Home loan EMI calculator
Find your monthly EMI, the total interest you will pay and a year-by-year schedule. Move the sliders or type your numbers.
- Principal amount
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- Total interest
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- Total amount payable
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Year-by-year payment schedule
| Year | Principal paid | Interest paid | Total paid | Balance left |
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What is EMI?
Equated Monthly Installment – EMI for short – is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid. The sum of principal amount and interest is divided by the tenure, i.e., number of months, in which the loan has to be repaid. This amount has to be paid monthly.
The interest component of the EMI would be larger during the initial months and gradually reduce with each payment. The exact percentage allocated towards payment of the principal depends on the interest rate. Even though your monthly EMI payment won’t change, the proportion of principal and interest components will change with time. With each successive payment, you’ll pay more towards the principal and less in interest.
How EMI is calculated
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- P loan amount
- r monthly interest rate (yearly rate ÷ 12 ÷ 100)
- n number of monthly payments
For example, a loan of ₹25 lakh at 8.5% a year for 20 years (240 months) has an EMI of about ₹21,696.