EMI Calculator
Work out the monthly EMI on a home, car or personal loan, the total interest you will pay, and how the balance falls each year.
Growth over time
Hover or tap the chart to see each year. Values update as you change the inputs.
Year-by-year table
How this calculator works
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of monthly instalments. Interest is charged on the reducing balance, so early EMIs are mostly interest and later ones mostly principal.
Most home loans in India are floating-rate and linked to an external benchmark such as the RBI repo rate, so your EMI or tenure changes when that rate moves.
Worked example: ₹30 lakh home loan at 8% for 20 years
| Item | Amount |
|---|---|
| Monthly EMI | ₹25,093 |
| Total interest | ₹30,22,368 |
| Total paid | ₹60,22,368 |
Sources & data
Figures checked on November 3, 2026.
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Frequently Asked Questions
How is EMI calculated?
With the reducing-balance formula EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where r is the monthly interest rate and n the number of months.
Does prepaying a home loan help?
Yes. A part-prepayment cuts the outstanding principal, so you pay less interest overall. Banks cannot charge prepayment penalties on floating-rate home loans taken by individuals.
Should I reduce EMI or tenure after a prepayment?
Reducing the tenure usually saves more interest; reducing the EMI eases your monthly budget.
Is home loan interest tax-deductible?
In the old tax regime, up to ₹2 lakh of interest a year on a self-occupied home is deductible. The new regime does not allow this deduction for a self-occupied home.