Home Loan EMI Calculator

FREEFinance & Business

TOOLHome Loan EMI Calculator

A ₹50 lakh home loan at 9% for 20 years costs ₹44,986/month — use the calculator below for your own numbers.

Loan Details

Loan AmountRs 50,00,000

Rs 5,00,000Rs 5,00,00,000

Interest Rate (p.a.)8.5%

6%15%

Loan Tenure (Years)20 years

5 years30 years

Processing Fee (%)0.5%

0%3%

Your Monthly EMI

Rs 43,391

for 20 years at 8.5% p.a.

Total Interest

Rs 54,13,879

Total Payment

Rs 1,04,13,879

Processing Fee

Rs 25,000

Effective Cost

Rs 54,38,879

Principal vs Interest

Principal (48%) Interest (52%)

Affordability Check

Year-wise Amortization Schedule

Year	Opening Balance	EMI Paid	Principal Paid	Interest Paid	Closing Balance
1	Rs 50,00,000	Rs 5,20,694	Rs 99,511	Rs 4,21,182	Rs 49,00,489
2	Rs 49,00,489	Rs 5,20,694	Rs 1,08,307	Rs 4,12,387	Rs 47,92,181
3	Rs 47,92,181	Rs 5,20,694	Rs 1,17,881	Rs 4,02,813	Rs 46,74,300
4	Rs 46,74,300	Rs 5,20,694	Rs 1,28,300	Rs 3,92,394	Rs 45,46,000
5	Rs 45,46,000	Rs 5,20,694	Rs 1,39,641	Rs 3,81,053	Rs 44,06,359
6	Rs 44,06,359	Rs 5,20,694	Rs 1,51,984	Rs 3,68,710	Rs 42,54,375
7	Rs 42,54,375	Rs 5,20,694	Rs 1,65,418	Rs 3,55,276	Rs 40,88,957
8	Rs 40,88,957	Rs 5,20,694	Rs 1,80,039	Rs 3,40,655	Rs 39,08,918
9	Rs 39,08,918	Rs 5,20,694	Rs 1,95,953	Rs 3,24,741	Rs 37,12,965
10	Rs 37,12,965	Rs 5,20,694	Rs 2,13,274	Rs 3,07,420	Rs 34,99,691
11	Rs 34,99,691	Rs 5,20,694	Rs 2,32,125	Rs 2,88,569	Rs 32,67,566
12	Rs 32,67,566	Rs 5,20,694	Rs 2,52,643	Rs 2,68,051	Rs 30,14,923
13	Rs 30,14,923	Rs 5,20,694	Rs 2,74,974	Rs 2,45,720	Rs 27,39,949
14	Rs 27,39,949	Rs 5,20,694	Rs 2,99,279	Rs 2,21,415	Rs 24,40,670
15	Rs 24,40,670	Rs 5,20,694	Rs 3,25,733	Rs 1,94,961	Rs 21,14,937
16	Rs 21,14,937	Rs 5,20,694	Rs 3,54,525	Rs 1,66,169	Rs 17,60,412
17	Rs 17,60,412	Rs 5,20,694	Rs 3,85,862	Rs 1,34,832	Rs 13,74,550
18	Rs 13,74,550	Rs 5,20,694	Rs 4,19,968	Rs 1,00,726	Rs 9,54,582
19	Rs 9,54,582	Rs 5,20,694	Rs 4,57,090	Rs 63,604	Rs 4,97,492
20	Rs 4,97,492	Rs 5,20,694	Rs 4,97,492	Rs 23,202	Rs 0

How This Compares to Other Free EMI Calculators

Feature	Typical bank EMI calculators	Typical online EMI calculators
No signup required		Varies
Works offline in browser
Full year-wise amortization schedule	Sometimes	Sometimes
Data never leaves your device

100% freeNo signupRuns in your browser

TL;DR

Free home loan EMI calculator — monthly EMI, total interest, and the full amortization schedule from loan amount, rate, and tenure.
See the interest vs principal split for every year of the loan.

Recommended Partners

🏠

BankBazaar

Compare home loan rates

💰

PaisaBazaar

Check eligibility

About Home Loan EMI Calculator

A home loan is the largest financial commitment most Indians make — typically 20-30 years and Rs 30-80 lakh. Knowing your exact monthly EMI before you sign is non-negotiable. This calculator uses the standard amortization formula to show your monthly payment, the total interest you will pay over the full tenure, and a year-wise breakdown of how each rupee is allocated between principal and interest repayment.

How It Works

Home loan EMI is calculated using the standard monthly amortization formula: EMI = P × r × (1+r)^n / [(1+r)^n - 1], where P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly EMIs (years × 12). For a Rs 50 lakh loan at 9% for 20 years: r = 0.0075, n = 240, EMI = Rs 44,986.

The amortization schedule breaks each EMI into its two components. In EMI month t, the interest component = Outstanding Principal × monthly rate, and the principal component = EMI - interest. As principal reduces each month, the interest component falls and the principal component rises — a process called amortization. In the early years (years 1-5 of a 20-year loan), typically 70-80% of each EMI goes toward interest, not principal repayment.

The calculator also shows total interest paid = (EMI × n) - Principal. For a Rs 50 lakh loan at 9% for 20 years, total interest = Rs 57.97 lakh — more than the principal itself. This explains why prepayment in early years dramatically reduces total cost, and why the tax deductions under Section 80C (principal) and Section 24(b) (interest up to Rs 2 lakh) are valuable.

Who Is This For

A Pune software engineer has been approved for Rs 65 lakh home loan at 8.75% for 25 years and wants to see if the Rs 53,200 EMI fits within 40% of their Rs 1.3 lakh monthly take-home.

A buyer comparing two bank offers — SBI at 8.50% vs HDFC at 8.75% for Rs 45 lakh, 20 years — uses the calculator to find SBI saves Rs 897/month and Rs 2.15 lakh total over the tenure.

A Mumbai couple planning to make a Rs 5 lakh prepayment in year 4 of their 20-year loan wants to estimate the revised EMI and new tenure after the prepayment.

A first-time buyer considering 15-year vs 20-year tenure on Rs 40 lakh at 9% — comparing Rs 40,584 EMI (15yr) vs Rs 35,989 EMI (20yr) and Rs 33.1 lakh vs Rs 46.4 lakh total interest.

An NRI purchasing a property in India needs to check eligibility: how much loan is needed after a 30% down payment on a Rs 1.2 crore apartment, and the resulting EMI.

Scope note: This calculator uses a constant interest rate throughout the loan tenure. In practice, floating rate loans (tied to RLLR or MCLR) change periodically — a rate increase extends tenure or increases EMI. Processing fees (0.5-1% of loan), legal charges, stamp duty, and registration costs are not included in the loan amount modeled here. Tax deduction calculations assume self-occupied property and Old Tax Regime; the New Tax Regime does not allow Section 24(b) or 80C deductions.

Disclaimer: This calculator is for informational and educational purposes only and does not constitute financial, tax, or legal advice. Results are estimates based on publicly available tax slabs and formulas. Consult a qualified Chartered Accountant, tax professional, or financial advisor for guidance specific to your situation. Built and maintained by the WOWHOW Team with 14+ years of software development experience.

How to Use

Enter your desired home loan amount

Set the interest rate offered by your bank

Choose loan tenure (5 to 30 years)

View monthly EMI, total interest, and year-wise amortization schedule

Frequently Asked Questions

EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is loan principal, r is monthly interest rate (annual rate / 12 / 100), and n is total number of monthly installments.

Financial advisors recommend that your total EMIs should not exceed 40% of your monthly take-home salary. Banks typically approve loans where EMI is 40-50% of net income.

Yes. Principal repayment qualifies for Section 80C deduction (up to Rs 1.5 lakh). Interest paid qualifies for Section 24(b) deduction (up to Rs 2 lakh for self-occupied property).

As of 2026, home loan interest rates in India range from 8.25% to 9.50% p.a. for most banks. SBI, HDFC, ICICI, and Kotak offer competitive rates starting from 8.25%.

Most Indian home loans are floating rate (linked to MCLR or RLLR/repo rate). In a falling interest rate cycle, floating rates automatically reduce your EMI or tenure. Fixed rates provide certainty but are typically 1-2% higher. Given RBI rate cycles, floating is chosen by most borrowers for long-tenure loans (20-30 years).

Prepayment directly reduces outstanding principal. In the early years of a loan, most EMI goes toward interest (e.g., in a 20-year loan at 9%, the first EMI is ~80% interest). A Rs 2 lakh prepayment in year 3 can reduce total interest by Rs 5-8 lakh and cut tenure by 2-3 years. Banks cannot charge prepayment penalty on floating rate loans (RBI directive).

In India, "home loan" typically means a loan to purchase a new property (housing loan). "Mortgage" technically refers to a loan against an existing property (Loan Against Property or LAP). Rates differ: home loans start at ~8.25%, while LAP rates are higher (9.5-12%) due to higher perceived risk. This calculator works for both types.