Enter a loan amount, interest rate, and tenure to see your monthly EMI, total interest, and total payment — updated instantly as you type below.
Enter a loan amount to see your monthly EMI.
This is a general guideline, not financial advice. Please verify with a certified financial advisor and your bank before making decisions. Full disclaimer
EMI (Equated Monthly Installment) is calculated using the reducing-balance formula: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is your loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the tenure in months. Every EMI you pay is split between interest on the outstanding balance and repayment of principal — that split shifts over time, which is exactly what the bar above this text shows.
Interest is charged on whatever principal is still outstanding. In year one, almost the entire loan is still outstanding, so most of each EMI goes toward interest and only a little chips away at the principal. As the balance shrinks year over year, that ratio flips — by the final years, most of the EMI is principal. This is why prepaying early has a much bigger effect on total interest than prepaying the same amount later in the loan.
This calculator answers "what would the EMI be for this loan amount?" It doesn't know your income, expenses, or existing commitments, so it can't tell you whether that EMI is one you can comfortably afford. If you haven't settled on a loan amount yet, our Affordability Calculator works the other way around — it starts from your finances and tells you a safe EMI and loan amount to target.
Rates move over time and vary by lender, your credit score, and loan-to-value ratio, so there's no single "good" number to quote here reliably. Compare current rates across at least 3-4 lenders before committing, and use this calculator to see how a 0.25-0.5% difference actually affects your EMI and total interest.
Most lenders let you choose. Reducing the tenure (keeping EMI the same) saves more total interest and is usually the better choice if you can still comfortably afford the existing EMI. Reducing the EMI (keeping tenure the same) eases your monthly cash flow instead. Confirm which options your specific lender offers.
Not necessarily. A longer tenure lowers your EMI, which can make a loan serviceable that otherwise wouldn't be — and total interest is only 'wasted' money if you were going to prepay anyway. The real trade-off is EMI affordability now versus total interest paid over time; try a few tenures above to see the actual rupee difference for your loan amount.
With a floating rate, your EMI (or your tenure, depending on the lender's policy) can change when the underlying benchmark rate moves. Re-run this calculator at a higher rate than you're currently quoted to see how much of a rate increase you could absorb before it becomes a problem.
No — this shows EMI, interest, and total payment on the principal only. Lenders typically add processing fees, and sometimes insurance or legal charges, on top. Ask your lender for the full cost breakdown before comparing offers, not just the headline interest rate.
India has periodically offered support for first-time and affordable-housing buyers — for example, interest subsidy schemes like PMAY (Pradhan Mantri Awas Yojana), and tax benefits on home loans under Section 80C (principal repayment) and Section 24(b) (interest paid). Eligibility, limits, and scheme availability change over time, so check current details with your lender or a tax advisor rather than assuming what applied in past years still applies.
Start with the number, not the property: run this calculator with a realistic loan amount to see the EMI, then check that figure against what you can actually afford using Affordly's Affordability Calculator (linked at the top of this page), which works backward from your income and expenses instead. Knowing both numbers before you start house-hunting avoids falling for a property that only looks affordable on paper.
No — this calculates EMI on the loan principal only. If your lender adds a single-premium loan protection insurance cost to your loan amount at disbursal (a common practice), that increases your principal and therefore your EMI — re-run the numbers here with the higher loan amount to see the real effect. See Affordly's Affordability Calculator for more on how loan insurance works and whether the bank's bundled policy is worth taking.
