Free tool
Home loan EMI calculator
Work out your monthly home-loan EMI, total interest and total payment. Adjust the amount, rate and tenure to plan your budget before you build or buy.
How EMI is calculated
EMI (equated monthly instalment) is found with the standard formula EMI = P x r x (1+r)^n / ((1+r)^n – 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12 and by 100), and n is the number of monthly instalments (years x 12).
Example
On a Rs 40 lakh loan at 8.75% for 20 years, the EMI is about Rs 35,350, with total interest of roughly Rs 44.8 lakh over the loan term. Lowering the tenure raises the EMI but cuts total interest sharply.
Tips to lower your EMI or interest
A larger down payment reduces the principal. A shorter tenure raises the EMI but lowers total interest. Even a small rate difference between lenders changes your total payment significantly, so compare offers.