Looking to buy your dream home? Use our Home Loan EMI Calculator to quickly estimate your monthly EMI, total interest payable, and loan repayment schedule. It’s fast, free, and 100% accurate.
Home Loan EMI Calculator
🔍 What is a Home Loan EMI?
An EMI (Equated Monthly Installment) is the fixed payment amount you make every month to repay your home loan. Each EMI includes both:
Interest – The bank’s charge on your loan
Principal – The original loan amount
🧮 Home Loan EMI Formula
The formula used for EMI calculation is:
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
Where:
- P = Principal loan amount
- R = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- N = Loan tenure in months
Example:
For a loan of ₹30,00,000 at 8% annual interest for 20 years:
- EMI = ₹25,093
- Total Interest = ₹30,22,246
- Total Payable = ₹60,22,246
How to Use This Calculator
- Enter Loan Amount – Input your desired home loan amount
- Set Interest Rate – Enter your expected interest rate (%)
- Select Tenure – Choose loan duration in years (typically 5-30 years)
- Calculate – Get instant EMI results
Key Features
- Simple, user-friendly interface
- Works for all types of home loans
- Accurate EMI calculation formula
- Mobile-responsive design
- No hidden charges
Frequently Asked Questions
Q: How is home loan EMI calculated?
A: EMI = [P × R × (1+R)^N]/[(1+R)^N-1] where P=Principal, R=Monthly Interest Rate, N=Tenure in Months
Q: What factors affect my home loan EMI?
A: Principal amount, interest rate, loan tenure, and processing fees
Q: Can I calculate part-prepayment impact?
A: This calculator shows base EMI – consult your bank for prepayment options
Q: Are results accurate for floating rates?
A: Results are accurate for fixed rates – floating rates may change over time
For official home loan guidelines, refer to RBI’s Home Loan Guidelines.