Home Loan EMI Calculator — Monthly EMI, Total Interest and Yearly Schedule

How to use the home loan EMI calculator

1. Enter the Loan amount you will borrow, not the price of the home.
2. Enter the Interest rate (per year) from your sanction letter or offer.
3. Enter the Tenure in years (up to 40).
4. Choose the Currency if you are not working in rupees.
5. Read the monthly EMI, total interest and total payment. Below them you will see the month when principal overtakes interest, the interest paid in year 1, a chart and a table of each year’s principal, interest and closing balance. The table can be downloaded as a CSV file.

What it does and when to use it

A home loan is usually the biggest and longest debt a household takes on. The EMI tells you whether you can afford the monthly payment. The schedule tells you what the loan really costs and how slowly the balance falls at first.

Use the calculator to:

• Test affordability before you apply, by trying different loan amounts and tenures.
• Compare offers from two lenders with different rates. A small rate gap makes a big difference over 20 years.
• Choose a tenure, by seeing how much interest each extra year adds.
• Plan prepayments, by seeing how much of the balance is still left after five or ten years.

For a car or personal loan, the Car Loan Calculator and the general EMI Calculator use the same maths. To test what a lump-sum prepayment does to your tenure or EMI, use the Loan Prepayment Calculator.

How it works

The calculator uses the standard reducing-balance EMI formula:

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

where:

• P is the loan amount,
• r is the monthly interest rate, which is the yearly rate ÷ 12 ÷ 100,
• n is the number of monthly instalments, which is the tenure in years × 12.

It then builds the full schedule month by month:

• Interest for the month = balance at the start of the month × r
• Principal repaid = EMI − interest for the month
• New balance = old balance − principal repaid

The “principal overtakes interest” figure is the first month in which the principal part of the EMI is larger than the interest part. The yearly table adds up the 12 months of each year. Total interest is the EMI × n, minus the loan amount. Everything is calculated in your browser.

Worked examples

All numbers below come from the calculator.

1. ₹50 lakh at 8.5% for 20 years. The Monthly EMI: ₹43,391.16. Over 240 months you pay ₹1,04,13,878.80, of which ₹54,13,878.80 is interest, more than the amount borrowed. In the first year you pay ₹5,20,693.94 in EMIs, but Interest paid in year 1: ₹4,21,182.48, so the balance falls by only ₹99,511.46. Principal overtakes interest: Month 143 (year 12). After 10 years the balance is still ₹34,99,691.14, about 70% of the original loan.

2. The same loan over 30 years. The EMI drops to ₹38,445.67, which is ₹4,945.49 a month less. But the Total interest: ₹88,40,442.70, which is ₹34,26,563.90 more than the 20-year loan. Principal now overtakes interest only in month 263 (year 22).

3. ₹30 lakh at 9% for 15 years. The EMI is ₹30,428.00 and total interest is ₹24,77,039.55. Even at a higher rate, the shorter tenure means Principal overtakes interest: Month 89 (year 8).

4. A loan in US dollars. Set the currency to USD and enter $300,000 at 6.5% over 30 years. The Monthly EMI: $1,896.20.

Reading the schedule

The yearly table is where the real story is. In the first example, the principal you repay grows every year, from ₹99,511.46 in year 1 to ₹2,13,273.67 in year 10 and ₹4,97,492.20 in year 20. Interest moves the other way. That is why money you prepay early saves more interest than the same amount paid late: it removes balance that would otherwise have been charged interest for many more years.

Two practical points follow:

• Before the crossover month, a prepayment mostly saves interest. After it, the loan is already shrinking quickly on its own.
• Raising the EMI a little, when your income allows, shortens the loan more than most people expect. Re-run the calculator with a shorter tenure to see roughly what EMI that would take.

Tax treatment in India (tax year 2026-27)

Under the Income-tax Act 2025, which applies from tax year 2026-27:

• Old regime, self-occupied home: interest is deductible up to ₹2,00,000 a year (section 22). The limit falls to ₹30,000 if the home was not bought or built within five years of the end of the year in which you borrowed. Principal repaid counts towards the overall ₹1,50,000 limit in section 123 (formerly 80C), which you share with EPF, PPF, life insurance and similar items.
• New regime, self-occupied home: no deduction for interest or principal (section 202).
• Let-out home: the rent, less municipal taxes, gets a 30% standard deduction, and the interest is then deducted from what is left. How much of a loss you can use depends on the regime.

The EMI calculator does not apply any of this. To see the tax saved on your own figures, use the Home Loan Tax Benefit Calculator, and to see which regime suits you overall, the Old vs New Tax Regime Calculator.

Limits and tips

• One fixed rate. Most home loans in India are floating-rate, so the real schedule will change when the rate changes. Treat the result as a plan at today’s rate.
• Full tenure, no prepayments. The schedule assumes you pay every EMI on time and nothing extra.
• Monthly rest. The calculator charges interest on the monthly balance. A loan that calculates interest differently, or a first EMI that covers a part month, will give slightly different figures.
• Not included: stamp duty, registration, processing and legal fees, insurance premiums and pre-EMI interest during construction.
• Check the lender’s figure. Your sanction letter is the final word. If its EMI differs from this one, ask how the lender calculates it.
• Charges for prepaying. Read your loan agreement for any charge on part-payment or foreclosure before you plan a prepayment.