Total EMI


Total Interest


Total Payments


Break-up of Loan Amount
Created with Highcharts 4.2.2 50,00,000 69,80,559 Total Interest Principal Loan Amount
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Home Loan EMI Calculator

To plan for future or present is an important part of every life. Whether it is purchasing a property or taking a loan, both need systematic planning. Decisions taken in a hassle can sometimes prove to be erroneous which might affect your finances. Hence, planning well is vital to make thoughtful decisions.

What is Home Loan EMI Calculator?

When you decide to avail a Home Loan, you need to figure out your repayment capability so that you don't end up in financial problems. Home Loan EMI calculators are useful in this regard for computing the equated monthly instalment (EMI) of a Housing Loan. It is a free of cost user-friendly tool which can be used anytime to calculate the monthly instalments that you will have to pay. The Home Loan EMI calculator requires a few details of your Home Loan and gives you an accurate result.

What is Home Loan?

A secured loan, which is granted for the purchase of property, is known as Home Loan. Here, the property is mortgaged as security for the loan amount and the property deed remains with the lender till the loan is repaid completely. Many people aspire to have their own house and hence lenders are coming up with new and profitable Home Loan products in order to cater to the requirements of the prospective buyers.

The banks or non-banking financial companies (NBFCs) offer Home Loans and the sanctioned amount depends upon the actual value of the property as well as the income level of the applicant. Hence, using the Home Loan EMI calculator helps you to determine what part of your earnings will go towards loan repayment.    

Home Loans benefit the buyers as they finance the purchase of your dream home and help you save on taxes.

Why Take a Home Loan?

Everyone dreams to own a house, however, lack of sufficient money always become a hurdle in fulfilling that dream. Hence their dream can be fulfilled with the help of Home Loans are attractive interest rates and flexible tenure of repayment (up to 30 years). The lenders help you to take a loan for which you can pay affordable EMIs on a monthly basis without facing any financial crunch.

Reasons to Take a Home Loan

Funding for your house - Buying a new house involves a huge amount of money and it is not easy for most of us to buy it from our savings. Hence Home Loans help you to buy your dream house with affordable interest rates and monthly EMIs.

Building your credit score - Home Loans are a long-term (with tenure up to 30 years) that help you build a good credit history and improves your creditworthiness.

Capital appreciation - Capital appreciation is the biggest reason for investing in property since the property rates are going up and will continue to be till the near future. This will also increase the construction and rental prices.

Enjoy the Tax Benefits on the Interest Paid and the Principal

Tax benefits are one of the main reasons for investing in a property. According to Section 24(b) of the Income Tax Act, 1961 a tax deduction up to 2 Lakhs on the total interest payable on the Home Loan can be claimed. The interest paid before acquisition and construction period can be claimed for tax deductions in five equal annual instalments starting from the year when the house was constructed.

As per Section 80C of the Income Tax Act, 1961, the principal repayment up to 1.5 Lakh on your Home Loan can be availed as a deduction from the gross total income.

The financial Budget 2016 says that the first time homebuyers are given an additional deduction of 50,000 under Section 80EE. This deduction under Section 80EE is subject to certain conditions:

  • It can be availed only if the value of the property is under 50 Lakhs and the loan taken is less than 35 Lakhs.
  • It holds good for loans sanctioned between 1st April 2016 and 31st March 2017.
  • This deduction can be available for the entire tenure of repayment.

How Does the Home Loan EMI Calculator Work?

Home Loan EMI calculator calculates the EMI according to the details entered in the calculator. The EMI calculator gives a result based on the following inputs:

  • Loan Amount: It is the total sum of money to be borrowed to purchase a house. The amount borrowed depends upon the cost of the property as well as the repayment capacity of the borrower. This is the principal amount of the loan and the rate of interest is applied to it. The final amount is then divided equally into EMIs.
  • Interest Rate:The rate at which the interest is levied on the loan amount is termed as the interest rate. Home Loan interest rates change from one financial institution to another, so it is advised to check the rates of interest before applying for a Home Loan. Interest rate can be either fixed or floating.  
  • Tenure: It is the time allotted for repayment of the loan. Home Loans are usually long term loans with repayment tenure of up to 20 years, in some cases even continuing for 30 years.

The Home Loan EMI calculator works on two formulae and includes two calculators i.e.; Home Loan interest calculator and Home Loan EMI calculator. The first one is used to calculate the monthly interest on Home Loan. The second calculation is a complex one and is used to calculate the Home Loan EMI. Hence, it is better to use a Home Loan EMI calculator to calculate the EMI for the home loan.

Computing Monthly Interest Rate

It is very important to find out the interest rates offered by different financial institutions before you choose a Home Loan. This interest rate is generally offered as an annual one. So to convert the annual rate into a monthly rate, you will need to divide the annual interest rate by 12. You can use the interest rate calculator to calculate monthly Home Loan interest rates. Interest rate calculator is an online tool, which helps you to compute the monthly interest rate when you input the annual Home Loan interest rate.

The Formula to Calculate Home Loan EMI

Calculating EMIs for Home Loans manually is a long process, which needs complex calculations. For calculating the EMI, you need to know the loan amount, the tenure or the period when the loan will be repaid and the interest rate that will be charged. Always keep in mind that all that you enter into the online EMI calculator should be in months.

In order to calculate the EMI of your Home Loan the following formula is used:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1],

In this formula:

EMI is the equated monthly instalment

P stands for principal or the amount that is borrowed as a loan
R is the monthly rate of interest that is levied on the loan amount
N is the monthly tenure of repayment of the loan or the number of monthly instalments that you will pay

Benefits of Using Home Loan EMI Calculator

List of benefits of using a Home Loan EMI calculator:

  • Saves your precious time

When you calculate the Home Loan EMIs manually, you need to follow a lengthy process of calculations and it might result in errors. Using an online EMI calculator saves you from lengthy and time-consuming calculations by calculating EMI in a few seconds. As you enter the details of your Home Loan, the EMI calculator displays the Home Loan EMI instantly. 

  • Gives you accurate results

Calculating EMIs for Home Loans manually is a long process, which needs complex calculations, and there are chances that you might miss some things, which will lead to errors in the result. In addition, errors in calculations can change your Home Loan EMIs, and you might take a wrong decision while choosing the Home Loan. Therefore, you cannot always depend upon manual calculations. It is always best to use a Home loan EMI calculator to get accurate results. 

  • Helps you plan your finances

EMIs help you to gauge your repayment capacity. By using multiple permutation and combinations to the parameters of the Home Loan calculator, you can find the EMI amount that is affordable and comfortable paying monthly without affecting your budget. Hence, it will support you to plan your finances systematically.

  • Offers a list of housing deals just for you

Once your EMI is calculated by using the Home Loan EMI calculator, then it displays a list of Home Loan quotes that are suitable as per your requirement and eligibility. This list includes the distinctive features of each loan such as the interest rate, tenure or the period, principal loan amount and helps you make an informed decision. You can choose the best-suited loan from the Home Loan schemes that are offered to you.

Home Loan Repayment Calculator

If you are making regular payments each month on your Home Loan, then you can use a Home Loan repayment calculator which helps to know the total period it will take to pay off the entire borrowed loan for a given interest rate along with the EMI.

Home Loan Amortization Schedules

An amortization schedule is a tabular form of display, which gives the details of the periodic payments that are made towards the loan. It systematically displays the loan repayment process in a table form.

As you pay an EMI, a part of it goes towards the principal component and some part of it towards the interest component of the loan amount. The percent of EMI going towards the interest component versus principal can be determined by an amortization schedule. The EMI calculator is not programmed to provide you with the bank's amortization schedule details.

A Home Loan amortization schedule includes all the necessary information related to loan repayment like the principal loan amount, a period of scheduled payments, and an outstanding balance. It also gives the Home Loan EMI breakup with the details of the repayment towards the interest as well as the outstanding principal of the loan that is borrowed. Financial institutions prepare the amortization schedule by using complex mathematical calculations.

Step Up and Step Down EMI

The Home Loan EMIs can also be grouped according to the expected increase or decrease in the income of the borrower of the loan. EMIs can be of two types: Step up EMI and Step down EMI.

In step up EMI, the payments made each month gradually increase according to the expected increase in the salary or income of the borrower in the future. Here, the EMIs are lower initially and increase gradually as the loan tenure progresses. The changes in the EMI would be done twice for the entire loan tenure and this feature has not been included in the home loan EMI calculator. This is a wise option for those who are the start of their career.

However, in the case of a step down EMI, the initial EMIs are higher and they gradually decrease with the number of payments done monthly. Step down EMIs are a better option for those having good financial stability or those people nearing their retirement.

Why Use MyMoneyMantra's Home Loan EMI Calculator?

As we know that owning a house is one of the biggest investments, it is important we do it the right way. By using the Home Loan calculator to compute your EMIs beforehand so that repaying Home Loans does not strain you financially and you can plan affordable EMIs. MyMoneyMantra's Home Loan EMI Calculator is an online tool, which takes you one step closer to deciding on the Home Loan you want to apply for in the following ways:

  • Instant results: Our Home Loan EMI calculator cuts short your lengthy and tedious arithmetic calculations to seconds. You get to compute your EMIs instantly within a minute and without any hassles of pen, paper, or calculator.
  • Easy-to-use: MyMoneyMantra's online EMI calculator has been designed in such a way that anyone can use it without any prior training. It is simple and user-friendly in which you just need to enter simple details about your loan in the space that is provided or you can use the sliders for your inputs.
  • Try different combinations: You can also experiment with the calculator by adjusting the sliders and trying different permutations and combinations so that you figure out a loan with a suitable interest rate and tenure as per your financial capacity. You can recalculate your Home Loan EMI any number of times you want with MyMoneyMantra's Home Loan EMI Calculator.
  • Free: This calculator can be used for any number of times you wish without any cost since this online tool is available 24x7 on MyMoneyMantra's website.


Q. How can I make the best decision for Home Loan using an EMI calculator?

Ans. Home Loan EMI calculator is a very handy tool, which is user-friendly and simple to use. It not only determines the EMI but also helps to tabulate a list of best suitable loan offers on the basis of your financial eligibility and loan requirements. You can also compare EMIs for different loans using the Home Loan EMI calculator.

Q. Can I use the same EMI calculator for Home Loans, Car Loans, and Personal Loans?

Ans. Usually, the EMI calculator for Home Loan, car loan, and personal loan EMI calculator work based on the same three variables which include principal loan amount, loan tenure or the period of the loan and the interest rate. The main difference between all these calculators is the maximum principal amount that is allowed as input and this restriction makes one to choose an EMI calculator based on the type of loan that is planned.

Q. Does EMI calculator give more accurate result than excel sheet method?

Ans. Accurate results can be obtained from both the methods whether it is the excel sheets or the online EMI calculator. The only difference is that online calculators save you from the hassles of lengthy and complex math calculations and tabulate your EMI within seconds of time. However, by using an excel sheet calculator, you may have to invest more time and effort along with repeat calculations which might lead to confusion and errors. For this reason, online calculators have become the most preferred and handy choice.

Q. What is a loan amortization schedule?

Ans. Amortization is a systematic arrangement table of the loan payment schedule with all the necessary details in a single tabular form. The monthly instalments made towards loan repayment go towards paying off the principal loan amount as well as the interest accrued. Home Loan amortization table gives you clarity about the amounts paid towards these two components over the complete loan tenure. Hence, it is vital that we understand the amortization schedule to get a better picture about how your loan is repaid.

Q. Is the EMI calculated with the help of the EMI calculator the same as the actual bank EMI?

Ans. EMI calculated by the Home Loan EMI calculator tool is computed on the basis of your inputs. However, when it comes to the bank EMI, there may be few changes in the loan amount, the tenure or the period of the loan, interest rates and the processing fees for the loan. In case, the bank does not approve the exact loan amount for the complete tenure and the interest rate that you used as input, the EMI that you will have to pay may differ slightly from the EMI that you calculated using the Home Loan EMI calculator.