Home Loan EMI Calculator

Highlights

  • Know your home loan EMIs before applying.
  • Compare best home loans with EMI calculator.

When you decide to take a home loan, you should compare all the options. The comparison can be done with a home loan EMI calculator. The combination of loan amount, tenure and interest rate resulting in a suitable EMI should be your choice. Here, we have given:

  • Example showing home loan payments
  • EMIs for different loan amounts
  • Advantages of using a loan EMI calculator
  • Parameters based on which the calculation is done

EMI Calculator forHome Loan
Loan Amount (₹)
Interest Rate (%)
Tenure(year)
Results
Loan Amount
Interest Rate
Tenure(Months)
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
YearPrincipalInterestBalance Amount

How does a home loan EMI calculator work?

You just need to mention the interest rate, loan amount and tenure to get the relevant EMI, total interest outgo and total repayment amount. The following are the parameters on which home loan EMI is calculated:

  • Loan Amount: The borrower needs to enter the disbursal amount in the calcualtor without deducted the processing fees.
  • Interest Rate: Interest rates are divided into two categories-fixed rates and floating rate. In case of fixed interest rate, the interest rate remains constant.
  • Tenure: The time duration taken by the borrower for repayment of the loan is known as tenure. In general, a home loan tenure varies from 20 years to 30 years.

EMI Calculation Formula

The calculation in the EMI calculator is done through the below-given formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI= Equated Monthly Installment
P= Principal Loan Amount
R= Monthly Interest Rate
N= Number of Monthly Installments

Home Loan EMI Calculator 2018

Here is an example of a home loan to give you an idea of the payment flow. You can check the same for different values by using the calculator above. For now, just try to understand how your EMIs vary over a period of time.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 35,00,0008.75%1₹ 3,05,675₹ 1,68,095₹ 36,68,095
₹ 35,00,0008.75%2₹ 1,59,495₹ 3,27,890₹ 38,27,890
₹ 35,00,0008.75%3₹ 1,10,892₹ 4,92,122₹ 39,92,122
₹ 35,00,0008.75%4₹ 86,683₹ 6,60,773₹ 41,60,773
₹ 35,00,0008.75%5₹ 72,230₹ 8,33,819₹ 43,33,819
₹ 35,00,0008.75%6₹ 62,656₹ 10,11,231₹ 45,11,231
₹ 35,00,0008.75%7₹ 55,869₹ 11,92,973₹ 46,92,973
₹ 35,00,0008.75%8₹ 50,823₹ 13,79,002₹ 48,79,002
₹ 35,00,0008.75%9₹ 46,938₹ 15,69,270₹ 50,69,270
₹ 35,00,0008.75%10₹ 43,864₹ 17,63,724₹ 52,63,724
₹ 35,00,0008.75%11₹ 41,381₹ 19,62,303₹ 54,62,303
₹ 35,00,0008.75%12₹ 39,340₹ 21,64,944₹ 56,64,944
₹ 35,00,0008.75%13₹ 37,638₹ 23,71,578₹ 58,71,578
₹ 35,00,0008.75%14₹ 36,203₹ 25,82,132₹ 60,82,132
₹ 35,00,0008.75%15₹ 34,981₹ 27,96,526₹ 62,96,526
₹ 35,00,0008.75%16₹ 33,931₹ 30,14,682₹ 65,14,682
₹ 35,00,0008.75%17₹ 33,022₹ 32,36,513₹ 67,36,513
₹ 35,00,0008.75%18₹ 32,231₹ 34,61,931₹ 69,61,931
₹ 35,00,0008.75%19₹ 31,539₹ 36,90,848₹ 71,90,848
₹ 35,00,0008.75%20₹ 30,930₹ 39,23,170₹ 74,23,170
₹ 35,00,0008.75%21₹ 30,392₹ 41,58,803₹ 76,58,803
₹ 35,00,0008.75%22₹ 29,915₹ 43,97,650₹ 78,97,650
₹ 35,00,0008.75%23₹ 29,491₹ 46,39,616₹ 81,39,616
₹ 35,00,0008.75%24₹ 29,113₹ 48,84,601₹ 83,84,601
₹ 35,00,0008.75%25₹ 28,775₹ 51,32,508₹ 86,32,508
₹ 35,00,0008.75%26₹ 28,472₹ 53,83,238₹ 88,83,238
₹ 35,00,0008.75%27₹ 28,200₹ 56,36,692₹ 91,36,692
₹ 35,00,0008.75%28₹ 27,955₹ 58,92,773₹ 93,92,773
₹ 35,00,0008.75%29₹ 27,734₹ 61,51,383₹ 96,51,383
₹ 35,00,0008.75%30₹ 27,535₹ 64,12,425₹ 99,12,425

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

YearPrincipalInterestBalance Amount
1₹ 25,157₹ 3,05,257₹ 34,74,842
2₹ 27,448₹ 3,02,965₹ 34,47,393
3₹ 29,949₹ 3,00,465₹ 34,17,444
4₹ 32,677₹ 2,97,737₹ 33,84,766
5₹ 35,654₹ 2,94,760₹ 33,49,112
6₹ 38,902₹ 2,91,512₹ 33,10,209
7₹ 42,446₹ 2,87,968₹ 32,67,763
8₹ 46,312₹ 2,84,101₹ 32,21,450
9₹ 50,531₹ 2,79,882₹ 31,70,918
10₹ 55,135₹ 2,75,279₹ 31,15,783
11₹ 60,157₹ 2,70,256₹ 30,55,626
12₹ 65,637₹ 2,64,776₹ 29,89,988
13₹ 71,617₹ 2,58,797₹ 29,18,371
14₹ 78,141₹ 2,52,273₹ 28,40,229
15₹ 85,259₹ 2,45,155₹ 27,54,970
16₹ 93,026₹ 2,37,388₹ 26,61,944
17₹ 1,01,500₹ 2,28,914₹ 25,60,443
18₹ 1,10,746₹ 2,19,667₹ 24,49,696
19₹ 1,20,835₹ 2,09,579₹ 23,28,861
20₹ 1,31,843₹ 1,98,571₹ 21,97,018
21₹ 1,43,853₹ 1,86,561₹ 20,53,164
22₹ 1,56,957₹ 1,73,456₹ 18,96,206
23₹ 1,71,256₹ 1,59,158₹ 17,24,950
24₹ 1,86,856₹ 1,43,557₹ 15,38,094
25₹ 2,03,878₹ 1,26,536₹ 13,34,215
26₹ 2,22,451₹ 1,07,963₹ 11,11,764
27₹ 2,42,715₹ 87,699₹ 8,69,048
28₹ 2,64,825₹ 65,588₹ 6,04,223
29₹ 2,88,950₹ 41,464₹ 3,15,272
30₹ 3,15,472₹ 15,142₹ 0

Benefits of Home Loan EMI Calculator

  • Easy determination of EMI amount: A home loan EMI calculator is helpful in determining the EMI amount. Just by entering the loan amount, the rate of interest and the loan-term, you can check the payment details.
  • Saves time: The calculator saves the borrower’s time as the calculation is done within a few seconds.
  • Provides authentic results: The calculation of EMI through the calculator provides the genuine payment details.
  • Categorization of various finance charges: Banks and financial institutions offer the annual rate of interest and the other charges associated with the loan. The charges such as the processing fees plus GST and stamp duty are often missed but these are to be paid at the approval time.
  • Comparison of Loan Offers: You can use the calculator as many time as you want and compare different interest rates before you come to the conclusion. You can then choose the lowest home loan rates.
  • Ascertainment of loan tenure: The tenure of the loan can be decided once the EMI value is known to the borrower. It will help the borrower to choose various other combinations of available tenures and select the appropriate terms that accommodate his/her monthly income and budget. The shorter term means a higher EMI, while the longer term reduces the monthly installments paid towards home loan.
  • Easy Management of Loan: If you want to repay the loan and would like to know the payments he has to make, the calculator helps in formulating the decision in this regard.
  • Makes Validity in Information: For negotiating a home loan deal with the bank, it is essential to verify the schedule provided by the bank. The borrowers can use the EMI calculator for getting the amortization table which can also help them to cross-check with the bank and get it clarified.

Home Loan EMI Details for Different Loan Amounts

Here are some examples showing monthly installments (EMI) for various loan amounts taken for different tenures at the assumed home loan interest rate of 8.65% per annum.

30 Lakh Home Loan EMI Details 2018

Tenure (in years)Monthly Installment (EMI in ₹)Total Interest Outgo (₹)
561,7677,06,002
1037,43714,92,417
1529,80723,65,180
2026,32033,16,850
2524,46143,38,244
3023,38754,19,347

How can you change EMIs?

If you are paying your EMIs regularly and have crossed the minimum tenure period, you can increase your EMIs. It is suggested that if you increase your EMIs even by 5% every year, you will end up paying saving a lot on your home loan as compared to paying same EMIs for the whole tenure.

What is an Amortization?

Amortization is the process of reduction in the value of an asset or the balance of a home loan by a specific periodic amount. At the time of EMI payment, there is some portion of principal amount which also needs to be paid. The principal is the actual amount of loan which the borrower has to pay. However, by making regular periodic payments, the principal tends to decrease and gradually comes to zero.

What is an Amortization Schedule?

An amortization schedule is a tabular display of periodic payments made towards a home loan. It consistently shows the loan repayment process in a tabular form. The percentage of EMI which goes towards the interest component along with the principal can be ascertained by an amortization schedule. Every EMI paid is divided between interest and principal amount of the loan. But, the exact amount going towards the principal component each time differs and the remaining amount goes to the interest component.

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EMI Calculator