Home loan EMI calculator

Your EMI, the total interest over the loan, and how much a yearly or one-time prepayment saves. The schedule shows how early EMIs are mostly interest.
Your loan
EMI: ₹43,391 a month
Total paid over 20 years: ₹1,04,13,879, of which ₹54,13,879 is interest.
108%
total interest as a share of the loan
81%
share of the first year's EMIs that is interest
+₹3,215
EMI change if the rate rose 1 point; or, keeping the EMI, 5 yrs 9 mo longer
Prepayments (optional): the EMI stays the same and the loan ends sooner
₹0₹20L₹40LYear 0Year 5Year 10Year 15Year 20
Year-by-year schedule
YearPrincipalInterestStill owed
1₹99,511₹4,21,182₹49,00,489
2₹1,08,307₹4,12,387₹47,92,181
3₹1,17,881₹4,02,813₹46,74,300
4₹1,28,300₹3,92,394₹45,46,000
5₹1,39,641₹3,81,053₹44,06,359
6₹1,51,984₹3,68,710₹42,54,375
7₹1,65,418₹3,55,276₹40,88,957
8₹1,80,039₹3,40,655₹39,08,918
9₹1,95,953₹3,24,741₹37,12,965
10₹2,13,274₹3,07,420₹34,99,691
11₹2,32,125₹2,88,569₹32,67,566
12₹2,52,643₹2,68,051₹30,14,923
13₹2,74,974₹2,45,720₹27,39,949
14₹2,99,279₹2,21,415₹24,40,670
15₹3,25,733₹1,94,961₹21,14,937
16₹3,54,525₹1,66,169₹17,60,412
17₹3,85,862₹1,34,832₹13,74,550
18₹4,19,968₹1,00,726₹9,54,582
19₹4,57,090₹63,604₹4,97,492
20₹4,97,492₹23,202₹0

How it is worked out

The EMI on a reducing-balance loan is EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan, r the monthly rate (yearly rate ÷ 12 ÷ 100) and n the number of months. Each month, interest is charged on what is still owed and the rest of the EMI repays the loan.

Because interest is charged on the balance, early EMIs are mostly interest: on a 20-year loan at 8.5%, about 80% of the first year's EMIs go to interest. A prepayment cuts the balance directly, so every later month is charged less interest. This calculator keeps the EMI the same after a prepayment and shortens the loan, which is how most Indian lenders apply it by default; some offer a lower EMI instead.

Questions

How is a home loan EMI calculated?

EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r the monthly interest rate and n the tenure in months. A ₹50 lakh loan at 8.5% for 20 years has an EMI of about ₹43,391.

Does prepaying a home loan reduce the EMI or the tenure?

Lenders usually keep the EMI and shorten the tenure, which saves more interest. Many will reduce the EMI instead on request.

Is there a charge for prepaying a home loan?

Floating-rate home loans taken by individuals generally carry no prepayment or foreclosure charge in India. Fixed-rate loans and loans to businesses can; check your loan agreement.

Why is most of my EMI interest in the early years?

Interest is charged on the amount still owed, which is largest at the start. As the balance falls, the interest part shrinks and the principal part grows.

Educational calculator only, not financial, tax or investment advice. Results follow the formulas and the assumptions you enter; actual amounts depend on your lender, bank, employer and the rules that apply to you. Past performance does not indicate future results. Read the Disclaimer.