Home loan EMI calculator
Work out the instalment on a housing loan, and the total interest it will cost you.
The interest on a home loan is usually more than the house
Fifty lakh over twenty years at 8.5% is an instalment of about ₹43,400 — and roughly ₹54 lakh of interest. You repay more than double what you borrowed, and the total is right there on this page rather than buried in a schedule nobody opens. It is not an argument against borrowing; it is the number you should have in front of you when you compare a twenty-year tenure against a fifteen-year one.
Tenure moves the total far more than the instalment
This is the single most useful thing to try here. Take the same fifty lakh at 8.5% and change only the tenure. At twenty years the instalment is around ₹43,400 and the interest around ₹54 lakh. At fifteen years the instalment rises to about ₹49,200 — roughly ₹5,800 a month more — and the interest falls to about ₹38.6 lakh. Six thousand a month buys back fifteen lakh.
The reason is that interest accrues on the outstanding balance for as long as it is outstanding. A longer tenure is a smaller instalment bought with a much longer period of paying interest on a slowly falling balance.
Prepayment is worth most in the early years
Look at the year-by-year table. In the first year of a twenty-year loan, the overwhelming majority of every instalment is interest and barely any of it reduces the balance. Any extra rupee paid in that period removes interest for the entire remaining nineteen years, which is why a modest regular prepayment early can take years off the loan. The same amount paid in year sixteen barely moves it. Put a figure in the extra-payment field and the tenure changes in front of you.
What this does not include
This is the loan arithmetic and nothing else. Processing fees, legal and valuation charges, stamp duty, property insurance and property tax are all real costs of buying a house and none of them are part of an EMI, so putting them in a loan calculator would misrepresent both. Your bank's sanction letter will also usually charge a part-month of interest at disbursal, which is why the first instalment can look slightly odd.
Floating rates
Most Indian home loans are floating, linked to an external benchmark that moves. This calculates the loan as though your current rate holds for the full term, which is the right way to compare offers and the wrong way to predict twenty years. Re-run it when your rate changes — with the outstanding balance and the remaining tenure, not the original figures.
Common questions
What is EMI?
An equated monthly instalment — a fixed payment covering both interest and principal, sized so the loan is fully repaid by the end of the term. The payment stays the same; what changes is how much of it is interest.
Why is so much of my early payment interest?
Interest is charged on the outstanding balance, and at the start that balance is the whole loan. As the balance falls the interest portion falls with it, so the principal portion grows every month.
Does it work for a 0% instalment plan?
Yes. The standard formula divides by zero there, so this handles it explicitly: the instalment is simply the amount divided by the number of months.
Will my bank quote exactly this figure?
The instalment should match to the rupee. The total may differ slightly because lenders add processing fees, insurance or a part-month of interest at disbursal, none of which are part of the loan maths.
How do I model a part-prepayment?
The extra-payment field applies the same additional amount every month, which is the common case. For a single lump sum, run the numbers again from the reduced balance and the remaining tenure.
Can I get the full schedule?
Yes — the copy and download buttons give you every month as CSV: payment, interest, principal and closing balance.