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Home loan EMI calculator

Work out the EMI on a home loan and the interest over its whole term. Everything is calculated on your device.

Loan amount

Interest rate

% a year

Loan term

Term in

More options

Schedule

Your result will appear here.

2,169.56

Monthly payment (EMI)

Loan amount: 250,000.00
Total interest: 270,693.14
Total of payments: 520,693.14
Number of payments: 240 payments
Last payment: 2,168.30

Repayment schedule by year
Year	Payment	Principal	Interest	Balance
1	26,034.72	4,975.61	21,059.11	245,024.39
2	26,034.72	5,415.39	20,619.33	239,609.00
3	26,034.72	5,894.07	20,140.65	233,714.93
4	26,034.72	6,415.06	19,619.66	227,299.87
5	26,034.72	6,982.07	19,052.65	220,317.80
6	26,034.72	7,599.23	18,435.49	212,718.57
7	26,034.72	8,270.94	17,763.78	204,447.63
8	26,034.72	9,002.03	17,032.69	195,445.60
9	26,034.72	9,797.72	16,237.00	185,647.88
10	26,034.72	10,663.73	15,370.99	174,984.15
11	26,034.72	11,606.31	14,428.41	163,377.84
12	26,034.72	12,632.19	13,402.53	150,745.65
13	26,034.72	13,748.78	12,285.94	136,996.87
14	26,034.72	14,964.04	11,070.68	122,032.83
15	26,034.72	16,286.73	9,747.99	105,746.10
16	26,034.72	17,726.33	8,308.39	88,019.77
17	26,034.72	19,293.19	6,741.53	68,726.58
18	26,034.72	20,998.51	5,036.21	47,728.07
19	26,034.72	22,854.60	3,180.12	24,873.47
20	26,033.46	24,873.47	1,159.99	0.00

How it’s calculated

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1) = 250,000 × 0.00708333 × (1 + 0.00708333)^240 ÷ ((1 + 0.00708333)^240 − 1) = 2,169.56

The interest rate stays the same for the whole term.
One payment is made at the end of each month.
Amounts are worked out in whole cents, rounded half up, and the last payment is adjusted to clear the balance.
Fees, insurance and taxes aren’t included.
This shows the arithmetic only; a lender’s figures can differ.

What this page is for

A home loan is a large amount repaid over many years, so a small change in the rate or the term moves the total cost a lot. This page works out the equated monthly instalment (EMI), the interest over the whole term and the balance left after each year or month, from the figures you type.

How to use it

Replace the loan amount with the amount you’d borrow, not the price of the home.
Type the yearly interest rate on your offer.
Type the term in years, or choose Months under Term in.
Read the EMI and totals, and pick By month under More options for every payment instead of one row per year. The page opens at 250,000, 8.5% a year and 20 years each time. They are example values, there so the page shows a result rather than a quote; type your lender’s figures over them.

A worked example

At those values the EMI is 2,169.56, over 240 payments. They total 520,693.14, of which 270,693.14 is interest. The last payment is 2,168.30, because the cents are rounded each month and the last payment clears the balance exactly.

What moves the EMI

Term: over 15 years the EMI is 2,461.85 and the interest 193,132.47; over 25 years it’s 2,013.07 and 353,918.75.
Rate: each step up in the rate adds to the EMI and to every year’s interest.
Amount: borrowing less after a bigger down payment lowers the EMI in proportion.

What it leaves out

Property tax, home insurance, processing fees and rate changes aren’t included. For a monthly cost with tax and insurance, from the home price and a down payment, use the mortgage calculator. The formula is in the result with your numbers, and the loan EMI calculator page explains how each month’s interest is worked out.

Limits

The calculator accepts loan amounts from 100 to 1,000,000,000,000, yearly rates from 0% to 100% in steps of 0.01, and terms of 1 to 50 years or 1 to 600 months.

Privacy

Your figures are calculated on your device and stay there. The calculator stores just one of your settings, the Schedule choice, in this browser’s storage for your next visit.

Frequently asked questions

What are 250,000, 8.5% and 20 years doing on the page?

They are example values that give the page a result on arrival. They aren't a quote, and the page makes no claim about what home loans cost. Type the amount, rate and term from your own offer letter instead.

Does the EMI include property tax and home insurance?

No, the EMI here is principal and interest only. To add a yearly property tax and home insurance to the monthly cost, and to start from the home price and a down payment, use the mortgage calculator.

Why is the total interest higher than the loan?

Over a long term, interest is charged on a large balance for many years. In the example, 239 payments of 2,169.56 and a last one of 2,168.30 add up to 520,693.14, so 270,693.14 is interest: more than the 250,000 borrowed. A shorter term lowers that total.

What happens if the rate changes during the loan?

The calculator assumes one fixed rate for the whole term. If your loan's rate can change, type the balance from the schedule as the amount, then the new rate and the years left, to see what the payment would be if it were re-worked over the years left.