EMI calculator. What the loan really costs.
Amount, rate and tenure. See the EMI, the interest over the life of the loan, and how much one extra EMI a year would save.
Year-by-year schedule
How is EMI calculated?
EMI = loan × monthly rate × (1 + monthly rate)months ÷ ((1 + monthly rate)months − 1). The calculator shows each step with your figures.
Why is most of my early EMI interest?
Interest is charged on what you still owe, which is largest at the start. As the balance falls, more of each EMI repays the loan.
Does prepaying a home loan help?
Yes: every extra rupee cuts the balance, so later interest falls. Lenders cannot charge individuals a prepayment penalty on floating-rate home loans.
After a prepayment, cut the EMI or the tenure?
Cutting the tenure saves more interest; cutting the EMI eases the monthly budget. If the EMI is comfortable, keep it and shorten the term.
Is home loan interest tax-deductible?
Under the old tax regime, up to ₹2 lakh a year of interest on a self-occupied home (section 24b), and principal within the ₹1.5 lakh of section 80C.