A Home Loan EMI is the fixed monthly amount you pay to repay your home loan. It includes both principal and interest. EMI depends on the loan amount, interest rate, and tenure. Use this calculator to plan your finances.
| Monthly EMI |
| Total Interest Payable |
| Total Repayment Amount |
| Month | Opening Balance | EMI | Principal | Interest | Closing Balance |
|---|
Home Loan EMI (Equated Monthly Installment) is the fixed payment you make every month to repay your home loan. It includes both the principal and the interest components.
The EMI is calculated using the formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
Where:
P = Principal loan amount
R = Monthly interest rate (annual rate divided by 12 x 100)
N = Number of monthly installments
If you take a home loan of ₹50,00,000 at an interest rate of 8.5% for a tenure of 20 years, your approximate EMI will be ₹43,391.
Longer tenures reduce EMI but increase total interest paid, while shorter tenures increase EMI but save interest.
Use the EMI formula above, or use our calculator for instant results.
Q: Can I reduce my EMI during the loan tenure?Yes, by prepaying a part of your loan or negotiating a lower interest rate.
Q: Does EMI change over time?For fixed interest loans, EMI remains constant. For floating interest loans, EMI may change based on interest rate fluctuations.
Q: Can I reduce my home loan EMI?Yes, you can reduce EMI by increasing the loan tenure, negotiating interest rates, or making part-prepayments.
Q: Is this EMI calculator accurate?Yes, this calculator uses the standard EMI formula used by banks. However, actual EMI may vary slightly due to processing fees or taxes.