Home Loan EMI Calculator

EMI stands for Equated Monthly Installment. It is the fixed amount you pay every month, made up of interest on the outstanding balance plus a part of the principal, so the loan is fully repaid by the end of the tenure.

The EMI uses the standard amortization formula EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12) and n is the number of monthly installments (years times 12).

Interest is charged on the outstanding balance, which is highest at the start. Early EMIs are therefore mostly interest with a small principal portion. As the balance falls, the interest share shrinks and more of each EMI goes toward principal. The yearly schedule below shows this shift.

Yes. A prepayment reduces the outstanding principal, so future interest is charged on a smaller balance. Prepaying early in the tenure, when the balance is largest, saves the most interest and can shorten the loan or lower future EMIs.

A fixed rate stays the same for the agreed period, so your EMI is predictable. A floating rate moves with a benchmark, so the EMI or tenure can change when rates change. This calculator assumes a single rate for the whole tenure, so re-run it if your rate changes.

No. The calculation runs entirely in your browser. Nothing you enter is uploaded or stored.