Loan calculator
Home Loan EMI Calculator
Work out the monthly EMI on a home loan — and, just as important, the total interest it adds up to. Move the sliders to see how the loan amount, rate and tenure change what you actually pay.
- Principal
- ₹30,00,000
- Total interest
- ₹32,48,327
- Total payment
- ₹62,48,327
For illustration only. Your actual EMI depends on the lender’s interest rate, processing fees, insurance and any rate resets; this tool is not a loan offer or sanction.
How this home loan EMI calculator works
An EMI splits your home loan into equal monthly payments that cover both interest and principal. It is calculated with the standard reducing-balance formula:
EMI = P × r × (1 + r)n ÷ [ (1 + r)n − 1 ]
Here P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the tenure in months. Early EMIs are mostly interest; as the balance falls, more of each EMI goes towards the principal.
A worked example
Borrow ₹30,00,000 at 8.5% for 20 years. The EMI works out to about ₹26,035 a month. Over the full tenure you repay roughly ₹62.5 lakh — about ₹32.5 lakh of interest on top of the ₹30 lakh you borrowed. Shortening the tenure raises the EMI but cuts that interest sharply.
Using it well
Lenders usually cap your EMI at roughly 40–50% of your monthly income. Check the EMI against that limit before you commit, and try a slightly higher EMI or a part-prepayment to see how much interest you can save. MoneyGrad tracks every EMI and card in one place, so your true monthly commitment is never a surprise.
Frequently asked questions
- What is a home loan EMI?
- An EMI (Equated Monthly Instalment) is the fixed amount you pay your lender every month until a home loan is repaid. Each EMI covers part interest and part principal — early EMIs are mostly interest, and later ones mostly principal, as the outstanding balance falls.
- How is home loan EMI calculated?
- 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. This calculator applies that reducing-balance formula the moment you move a slider.
- Does a longer tenure reduce my EMI?
- Yes. A longer tenure lowers the monthly EMI but raises the total interest you pay, because the principal stays outstanding for longer. The calculator shows both the EMI and the total interest so you can weigh the trade-off.
- Is my home loan interest rate fixed or floating?
- Most Indian home loans are floating — the rate moves with the lender’s benchmark, so your EMI or tenure can change over time. Use the rate slider to see how even a small change in the rate affects your EMI and total interest.
- Are these EMI figures exact?
- The maths is exact for the numbers you enter, but your actual EMI depends on the lender’s rate, processing fees, insurance and any rate resets. Treat the result as a planning estimate, not a loan offer or sanction.