Homes Loan Calculator
Know your monthly EMI in seconds, and what you can do to pay less.
- ₹39,974
- Principal amount
- ₹50,00,000
- Total interest
- ₹45,93,875
- Total amount
- ₹95,93,875
You'll pay ₹45.94 L interest on a ₹50 L loan.
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What if…
One prepayment or a 0.5% rate change can move your interest by lakhs. Try one.
· Add a one-time payment or an extra monthly amount to see the saving.
Worth knowing
For every ₹1 you borrow, you pay back ₹0.92 in interest.
In year 12, more of your EMI starts going to the loan than to interest.
Pay one extra EMI a year and you save ₹7.8 L and finish 3 years early.
Banks use the standard reducing-balance formula:
EMI = P × r × (1+r)n / ((1+r)n − 1)
P is the loan amount, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the number of months.
With your numbers
- P = ₹50,00,000
- r = 7.4% ÷ 12 ÷ 100 = 0.006167
- n = 240 months
- EMI = ₹39,974
Each month interest is charged on what you still owe. That is why early EMIs are mostly interest.
- What is a home loan EMI?
- It is the fixed amount you pay each month until the loan is repaid. Each EMI covers that month's interest and pays off part of the loan.
- How is the EMI calculated?
- With the formula EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan, r the monthly rate and n the number of months.
- Does a longer tenure save money?
- No. It lowers the EMI but adds interest. On ₹50 lakh at 8.5%, going from 20 to 30 years cuts the EMI by about ₹4,900 and adds about ₹34 lakh of interest.
- Is prepaying worth it?
- Usually yes, especially in the first years when most of the EMI is interest. Banks cannot charge a prepayment penalty on floating-rate home loans to individuals.
- Should I reduce my EMI or my tenure after prepaying?
- Reducing the tenure saves more interest. Reducing the EMI gives you more room in your monthly budget.
- What is the difference between fixed and floating rates?
- A fixed rate stays the same for a set period. A floating rate follows the bank's benchmark, so it can rise or fall during the loan.
- How much home loan can I get?
- Banks usually let all your EMIs add up to 40% to 50% of your take-home pay. They lend 75% to 90% of the property value.
- Is my data stored?
- No. Every calculation runs in your browser. Recent calculations are kept only on your device.
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Yearly repayment schedule for the default loan
Default loan: ₹50,00,000 at 7.4% for 20 years gives an EMI of ₹39,974 a month, with ₹45,93,875 total interest.
| Year | Principal paid | Interest paid | Balance at year end |
|---|---|---|---|
| 1 | ₹1,13,492 | ₹3,66,202 | ₹48,86,508 |
| 2 | ₹1,22,181 | ₹3,57,513 | ₹47,64,327 |
| 3 | ₹1,31,535 | ₹3,48,158 | ₹46,32,792 |
| 4 | ₹1,41,606 | ₹3,38,088 | ₹44,91,186 |
| 5 | ₹1,52,448 | ₹3,27,246 | ₹43,38,738 |
| 6 | ₹1,64,119 | ₹3,15,574 | ₹41,74,619 |
| 7 | ₹1,76,685 | ₹3,03,009 | ₹39,97,934 |
| 8 | ₹1,90,212 | ₹2,89,482 | ₹38,07,722 |
| 9 | ₹2,04,775 | ₹2,74,919 | ₹36,02,947 |
| 10 | ₹2,20,453 | ₹2,59,241 | ₹33,82,494 |
| 11 | ₹2,37,332 | ₹2,42,362 | ₹31,45,162 |
| 12 | ₹2,55,502 | ₹2,24,192 | ₹28,89,660 |
| 13 | ₹2,75,064 | ₹2,04,630 | ₹26,14,596 |
| 14 | ₹2,96,123 | ₹1,83,570 | ₹23,18,473 |
| 15 | ₹3,18,795 | ₹1,60,899 | ₹19,99,678 |
| 16 | ₹3,43,203 | ₹1,36,491 | ₹16,56,475 |
| 17 | ₹3,69,479 | ₹1,10,215 | ₹12,86,995 |
| 18 | ₹3,97,767 | ₹81,926 | ₹8,89,228 |
| 19 | ₹4,28,221 | ₹51,472 | ₹4,61,007 |
| 20 | ₹4,61,007 | ₹18,687 | ₹0 |
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