EMI Calculator

Break-up of Total Payment
  • Principal
  • Interest

Monthly EMI

₹8,99,726

Total Interest Payable

₹11,59,34,229

Total Payment

₹21,59,34,229

Amortization Schedule

YearPrincipal (A)Interest (B)Total Payment (A + B)Balance

Buying a home is a significant financial decision, and most homebuyers rely on loans to finance their purchases. Whether you are purchasing a house, a plot, or constructing a new home, understanding your Equated Monthly Installment (EMI) is crucial. An EMI is a fixed monthly payment that includes both the principal and interest, allowing you to repay your home loan in a structured manner.
However, manually calculating EMI can be complicated, especially when considering factors like loan tenure, interest rates, and prepayments. This is where an EMI calculator becomes an essential tool. It provides accurate EMI amounts instantly, helping borrowers plan their finances efficiently.
However, manually calculating EMI can be complicated, especially when considering factors like loan tenure, interest rates, and prepayments. This is where an EMI calculator becomes an essential tool. It provides accurate EMI amounts instantly, helping borrowers plan their finances efficiently.
This guide will explain everything you need to know about EMI calculation, including how to use an EMI calculator, loan EMI formulas, the impact of prepayments, and common differences between home and plot loans.

EMI Calculator for Home Loans

A home loan EMI calculator is an online tool that helps borrowers determine their monthly installment based on three main factors:

  1. Loan Amount - The total amount borrowed from the lender.
  2. Interest Rate - The annual percentage of interest charged by the lender.
  3. Loan Tenure - The number of years over which the loan is repaid.

Housiey's EMI calculator for home loans provides instant results, allowing you to compare different loan tenures and interest rates to find the most affordable repayment plan.

How to Calculate EMI for a Home Loan?

Using an EMI calculator for home loans, you can quickly determine your monthly payments. Here’s how:

  1. Enter the loan amount - The total amount borrowed from the lender.
  2. Select the loan tenure - The annual percentage of interest charged by the lender.
  3. Enter the interest rate - The number of years over which the loan is repaid.
  4. Click Calculate - The number of years over which the loan is repaid.

Housiey's home loan EMI calculator with prepayment also allows you to calculate the impact of making early payments, helping you save on total interest costs.

About EMI (Equated Monthly Installment)

  • EMI is a fixed monthly amount that includes both principal repayment and interest.
  • Initially, the interest portion is higher, but over time, the principal component increases.
  • The total EMI amount remains constant throughout the loan tenure.

About Home Loan EMI Calculation

Using a home loan EMI calculator helps in:

  • Understanding your monthly repayment obligations.
  • Comparing different loan amounts and tenures.
  • Planning prepayments to reduce total interest costs.

Formula for EMI Calculation

The EMI is calculated using the following formula:

EMI = P × r × (1 + r)n / (1 + r)n - 1

Where:

  • P - = Loan amount
  • r - Monthly interest rate (Annual rate / 12)
  • n - Number of monthly installments

If you want to calculate EMI manually, Housiey’s home loan EMI calculator simplifies the process, ensuring you get instant and accurate results.

Common EMI Calculation Table

Loan Amount (₹)10 Years15 Years20 Years25 Years
10,00,00012,3989,8558,6788,036
20,00,00024,79619,71017,35616,072
30,00,00037,19429,56526,03424,108
40,00,00049,59239,42034,71232,144
50,00,00061,99049,27543,39040,180

Difference Between Home Loan and Plot Loan EMI Calculations

FeatureHome LoanPlot Loan
PurposeFor purchasing a houseFor purchasing land
Interest RateUsually lowerSlightly higher
Loan TenureUp to 30 yearsUp to 20 years
Tax BenefitsAvailableLimited

Conclusion

Taking a home loan is a significant financial commitment, and understanding your EMI is crucial for effective budgeting. By using Housiey's EMI Calculator, you can:

  • Instantly calculate home loan EMIs for various tenures and interest rates.
  • Compare different loan repayment options to choose the most affordable one.
  • Utilize the EMI calculator with prepayment feature to check how early payments reduce the loan burden.

Housiey also offers tools like the Home Loan Eligibility Calculator and the Home Loan Interest Calculator, helping homebuyers make informed financial decisions.

Frequently Asked Questions

EMI (Equated Monthly Installment) is a fixed amount paid every month to repay a loan.

It calculates EMI based on loan amount, tenure, and interest rate.

Yes, prepayments help lower the principal, reducing total interest costs.

Yes, but the interest and principal proportions change over time.

It can attract penalties and negatively impact your credit score.

Plot loans usually have higher interest rates and shorter tenures.

Some banks allow tenure changes, affecting the EMI amount.

Use Housiey’s EMI Calculator for instant and accurate results.

No, EMI covers only the principal and interest.

240 EMIs (12 per year x 20 years).

EMI = P×r×(1+r)n(1+r)n−1 rac{P imes r imes (1+r)^n}{(1+r)^n - 1}(1+r)n−1P×r×(1+r)n, where P is the loan amount, r is the interest rate, and n is the tenure.

Yes, but using an EMI calculator ensures accuracy and saves time.

It provides instant, error-free results and allows you to compare different loan options.

No, different loans (home, plot, car, personal) may have different interest rates and tenures.

Most banks offer home loans with a tenure of up to 30 years.

No, EMI covers only the loan principal and interest, not stamp duty or registration fees.

Yes, it helps compare existing and new loan EMIs when switching lenders.

Yes, if you choose a floating rate, your EMI may increase or decrease based on market conditions.

Yes, Housiey’s home loan EMI calculator works for single and joint applicants.

Popular Buttons