayments and manage your finances better.
Formula (Transparent)›
EMI = P × r × (1 + r)^N / ((1 + r)^N − 1)
Where: P = Loan amount, r = Monthly interest rate (annual rate ÷ 12 ÷ 100), N = Number of monthly payments.
Example:
Input: ₹5,00,000 at 10% for 5 years (60 months)
Output: EMI = ₹10,624 and total interest = ₹1,37,440
Steps to Use:
- Enter your loan amount (₹)
- Enter the annual interest rate (%)
- Enter the loan tenure (months or years)
- Tap Calculate to view EMI and total interest
Frequently Asked Questions
What is an EMI in a home loan?›
EMI stands for Equated Monthly Instalment. It includes both the principal and interest portions of your loan payment.
How is the EMI calculated?›
The EMI is calculated using the formula EMI = P × r × (1 + r)^N / ((1 + r)^N − 1), where P is the loan amount, r is the monthly interest rate, and N is the number of months.
Can I reduce my EMI amount?›
Yes, you can reduce your EMI by increasing your loan tenure or making part prepayments to lower the principal balance.
Is the EMI fixed for the entire loan tenure?›
In most fixed-rate loans, the EMI remains constant. However, in floating-rate loans, it may change when the interest rate changes.
What factors affect my EMI amount?›
Your loan amount, interest rate, and tenure all influence your EMI. A longer tenure lowers EMI but increases total interest paid.