Home Loan EMI Calculator
Easily plan your home loan repayments with our home loan calculator. Adjust loan amount, interest rate, and tenure to estimate monthly EMIs and manage your housing budget effectively.
₹25,00,000.00
8.00 %
10 years
⚠️ Disclaimer: The amortization schedule is an estimate and may differ across banks based on applicable fees or additional charges.
| Year | Principal Amount | Interest Amount | Closing Balance |
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What is a Home Loan?
A Home Loan (or mortgage) is a loan provided by a bank or financial institution to help you purchase a home. The property is used as collateral for the loan.
Loan Amount
The loan amount is the total sum of money you borrow from a lender to buy a property. It is paid back in installments (monthly payments) over the loan term.
Interest Rate
The interest rate is the cost of borrowing the loan amount, typically expressed as a percentage. It can be either fixed (remains the same throughout the loan) or variable (changes over time).
Loan Term
The loan term is the duration over which you will repay your home loan. Common loan terms are 15, 20, and 30 years. A shorter loan term generally means higher monthly payments but less total interest.
Monthly Payment
Your monthly payment is the amount you pay to the lender each month, which typically includes both principal and interest.
Total Cost of the Loan
The total cost of the loan includes both the principal (loan amount) and the total interest paid over the loan term. It's an important factor to consider when evaluating loan options.
Home Loan Formula
Loan Payment Formula
Where:
Home Loan Example
Example: Home Loan Comparison
Comparing two home loans with different amounts and tenures at an annual interest rate of 7%.
Two Real-Life Scenarios
Scenario 1: ₹30 Lakh, 15 Years
EMI ≈ ₹26,967
Total Payment ≈ ₹48,54,060
Total Interest Paid ≈ ₹18,54,060
Scenario 2: ₹50 Lakh, 20 Years
EMI ≈ ₹38,013
Total Payment ≈ ₹91,23,120
Total Interest Paid ≈ ₹41,23,120
Key Insight
Even though Scenario 2 has a higher EMI, the longer tenure results in a significantly higher total interest. Shorter tenures reduce interest but increase monthly payments.