Home Loan EMI Calculator
Calculate your monthly EMI, total interest payable, and view year-wise amortization schedule for your home loan. Make informed decisions about your home loan terms.
Frequently Asked Questions
How is home loan EMI calculated?
Home loan EMI is calculated using the formula: EMI = P × r × (1 + r)^n / ((1 + r)^n - 1), where P is Principal amount, r is monthly interest rate (annual rate ÷ 12 ÷ 100), and n is total number of months.
What factors affect my home loan EMI?
Your EMI depends on three main factors: loan amount (principal), interest rate, and loan tenure. A higher loan amount or interest rate increases EMI, while a longer tenure reduces it but increases total interest paid.
What is an amortization schedule?
An amortization schedule is a complete table of periodic loan payments showing the amount of principal and interest that comprise each payment until the loan is paid off at the end of its term.
How can I reduce my home loan EMI?
You can reduce your EMI by: 1) Making a larger down payment to reduce principal, 2) Finding a lender with lower interest rates, 3) Extending the loan tenure (though this increases total interest), or 4) Maintaining a good credit score to qualify for better rates.
Should I choose a longer loan tenure to reduce EMI?
While a longer loan tenure reduces your monthly EMI, it significantly increases the total interest paid over the loan period. Choose a tenure that balances affordable EMIs with reasonable total interest cost.
What is pre-payment and how does it affect my loan?
Pre-payment means paying extra amount towards your loan principal. This reduces your outstanding loan amount and total interest payable. Regular pre-payments can help you close your loan earlier and save on interest.