Does a longer tenure reduce the cost of the loan?
No. A longer tenure lowers the monthly EMI but increases the total interest paid, often substantially. A shorter tenure costs more each month but far less overall.
Loans calculator
Home Loan EMI Calculator India
Calculate your home loan EMI, total interest, and full year-by-year amortization schedule from the loan amount, interest rate, and tenure, with a clear principal-versus-interest breakdown.
Interactive calculator
Estimate your EMI and total interest
Enter the loan amount, interest rate, and tenure to see the monthly EMI, the total interest, and a year-by-year repayment breakdown.
Year-by-year repayment schedule
How each year of EMIs splits between interest and principal, and the balance left at year end.
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | ₹99,511 | ₹4,21,182 | ₹49,00,489 |
| 2 | ₹1,08,307 | ₹4,12,387 | ₹47,92,181 |
| 3 | ₹1,17,881 | ₹4,02,813 | ₹46,74,300 |
| 4 | ₹1,28,300 | ₹3,92,394 | ₹45,46,000 |
| 5 | ₹1,39,641 | ₹3,81,053 | ₹44,06,359 |
| 6 | ₹1,51,984 | ₹3,68,710 | ₹42,54,375 |
| 7 | ₹1,65,418 | ₹3,55,276 | ₹40,88,957 |
| 8 | ₹1,80,039 | ₹3,40,655 | ₹39,08,918 |
| 9 | ₹1,95,953 | ₹3,24,741 | ₹37,12,965 |
| 10 | ₹2,13,274 | ₹3,07,420 | ₹34,99,691 |
| 11 | ₹2,32,125 | ₹2,88,569 | ₹32,67,566 |
| 12 | ₹2,52,643 | ₹2,68,051 | ₹30,14,923 |
| 13 | ₹2,74,974 | ₹2,45,720 | ₹27,39,949 |
| 14 | ₹2,99,279 | ₹2,21,415 | ₹24,40,670 |
| 15 | ₹3,25,733 | ₹1,94,961 | ₹21,14,937 |
| 16 | ₹3,54,525 | ₹1,66,169 | ₹17,60,412 |
| 17 | ₹3,85,862 | ₹1,34,832 | ₹13,74,550 |
| 18 | ₹4,19,968 | ₹1,00,726 | ₹9,54,582 |
| 19 | ₹4,57,090 | ₹63,604 | ₹4,97,492 |
| 20 | ₹4,97,492 | ₹23,202 | ₹0 |
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Formula, example, assumptions, and FAQs — open any section for the detail.
Formula
EMI formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of months. When the rate is zero, EMI is simply P ÷ n.
Total interest and repayment
Total repayment = EMI × n · Total interest = Total repayment − PThe EMI stays fixed, but early instalments are mostly interest and later instalments are mostly principal.
Amortization split
Monthly interest = Outstanding balance × r · Principal part = EMI − interestEach month the interest is charged on the remaining balance, and whatever is left of the EMI reduces the principal.
Worked example
Example for a ₹50,00,000 loan at 8.5% over 20 years
A borrower takes a ₹50 lakh home loan at 8.5% annual interest for 20 years (240 months).
Calculation:Monthly rate r = 8.5 ÷ 1200 = 0.7083%. Applying the EMI formula gives an EMI of about ₹43,391, paid 240 times.
Result:The EMI is about ₹43,391. Total repayment is about ₹1,04,13,879, of which roughly ₹54,13,879 (about 52%) is interest.
Assumptions
- The interest rate stays fixed for the whole tenure.
- Repayment starts immediately and every EMI is paid on time.
- No part-prepayment, foreclosure, or rate reset is modelled.
- The processing fee is a one-time charge and does not change the EMI.
- Insurance, stamp duty, GST on fees, and other charges are budgeted separately.
Common mistakes
- Comparing only the EMI and ignoring the much larger total interest of a longer tenure.
- Entering the rate as a monthly figure instead of the annual rate.
- Forgetting that floating rates can change the EMI or tenure later.
- Leaving out the down payment, so the loan amount entered is too high.
- Treating a workable EMI as proof of loan eligibility or approval.
Accuracy notes
The EMI uses the standard reducing-balance formula and is rounded to whole rupees for display. The amortization schedule is computed month by month and aggregated by year, so rounded yearly figures may differ by a rupee or two from the totals. Results assume a fixed rate and no prepayment.
Frequently asked questions
Is this EMI fixed for the whole loan?
It is fixed only if your interest rate is fixed. On a floating-rate loan, the lender usually changes the tenure or the EMI when rates move.
What is amortization?
Amortization is how each EMI is split between interest and principal over time. Early EMIs are mostly interest; later EMIs are mostly principal. The year-by-year table shows this split.
Does prepayment help?
Yes. Prepaying reduces the outstanding principal, which lowers future interest. This calculator does not model prepayment, but even small regular prepayments can cut total interest meaningfully.
Are processing fees part of the EMI?
No. A processing fee is usually a one-time charge on the loan amount. It adds to the total cost of borrowing but does not change the monthly EMI.
This calculator provides a general estimate, not a loan offer, sanction, or financial advice. Actual EMIs, interest, fees, and eligibility depend on the lender, your profile, the rate type, and the loan agreement. Confirm figures with your bank before deciding.Read the full disclaimer.