Home Loan EMI Calculator
Calculate home loan EMI, compare interest rates across Indian banks, analyze prepayment options, and view detailed amortization schedules.
How to use this tool
- Enter the loan amount, interest rate and tenure, or pick a bank to fill in its starting rate.
- Read your monthly EMI, total interest and total payment.
- Open "Prepayment Analysis" to see how a lump-sum part-payment cuts your interest or tenure.
- Open "Compare Banks" to see the EMI at each lender’s current starting rate.
- Use "Copy link to this result" to share the exact scenario, or "Export CSV" to download the schedule.
Home Loan EMI Calculator
Calculate EMI, compare banks, plan prepayments, and visualize your loan journey
Loan Details
Monthly EMI
₹40,280
Payment Breakdown
Principal vs Interest
Amortization Schedule
Tax Benefits on Home Loan
Section 80C - Principal Repayment
Deduction up to ₹1.5 Lakh per year on principal repayment (part of your EMI), within the overall 80C limit. Old tax regime only.
Section 24(b) - Interest Payment
Deduction up to ₹2 Lakh per year on interest for a self-occupied home, under the old tax regime only. For a let-out property, interest is deductible against rental income under both regimes.
* The new tax regime (the default) does not allow 80C or the self-occupied interest deduction. Tax benefits are subject to conditions. Consult a tax advisor for personalized advice.
Interest rates are indicative and may vary based on credit score, loan amount, and bank policies. Always verify current rates with the respective bank.
How the Home Loan EMI Calculator works
The EMI uses the standard reducing-balance formula that Indian banks use: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the tenure in months. Every EMI pays that month’s interest first; whatever is left reduces the principal. That is why early EMIs are mostly interest and late ones are mostly principal.
The amortization schedule simulates the loan month by month, showing principal, interest and balance for every payment, grouped by year. You can download the full schedule as a CSV file to open in Excel or Google Sheets.
The prepayment tab models a one-time part-payment in a month you choose and shows both options banks offer. Keep the EMI and shorten the tenure: the calculator simulates the remaining loan month by month, including the smaller final payment, so the interest saved is exact. Keep the tenure and lower the EMI: it recalculates the EMI on the reduced balance over the remaining months. If your prepayment clears the whole balance, it tells you so instead of showing zero savings.
The bank comparison runs the same amount and tenure at each lender’s starting rate so you can see how a small rate difference changes the EMI and the total interest. These rates are indicative and dated; always confirm the rate you are offered with the bank.
When to use it
- Checking what EMI fits your budget before you apply, and how much loan that implies.
- Deciding between a 15, 20 or 25-year tenure by comparing total interest, not just the EMI.
- Working out whether a bonus or matured FD is better used as a prepayment.
- Comparing a rate offer from one bank against another, or checking whether a balance transfer is worth it.
Tips
- Prepaying early in the loan saves far more interest than the same amount paid late, because the balance it removes would have attracted interest for longer.
- When you prepay, choosing a shorter tenure usually saves more interest than choosing a lower EMI. Pick lower EMI only if you need the monthly cash flow.
- Banks do not charge prepayment penalties on floating-rate home loans taken by individuals, but some charge on fixed-rate loans. Check your loan agreement.
- Share a scenario with family by copying the link; the amount, rate, tenure and prepayment are saved in the URL.
Frequently asked questions
How is home loan EMI calculated?
With the reducing-balance formula EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is principal, r the monthly rate and n the number of months. The calculator uses exactly this formula, so its result should match your bank’s within rounding.
Is it better to reduce EMI or tenure after a prepayment?
Reducing tenure saves more total interest because you keep paying the higher EMI and finish sooner. Reducing EMI eases monthly cash flow. The prepayment tab shows the interest saved for both, side by side.
Why does my EMI barely reduce the principal in the first few years?
Each EMI pays the interest due on the outstanding balance first. Early on the balance is highest, so most of the EMI goes to interest. The yearly breakdown shows the point where principal starts to dominate.
Can I claim tax benefits on my home loan?
Under the old tax regime, yes: up to ₹1.5 lakh a year on principal under Section 80C and up to ₹2 lakh a year on interest for a self-occupied home under Section 24(b). The new regime, which is the default, does not allow these deductions for a self-occupied home. Check which regime suits you before counting on them.
Are the bank interest rates current?
They are indicative starting rates and are dated on the page. Your actual rate depends on your credit score, loan amount and the bank’s current offer, so confirm it with the lender.