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Exact EMI + total interest + amortization — any Indian bank
A ₹50 lakh home loan at 9% for 20 years costs ₹44,986/month — use the calculator below for your own numbers.
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
| 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 |
| Feature | WOWHOW EMI Calculator | 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 |
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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.
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.
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.
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
About the Home Loan EMI Calculator
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.
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