Free calculator
Home loan EMI calculator
A home loan of ₹90 lakh at 8.5% a year for 20 years has an EMI of ₹78,104. Over the loan you pay ₹97,45,017 in interest, about 52% of everything you repay.
Change the amount, rate or tenure to see your own EMI and how the balance falls each year.
- Loan amount
- ₹90,00,000
- Total interest
- ₹97,45,017
- Total you repay
- ₹1,87,45,017
Interest is 52% of what you repay. The last EMI is ₹78,161 after rounding.
How to use the home-loan EMI calculator
- Enter the loan amount.
- Enter the yearly interest rate your lender quotes.
- Enter the tenure in years.
- Read the monthly EMI, the total interest and the year-by-year repayment summary.
Year-by-year repayment summary
How much of each year's EMIs goes to the loan and how much to interest, and what you still owe at the end of the year. It updates with the calculator.
| Year | Principal | Interest | Balance owed |
|---|---|---|---|
| 1 | ₹1,79,119 | ₹7,58,129 | ₹88,20,881 |
| 2 | ₹1,94,952 | ₹7,42,296 | ₹86,25,929 |
| 3 | ₹2,12,184 | ₹7,25,064 | ₹84,13,744 |
| 4 | ₹2,30,939 | ₹7,06,309 | ₹81,82,805 |
| 5 | ₹2,51,352 | ₹6,85,896 | ₹79,31,453 |
| 6 | ₹2,73,569 | ₹6,63,679 | ₹76,57,884 |
| 7 | ₹2,97,750 | ₹6,39,498 | ₹73,60,134 |
| 8 | ₹3,24,069 | ₹6,13,179 | ₹70,36,065 |
| 9 | ₹3,52,714 | ₹5,84,535 | ₹66,83,351 |
| 10 | ₹3,83,890 | ₹5,53,358 | ₹62,99,461 |
| 11 | ₹4,17,823 | ₹5,19,425 | ₹58,81,639 |
| 12 | ₹4,54,754 | ₹4,82,494 | ₹54,26,884 |
| 13 | ₹4,94,950 | ₹4,42,298 | ₹49,31,934 |
| 14 | ₹5,38,700 | ₹3,98,548 | ₹43,93,234 |
| 15 | ₹5,86,316 | ₹3,50,932 | ₹38,06,919 |
| 16 | ₹6,38,141 | ₹2,99,107 | ₹31,68,778 |
| 17 | ₹6,94,546 | ₹2,42,702 | ₹24,74,232 |
| 18 | ₹7,55,938 | ₹1,81,310 | ₹17,18,294 |
| 19 | ₹8,22,756 | ₹1,14,492 | ₹8,95,537 |
| 20 | ₹8,95,537 | ₹41,768 | ₹0 |
Worked example: ₹90 lakh at 8.5% for 20 years
The same steps a bank follows, with the numbers filled in.
| Step | Working | Result |
|---|---|---|
| Monthly rate (r) | 8.5 ÷ 12 ÷ 100 | 0.007083 |
| Months (n) | 20 × 12 | 240 |
| (1 + r)^n | 1.007083 to the power 240 | 5.4412 |
| EMI | 90,00,000 × r × 5.4412 ÷ (5.4412 − 1) | ₹78,104 |
| Month 1 interest | 90,00,000 × r | ₹63,750 |
| Month 1 principal | EMI − interest | ₹14,354 |
| Year 1 totals | 12 EMIs | ₹1,79,119 principal, ₹7,58,129 interest |
| Whole loan | 240 EMIs | ₹97,45,017 interest |
How the EMI is calculated
Indian home loans are repaid in equal monthly instalments on a reducing balance. The bank divides the yearly rate by 12, charges that on whatever you still owe each month, and the rest of the EMI pays down the loan.
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
- P is the loan amount.
- r is the monthly rate: the yearly rate ÷ 12 ÷ 100.
- n is the tenure in months.
How we round
The EMI is rounded to the nearest rupee, which is how lenders quote it. Each month's interest is worked out to the paisa on the balance owed. Because of that rounding, the final EMI is adjusted by a few rupees so the loan closes at exactly zero; the calculator shows that last EMI.
What this leaves out
Floating rates change over a loan's life; when they do, lenders either change the EMI or the number of months, and RBI rules require them to let you choose. Pre-EMI interest on a flat under construction, processing fees and insurance are separate costs. Buying a flat also means paying stamp duty and registration.
Questions people ask
How is home-loan EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan, r is the yearly rate divided by 12 and by 100, and n is the number of months. Each month the bank charges interest on the balance still owed and the rest of the EMI repays the loan.
What is the EMI on a ₹90 lakh home loan for 20 years?
At 8.5% a year it is about ₹78,104 a month. You repay ₹1,87,45,017 in all, of which ₹97,45,017 is interest. At 9% it rises to ₹80,975.
Why does most of my early EMI go to interest?
Interest is charged on the balance still owed, which is highest at the start. In the first year of a 20-year loan at 8.5%, roughly four-fifths of each EMI is interest. The share falls every month as the balance comes down.
Does a shorter tenure save interest?
Yes. The EMI goes up, but you pay interest for fewer months. On ₹90 lakh at 8.5%, a 15-year loan costs far less interest in total than a 20-year one. Use the calculator to compare the two.
Does this include processing fees or insurance?
No. It covers the loan and interest only. Processing fees, loan insurance, pre-EMI interest during construction and rate changes on floating-rate loans are not included.
Sources
Rates and rules last checked against the official sources below.
- RBI circular RBI/2023-24/55: Reset of floating interest rate on EMI based personal loans (18 August 2023) When a floating rate changes, lenders must let you choose a higher EMI, a longer tenure or both, and tell you the effect.