Home Loan Calculator
Equal Monthly Instalment is the monthly repayment of the home loan principal amount and interest charged on such home loan. If you go for a longer tenure which can be maximum 30 years, your EMI will be reduced. It helps to plan your monthly budget.
Initially the EMI you pay contribute towards payment of the interest on the home loan, and later towards the payment of the principal as it works on reducing balance method. It works in benefit of the borrower of the loan. It makes your repayments comfortable and easier…read more
Breakup of Total Payment
Amortization Schedule
What is Home Loan EMI?
Equal Monthly Instalment is the monthly repayment of the home loan principal amount and interest charged on such home loan. If you go for a longer tenure which can be maximum 30 years, your EMI will be reduced. It helps to plan your monthly budget. Initially the EMI you pay contribute towards payment of the interest on the home loan, and later towards the payment of the principal as it works on reducing balance method. It works in benefit of the borrower of the loan. It makes your repayments comfortable and easier.
Components of Home Loan EMI:
 Principal amount of Loan – It is the amount of loan that you avail for your house from the bank/lender on payment of a fixed percentage of interest. Higher the principle of the loan, higher will be the EMIs.

Tenure
It is the duration of the loan within which you have to pay off the loan amount as well as the interest. Longer the tenure you choose, lesser will be your EMIs. Tenure can be maximum of 30 years.  Rate of Interest – It is the percentage at which the bank/ lender offers the home loan to the borrower. It is directly proportionate to EMIs. Higher the interest, higher will be the EMI.
What is Home Loan EMI Calculator?
Home Loan EMI Calculator enables you to calculate the amount of EMIs that you need to pay for your home loan. It is a easy to understand calculator which helps you calculate the EMI amount that you are required to pay along with the interest charged on loan amount within the prescribed tenure. It also helps you to know the interest amount due on the loan amount, along with the overall EMI amount.
How to calculate Home Loan EMI?
The formula for calculation of EMIs is as follows>
[P x R x (1+R)^N]/[(1+R)^N1]
Where, P is the Principal or the loan amount.
R is the Rate of Interest per month
N is the total number of months or the tenure of repayment.
For Example–
If you take a house loan of Rs 10,00,000 with a interest rate of 10 percent for 5 years.
Your monthly EMI will be:
[10,00,000 x 0.1 x (1+ 0.1) ^5×12] / [ (1+0.1) ^601]
=Rs 1,00,330
There are two types of Interest in Home Loan:
Fixed Interest –
In a loan with fixed interest rate, the rate of interest is fixed at the time of taking the loan. You also have an option to opt to fix your rate of interest for specific periods of say 2, 3 or 10 years along with the right to reset option by the lender at any time. Fixed rate of interest helps to give you certainty in which you accurately know your monthly payment, so that you can plan your budget and finances properly. Fixed rate loans are priced little higher than floating rate loans. If you find the difference quite large, you may go for floating rate loan. But if they are almost similar or if difference is minimal, then you may go for any of them according to your need.
Floating Interest
It is adjustable rate home loan which is linked to the lender’s benchmark rate. It is in sync with the interest rate in the market. If there is a change in benchmark rate, the interest rate will also change proportionately. The interest rate is reset at specified intervals which can be calendar periods like quarterly or half yearly. If there is a change in market rates during the review period, the rates of interest will also reset higher/lower as the case may be. You should opt for a floating rate home loan if you expect the interest rates to fall over time.
How does the Home Loan EMI Calculator Work?
Using the Home Loan EMI calculator is very easy process. Follow the simple steps to calculate your home loan EMI:
 Click on go to Housing Loan EMI calculator on any bank website or thirdparty website proving home loans.
 First enter the loan amount that you wish to take for your home.
 Now select your preferred tenure in month and not in years for the repayment of loan along with interest.
 Then fill in the interest rate as applicable to the loan/tenure of the loan.
 You will instantly get the EMI amount on your home loan along with the amount of interest that is payable on the loan.
 The calculator also shows total interest payable, total amount payment made (Principal + Interest) and your monthly EMI in an Amortization schedule.
Example:
Suppose if you take a loan of Rs 20,00,000 for a period of 20 years with a interest rate of 10 percent annually. Then your EMI will be as calculated by the Home Loan Calculator= Rs 19,300, where your total interest payable is Rs 23,32,301 and your total payment is Rs 46,32,301.
What is Home Loan Amortization Schedule?
A home loan amortization schedule is a table which shows the details of all the periodic payments on your home loan. It is a processing of reducing the debt with regular payments during the tenure of the loan. It is generated through online EMI calculator. It gives details of principal and interest components as well as repayment amounts.
In other words, Amortization schedule is the total tally of payments of loan showing the amount of interest and principal in each payment, until the full loan is repaid. It provides you a complete breakup of the interest amount and principal amount. It indicates corresponding balance amount per year and show the following details.
 Outstanding Balance before the payment of each instalment.
 EMI contribution towards the payment of principal amount.
 EMI contribution towards the payment of interest amount.
 Outstanding balance after payment of each instalment.
Benefits of using Home Loan EMI Calculator:
There are many benefits of using the EMI calculator which is available online to calculate your EMI and know your important calculations. They are listed as follows:
 It is a very easy process. It doesn’t include any complicated calculations. And the calculation is accurate and reliable.
 You get the breakup of the finance charge easily with the help of the amortization schedule which will help you to understand the true cost/interest on your loan.
 It helps you to decide on whether you can afford the financial commitment of a home loan or not in the long term.
 It is dynamic in nature as you can use it to calculate your EMI for different tenures and different amount to plan your finance properly.
 You can also increase or decrease your EMI amount calculated through the calculator depending upon the amount of loan and the period of loan.
 Home Loan EMI Calculator enables you to compare different loan offers from various banks offering home loans.
 It enables you to choose the right tenure of the loan. If you cannot afford a higher amount of EMI, then you can increase the tenor and get the result instantly. Similarly, if you can afford a higher EMI payment, then you can decrease the tenure in a second in the calculator and check the EMI.
 It doesn’t involve human error and is totally reliable.
 It also helps in loan management as while you pay your EMI, there may be some extra funds which you can use for prepayments. Then you can again calculate your finances and see check how prepayments can help you to pay off the entire loan within the time period.