Home loan EMI calculator
Monthly EMI, total interest and what share of your repayment is interest rather than principal.
Monthly EMI
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Total interest
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Total payment
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Interest as a share of what you repay
Indicative only. Your actual rate depends on the lender, your credit profile and the property.
The number most buyers underestimate
Move the tenure slider and watch total interest, not the EMI. On a Rs 80 lakh loan at 8.5%, stretching from 15 years to 30 cuts the monthly EMI by only about a fifth, from roughly Rs 78,800 to Rs 61,500, while total interest more than doubles, from about Rs 62 lakh to about Rs 141 lakh.
That is not an argument for the shortest tenure. It is an argument for taking the tenure you need for comfort, then prepaying whenever you have surplus. Floating-rate home loans to individuals carry no prepayment penalty, and prepayments made in the early years, when almost every rupee of your EMI is interest, save the most.
Common questions
How is home loan EMI calculated?expand_more
EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate, that is the annual rate divided by 1200, and n is the number of monthly instalments. Early EMIs are mostly interest; the principal share rises over the tenure.
Does prepaying a home loan save money?expand_more
Substantially, and most in the early years when the interest share of each EMI is highest. Floating-rate home loans to individuals carry no prepayment penalty in India, so lump sums can be paid in freely. Choosing to reduce the tenure rather than the EMI saves more interest.
What is pre-EMI on an under-construction property?expand_more
Until the loan is fully disbursed, you pay interest only on the amount drawn so far. That is pre-EMI. Full EMI, covering principal and interest, begins after final disbursement. Pre-EMI is lower, but it repays none of the principal.
Should I reduce the EMI or the tenure when rates fall?expand_more
Keeping the EMI unchanged and letting the tenure shorten saves considerably more interest. Reducing the EMI helps monthly cash flow but stretches the loan and increases total cost.
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PropVision is not a lender and does not charge buyers brokerage. Everything here is general information, not financial advice. Eligibility, interest rates, fees and sanction are decided by the lender on your individual profile. Verify current terms with the bank before you commit.