Home Loan EMI Calculator

What is Home Loan EMI?

Before getting to know about the Home Loan EMI calculator, it’s important to have basic information about what is home loan EMI because if you don’t know the thing that you’re calculating then it will be a total wastage of time to learn about the calculator. EMI, the short form for Equated Monthly Installments, is a fixed monthly amount that you pay every month in order to return the borrowed amount from the lender. Since a lot of individuals cannot pay the full amount in one go to buy their dream home, they opt for the easy EMI facility which is a flexible repayment option.

Apply Home Loan @ 6.90%* Rate

Your home loan EMI is basically made up of two parts – principal and interest. The portion of these two parts can differ based on the floating interest rate offered by the lender. You also need to remember that, in case of longer tenure (which is mostly the case in a Home Loan facility), say 15 to 20 years, the interest portion tends to have a higher portion in the EMI amount as compared to the principal amount for the few initial 10 years and after these years, principal amount starts to possess higher proportion than interest.

EMI Calculator for Home Loan
Loan Amount (₹)
Interest Rate (%)
Tenure (Month)
Results
Loan Amount
Interest Rate
Tenure(Months)
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
YearPrincipalInterestBalance Amount

Home Loan Calculator

Now you’ve known enough about the EMI amount, it’s time to introduce you with the much-talked-about Home Loan EMI Calculator. This calculator helps you in estimating your EMI amount with the help of a few basic details. Like any other calculator, it thrives on the inputs that you give to it. In the case of a home loan calculator, it only needs three inputs – loan amount, rate of interest, and tenure. As soon as you feed all these details into it, you will get the desired output as the EMI amount. The process of using it is so handy that it can be used by anyone.

You can look at the home loan payment for a loan amount of INR 35,00,00 at an interest rate of 7.30% per annum for a repayment period of 30 years. You can cross check the values by putting the same values in the calculator above. Keep an eye on how the EMI amount tends to change over a period.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 35,00,0007.30%1₹ 3,03,328₹ 1,39,935₹ 36,39,935
₹ 35,00,0007.30%2₹ 1,57,180₹ 2,72,331₹ 37,72,331
₹ 35,00,0007.30%3₹ 1,08,551₹ 4,07,820₹ 39,07,820
₹ 35,00,0007.30%4₹ 84,300₹ 5,46,393₹ 40,46,393
₹ 35,00,0007.30%5₹ 69,801₹ 6,88,039₹ 41,88,039
₹ 35,00,0007.30%6₹ 60,177₹ 8,32,744₹ 43,32,744
₹ 35,00,0007.30%7₹ 53,339₹ 9,80,488₹ 44,80,488
₹ 35,00,0007.30%8₹ 48,242₹ 11,31,253₹ 46,31,253
₹ 35,00,0007.30%9₹ 44,306₹ 12,85,013₹ 47,85,013
₹ 35,00,0007.30%10₹ 41,181₹ 14,41,742₹ 49,41,742
₹ 35,00,0007.30%11₹ 38,647₹ 16,01,412₹ 51,01,412
₹ 35,00,0007.30%12₹ 36,555₹ 17,63,989₹ 52,63,989
₹ 35,00,0007.30%13₹ 34,804₹ 19,29,439₹ 54,29,439
₹ 35,00,0007.30%14₹ 33,320₹ 20,97,725₹ 55,97,725
₹ 35,00,0007.30%15₹ 32,049₹ 22,68,807₹ 57,68,807
₹ 35,00,0007.30%16₹ 30,951₹ 24,42,643₹ 59,42,643
₹ 35,00,0007.30%17₹ 29,996₹ 26,19,190₹ 61,19,190
₹ 35,00,0007.30%18₹ 29,159₹ 27,98,402₹ 62,98,402
₹ 35,00,0007.30%19₹ 28,422₹ 29,80,232₹ 64,80,232
₹ 35,00,0007.30%20₹ 27,769₹ 31,64,630₹ 66,64,630
₹ 35,00,0007.30%21₹ 27,189₹ 33,51,545₹ 68,51,545
₹ 35,00,0007.30%22₹ 26,670₹ 35,40,926₹ 70,40,926
₹ 35,00,0007.30%23₹ 26,206₹ 37,32,720₹ 72,32,720
₹ 35,00,0007.30%24₹ 25,788₹ 39,26,873₹ 74,26,873
₹ 35,00,0007.30%25₹ 25,411₹ 41,23,329₹ 76,23,329
₹ 35,00,0007.30%26₹ 25,071₹ 43,22,033₹ 78,22,033
₹ 35,00,0007.30%27₹ 24,762₹ 45,22,928₹ 80,22,928
₹ 35,00,0007.30%28₹ 24,482₹ 47,25,958₹ 82,25,958
₹ 35,00,0007.30%29₹ 24,227₹ 49,31,066₹ 84,31,066
₹ 35,00,0007.30%30₹ 23,995₹ 51,38,194₹ 86,38,194

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YearPrincipalInterestBalance Amount
1₹ 33,547₹ 2,54,392₹ 34,66,452
2₹ 36,080₹ 2,51,860₹ 34,30,372
3₹ 38,803₹ 2,49,136₹ 33,91,568
4₹ 41,733₹ 2,46,207₹ 33,49,835
5₹ 44,883₹ 2,43,056₹ 33,04,951
6₹ 48,272₹ 2,39,668₹ 32,56,679
7₹ 51,916₹ 2,36,023₹ 32,04,762
8₹ 55,835₹ 2,32,104₹ 31,48,927
9₹ 60,050₹ 2,27,889₹ 30,88,876
10₹ 64,584₹ 2,23,355₹ 30,24,291
11₹ 69,459₹ 2,18,480₹ 29,54,831
12₹ 74,703₹ 2,13,236₹ 28,80,128
13₹ 80,343₹ 2,07,597₹ 27,99,784
14₹ 86,408₹ 2,01,531₹ 27,13,376
15₹ 92,931₹ 1,95,008₹ 26,20,444
16₹ 99,947₹ 1,87,992₹ 25,20,497
17₹ 1,07,492₹ 1,80,447₹ 24,13,004
18₹ 1,15,607₹ 1,72,332₹ 22,97,396
19₹ 1,24,335₹ 1,63,605₹ 21,73,061
20₹ 1,33,721₹ 1,54,218₹ 20,39,339
21₹ 1,43,816₹ 1,44,123₹ 18,95,523
22₹ 1,54,673₹ 1,33,266₹ 17,40,849
23₹ 1,66,350₹ 1,21,589₹ 15,74,498
24₹ 1,78,908₹ 1,09,031₹ 13,95,590
25₹ 1,92,415₹ 95,525₹ 12,03,175
26₹ 2,06,940₹ 80,999₹ 9,96,234
27₹ 2,22,563₹ 65,376₹ 7,73,670
28₹ 2,39,365₹ 48,574₹ 5,34,305
29₹ 2,57,435₹ 30,504₹ 2,76,869
30₹ 2,77,014₹ 11,070₹ 0

Comparison of Home Loan EMIs for Different Loan Amounts

For your convenience, we are providing you a comparison through different loan amounts so that you can have a clear idea about the EMI and total interest outgo with having various tenure also.

Home Loan EMI Details for INR 20 lakhs

Tenure (In Years)EMI @7.30% Interest RateTotal Interest Outgo
10INR 23,532INR 8,23,853
15INR 18,314INR 12,96,461
20INR 15,868INR 18,08,360
25INR 14,521INR 23,56,188
30INR 13,711INR 49,36,111

Home Loan EMI Details for INR 25 lakhs

Tenure (In Years)EMI @7.30% Interest RateTotal Interest Outgo
10INR 29,415INR 10,29,816
15INR 22,892INR 16,20,576
20INR 19,835INR 22,60,450
25INR 18,151INR 29,45,235
30INR 17,139INR 36,70,138

Home Loan EMI Details for INR 30 lakhs

Tenure (In Years)EMI @7.30% Interest RateTotal Interest Outgo
10INR 35,298INR 12,35,779
15INR 27,471INR 19,44,692
20INR 23,802INR 27,12,540
25INR 21,781INR 35,34,282
30INR 20,567INR 44,04,166

Home Loan EMI Details for INR 50 lakhs

Tenure (In Years)EMI @7.50% Interest RateTotal Interest Outgo
10INR 59,351INR 21,22,106
15INR 46,351INR 33,43,111
20INR 40,280INR 46,67,118
25INR 36,950INR 60,84,868
30INR 34,961INR 75,85,861

Home Loan EMI Details for INR 75 lakhs

Tenure (In Years)EMI @7.50% Interest RateTotal Interest Outgo
10INR 89,026INR 31,83,159
15INR 69,526INR 50,14,667
20INR 60,419INR 70,00,667
25INR 55,424INR 91,27,302
30INR 52,441INR 1,13,78,792

Home Loan EMI Details for INR 1 Crore

Tenure (In Years)EMI @7.85% Interest RateTotal Interest Outgo
10INR 1,20,536INR 44,64,374
15INR 94,701INR 70,46,230
20INR 82,713INR 98,51,095
25INR 76,191INR 1,28,57,179
30INR 72,333INR 1,60,40,056

What is the Formula that Home Loan EMI Calculator uses?

The Home loan EMI Calculator used the following formula to get you an accurate result about the EMI amount.

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

EMI= Equated Monthly Installments

P= Principal Amount

R= Rate of Interest

N= Number of Monthly Installments

What are those Details that You will Need to Use the Home Loan EMI Calculator?

As we said before that a calculator needs a certain set of inputs to give the desired output. Similarly, the home loan EMI calculator also needs three basic inputs to get the EMI amount. You can have a detailed look at these details mentioned below.

Required Loan Amount: When you decide to opt for a home loan from any lender, you settle on an amount that suits both your repayment capability and also, financial state. You can not choose an amount way beyond your reach, otherwise, it may be difficult for you to repay it every month because EMI consists of a substantial part of your principal. And the higher the loan amount will be, the higher will be the EMI amount and vice- versa. So it’s important to choose the loan amount with the utmost care and only what you need.

Rate of Interest: The second and most important thing that you have to feed in the calculator is the rate of the interest charged on your loan amount. Several lenders charge different rates of interest to different individuals according to the loan type and individual’s profile. You also need to remember that the one thing that can have the biggest impact on your EMI is the rate of interest on your loan amount. So it’s important to compare the interest rates offered by different lenders and opt for only that one which is best for you.

Tenure: If you’re wondering about what this term tenure is, then let me tell you that it indicates the number of months chosen by you to repay the loan amount. A home loan is usually a hefty amount, so generally, individuals opt for a longer tenure in order to repay it. But you should also remember that opting for a longer tenure would cost you more interest amount. So, it’s important that you choose this period according to your repayment capability and financial needs. Some of the lenders even let you take the loan for a period of 30 years.

As soon as you feed all these details into the Home Loan EMI calculator, it will give you the EMI amount as well as the interest amount levied during your loan tenure and total payable amount. The best thing about this EMI calculator is its endless flexibility in nature by which you can check your EMI amount by feeding different values into it till the time you get a satisfactory result which aligns perfectly with your personal requirements.

Why is it Important to have an EMI Calculation before opting for a Home Loan?

With all these talks of EMI calculation going around, you must be thinking of why is there a need of having an EMI calculation before you decide to opt for a home loan?

As you know the home loan is not a cheap sum of money and your dream home is on the stake, you cannot take any chances while preparing for it. And EMI calculation is a significant part of your preparation. This EMI will be a large part of your monthly income that you will you have to put aside every month. Without any proper planning and execution regarding the EMI, it may be possible that you fail to prepare for it. This is where Home Loan EMI Calculator comes handy. It gives you a fair chance to have an early estimate about the amount that you will pay every month towards loan repayment.

With the help of the EMI Calculator, you can have an early assessment of the EMI amount, making you both financially and mentally ready for that part of your monthly income that will go towards the EMI payment. When you have a definite amount, you can cut out your unnecessary expenses and instead, make that money useful in paying the EMI.

Also, with the EMI calculator at your disposal, you can compare the EMI amount with different values of interest rate and loan amount provided by different lenders and settle on that amount which is best for your financial goals. This is why Home Loan EMI Calculator holds prominence before opting for a home loan.

How Much EMI Can You Afford?

You are a better judge of your budget and can assess the EMI you can afford. Lenders won’t find it a problem disbursing you the loan amount that keeps the EMI to around 50%-60% of your net monthly income (NMI). But if you can pay more in down payment than what’s required, do that to reduce the loan amount as well as the EMI/NMI ratio. This will be of great help when you face lesser than expected growth in your income. Also, inflation rises with time, so the lower EMI will come to your budget then.

Plus, when you are about ten years away from getting retired, it won’t be bad to go for part payment, if not a full prepayment. Because as you grow older, there won’t be many companies looking to hire you. The demand for skilled and experienced professionals will always be there. But they also need to be young to survive in this intensely competitive corporate ecosystem that demands physical and mental fitness of the highest order. Coming back to the part payment, it will reduce the EMI considerably. The below example will surely add substance to our point, take a look.

Example – You take a home loan of INR 50 lakh at 8.50% at the age of 40 years. The loan will run for 20 years, so it will mature by your retirement time i.e. 60 years (assumed). If you use the home loan EMI calculator, the EMI comes as INR 43,391, which is less than 50% of your NMI i.e. INR 90,000. If the loan continues this way till maturity, you’ll end up paying interest worth INR 54,13,879. So when you attain 50 years of age, the loan outstanding would reduce to around INR 34,99,691. By that time, you must have paid interest worth INR 37,06,63.

If you can pay an amount of around INR 5 lakh by that time, the outstanding amount will fall to INR 29,99,691. This will reduce the EMI to INR 37,192, reducing the monthly obligation by INR 6,199. The interest payable for the remaining course will be around INR 14,63,334, which when added to INR 37,06,631, the interest you are believed to have paid by the time you hit 50, gives rise to a sum of INR 51,69,965. This is around INR 2,43,914 less than the amount you would end up paying if you go as per the original loan schedule.

What are the Benefits of Using Home Loan EMI Calculator?

Simplicity and Speed: You don’t need different values filled with complexities to use the Home Loan EMI calculator, in fact there are only three simple details that you need. We have mentioned these details above. Simplicity is the best feature of it and you will get the results in a flash which makes the whole process of EMI calculation smooth and hassle-free. Did we mention the time that you can save by using the calculator? Well, yes, you can because of the speedy part it possess.

Finance Management: When you have a clear assessment of the EMI amount, you will be better prepared to make some changes in your monthly spending so that you can set aside that EMI amount from your monthly income. The EMI calculator helps you in financially empowering you by giving you the authentic results.

Endless Flexibility: You can use the calculator for as many times as you want with different values till the time you got the perfect combination of right EMI and tenure aligning perfectly with your monthly income. This endless flexible feature of EMI calculator makes it a must use before finalizing the loan amount. Remember that choosing a short tenure will fetch the higher EMIs and vice versa.

Amortization Table: The calculator doesn’t only give you the EMI amount but also the amortization table by which you can have an estimate about the principal and interest amount at different points of your loan tenure. With the help of this, you can also cross check with the bank if you want to have an estimation about the payments that you have to make.

Home Loan EMI Waiver Plans

Lenders come with a home loan EMI waiver to lure borrowers into buying a home. As the name suggests, the EMI waiver means the lender won’t deduct the installment for the period the offer will be there. But will you get it straight away? Maybe not, judging from the EMI waiver offer of Axis Bank wherein you get the waiver after 4th, 8th and 12th year of the repayment tenure. Is it subject to some eligibility? Well, the lender might not notify the same. But the offer will most likely be subject to your repayment track and credit score. If you have paid EMIs regularly, the lender will have no problem in fulfilling the promise of an EMI waiver. Whereas, a credit history plagued by payment defaults and delays can make lenders put a stop to the EMI waiver offer.

Shall You Use the Home Loan EMI Calculator When Doing a Balance Transfer or Prepayment?

A home loan EMI calculator is also important when it comes to changing the pattern of a loan via refinancing. Doesn’t matter whether you are looking for a home loan balance transfer or a part payment, a calculator can help you achieve the optimum result with either of the two. With a balance transfer, you get the opportunity to transfer the existing loan balance at a lower rate of interest.

If you check the function of the calculator carefully, you will see the outstanding loan balance at different points of time. You can also check the estimated repayment against principal and interest over the years. The interest payment will be more than the principal portion for a little more than half the length of the loan. So, the balance transfer will yield you more when you do before the loan reaches the halfway mark. You can check the effect in the EMI calculator. Let’s consider an example to understand the benefits of the calculator better with respect to a balance transfer.

Example – Ram Gupta and Sohan Sharma apply for a home loan worth INR 50 lakh at an interest rate of 7.80% per annum for 20 Years. If Ram does a balance transfer after 7 years of paying the loan EMIs and Sohan does it after 14 years, how will it reflect on their repayment assuming the same 7.20% interest rate for both on a balance transfer?

Loan AspectsRepayment Estimates for RamRepayment Estimates for Sohan
Original Loan AmountINR 50,00,000INR 50,00,000
EMI Payable @7.80%INR 41,202INR 41,202
Interest Payable @7.80% for 20 YearsINR 48,88,432INR 48,88,432
Outstanding Loan Balance After 7 YearsINR 40,31,708-
Outstanding Loan Balance After 14 Years-INR 23,63,065
Interest to be Paid Till 7 Years @7.80%INR 24,92,660-
Interest to be Paid Till 14 Years @7.80%-INR 42,84,968
New EMI @7.20% for 13 YearsINR 39,871-
Interest Outgo @7.20% for 13 YearsINR 21,88,217-
New EMI @7.20% for 6 Years-INR 40,515
Interest Outgo @7.20% for 6 Years-INR 5,54,032
Interest to be Paid @7.80% for 7 Years + Interest to be Paid @7.20% for 13 YearsINR 46,80,877-
Interest to be Paid @7.80% for 14 Years + Interest to be Paid @7.20% for 6 Years-INR 48,39,000
Savings in Terms of EMIINR 1,331 (41,202-39,871INR 687 (41,202-40,515)
Savings in Terms of InterestINR 2,07,555INR 49,432

From the table, you can see how doing a balance before the halfway mark fetches you more savings on a home loan balance transfer.

After a balance transfer, you can now see the role of Home Loan EMI Calculator in prepayment, which means the payment of the outstanding balance in full or parts. The best part is that a home loan prepayment comes without any charges if the loan is on a floating basis. With both full and part prepayment, the interest liability reduces significantly over time. You can thus check the EMI calculator to check the reduction of interest payments. Let’s check it with an example

Example – You want to apply for a home loan of INR 55 lakh for 20 years. At the present interest rate scenario, you can get this amount at around 7.50% per annum. If you make a part payment of 10 lakh after 10 years, how much will you save on your interest payments? You will have two options after part payment – whether to pay the same EMI or a lower EMI. Check out the table below to decide.

Repayment AspectsRepayment Estimates When Paying the Same EMI After Part PaymentRepayment Estimates When Paying the Reduced EMI After Part Payment
Original Loan AmountINR 55,00,000INR 55,00,000
EMI Payable @7.50%INR 44,308INR 44,308
Interest Outgo @7.50% Over 20 YearsINR 51,33,830INR 51,33,830
Interest to be Paid Till 10 Years @7.50%INR 35,49,599INR 35,49,599
Outstanding Balance After 10 YearsINR 37,32,684INR 37,32,684
Part Payment AmountINR 10,00,000INR 10,00,000
Outstanding Loan Balance After Part PaymentINR 27,32,684INR 27,32,684
EMI After Part PaymentINR 44,308INR 32,437
Interest Payable After Part PaymentINR 7,28,363INR 11,59,809
Interest to be Paid Till 10 Years + Interest Payable After Part PaymentINR 42,77,962INR 47,09,408
SavingsINR 8,55,868 (51,33,830-42,77,962)INR 4,24,422 (51,33,830-47,09,408)

From the table, you can see the savings is more when you pay the same EMI after part payment. The overall loan tenure reduces on paying the same EMI post the part payment. In this case, the loan will run for 16 years and 6 months. It means the loan will run for another 6 years and 6 months when you pay the same EMI after making the part payment.

How Can You Calculate the Cost of Moratorium Using the Home Loan EMI Calculator?

As you will know the RBI has given customers a moratorium option in the advent of the lockdown induced due to the COVID-19 pandemic. The moratorium will apply to home loans as well on outstanding amounts from March 1, 2020, to May 31, 2020. So, if you avail of the said option, you will not have to pay the EMI for 3 months. This is surely a relief for all those who have lost incomes due to the economic pressures triggered by the pandemic. But if that hasn’t impacted your income and you’re earning as usual, the moratorium option may not prove good to you! The reason being it’s not an EMI waiver. It’s rather a deferment of the EMI by 3 months. The interest will accrue during the moratorium period and get added to the outstanding principal. This will raise your EMI amount and so do the interest obligations. Let’s consider an example to understand the same.

Suppose you have been servicing a 20-year home loan of INR 45 lakh for the last 10 months at an interest rate of 8.40% per annum and you choose a 3-month moratorium period. How much will it cost you? You can check the table to know the same.

Original Loan AmountINR 45,00,000
Tenure20 Years
Interest Rate8.40%
Current EMIINR 38,768
Interest Payable Over 20 YearsINR 48,04,116
Interest Paid Over the Last 10 MonthsINR 3,12,666
Outstanding Principal Left after 10 MonthsINR 44,24,986
Interest to be accrued during the moratorium periodINR 92,760
New Outstanding AmountINR 45,17,746
EMI Payable on the New Outstanding AmountINR 39,375
Interest Payable on the New Outstanding AmountINR 46,56,674
Interest Paid So Far + Interest Payable on the New Outstanding AmountINR 49,69,340
Extra Payment You Make by Choosing the Moratorium OptionINR 1,65,224 (49,69,340-48,04,116)

Note – Calculations are purely indicative

How to Make the Most of Lockdown to Minimize Your Home Loan Interest Payments?

Lockdown has made many working from home as offices are shut across the country. So all your travel and fuel expenses are getting saved. But that will be beneficial only if you put the same to productive use. Travelling and fuel expenses of commuters must have been occupying around 10% of their monthly income. As the lockdown is likely to sustain further, you can accumulate savings and pay one bulk amount in say 6-7 months down the line to reduce the outstanding home loan balance.

If your travel and fuel expenses were amounting INR 8,000 a month before lockdown came into effect, you must have saved around INR 10,000 by now. If you continue to work from home for another 6-7 months, you can add another INR 50,000-60,000 to your kitty, ensuring a total savings of around INR 60,000-70,000. You can thus pay something out of that to reduce your home loan outstanding balance and keep a lid on the interest outgo too. Let’s consider an example to understand the benefits.

Example – You had taken a 20-year home loan of INR 60 lakh at 8.85% per annum 2 years back. The EMI payable amounts to INR 53,406. Your interest obligations are estimated to be around INR 68,17,463 over 20 years from here on. Six months down the line, the outstanding balance is likely to be INR 56,93,819. By that time, you will have paid interest of around INR 12,96,000.

As our estimations say your savings is likely to be around INR 60,000-70,000 in the next 6-7 months due to no travel and fuel spends, you can easily pay INR 55,000 and reduce the outstanding balance to INR 56,38,819. From here on till the loan finishes, you will be paying interest of around INR 54,67,432. If you add the interest you’ve paid so far to the interest you’ll pay from now onward, the total amount comes as INR 67,63,432, saving you around INR 54,031 (68,17,463-67,63,432).

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