Enter your loan amount, interest rate, and tenure to see your monthly EMI, total interest payable, and the principal-vs-interest breakup.
See where this rate stands against major banks →
View bank rate comparisonYour home loan EMI (Equated Monthly Instalment) is calculated using the reducing-balance method: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments. Each EMI is split between interest (higher in early years) and principal (higher in later years).
For example, a ₹40 lakh loan at 8.25% for 20 years works out to roughly ₹34,300 a month, with total interest close to ₹42 lakh over the tenure — often more than the loan amount itself. Lowering the rate by even 0.5% or shortening the tenure by a few years can save lakhs in interest, which is why comparing bank rates before signing is worth the effort.
Yes — a higher down payment reduces the loan principal directly, which lowers both your EMI and total interest paid, since interest is calculated only on the outstanding loan amount.
Most banks allow you to either reduce the tenure (keeping EMI the same) or reduce the EMI (keeping tenure the same) if you make a part-prepayment. Ask your lender which option they offer by default.
This calculator works for both — just enter the current applicable rate. Floating rates change over the loan tenure as per RBI repo rate movements, so your actual EMI may be revised periodically by your bank.