Payment Breakup

How to use this EMI Calculator?

  • Use the slider and select the loan amount.
  • You then select the loan tenure in months.
  • Move the slider and select the interest rate.
  • The calculator will show the EMI payable, total interest, and total payable amount.
  • Recalculate your EMI anytime by changing the input sliders.
  • EMI will be calculated instantly when you move the sliders.


A home loan is availed from any bank or non-banking financial company (NBFC) to buy a house. The home loan is one of the biggest and most sought after loans in the present scenario. As the value of the property goes on increasing, owning a house is an excellent idea, both from the perspective of an owner and the investor.

You take a home loan for a considerable amount over a longer period. The bank or financial institution would charge a certain interest rate. The home loan EMI is made up of both the principal and the interest portion and is fixed for the tenure of the loan.

What is a Home Loan EMI Calculator?

The Home Loan EMI Calculator is a simulation that helps you calculate the EMIs, which you must pay on the home loan. The home loan calculator will calculate the monthly EMIs depending on the principal, interest, and the duration of the home loan.

It consists of a box, with three sliders, mainly ‘Loan Amount’, ‘Loan Tenure’, and ‘Interest Rate’. Once you fill in the details, you will be shown how much EMI (Equated Monthly Instalments), you must pay the bank each month, to repay the home loan within the selected tenure.

How do Home Loan EMI Calculators Work?

You can calculate your home loan EMI amount with the help of the mathematical formula:

EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1], where, P, R, and N are the variables. The EMI value will change each time you change any of the three variables.

Let’s discuss these variables in detail.

P stands for the ‘Principal Amount’. The principal amount is the original loan amount given to you by the bank, on which the interest will be calculated.

R stands for the rate of interest set by the bank.

N is the number of years for which the loan has been taken. As EMIs are paid every month, the duration is calculated in the number of months.

So, assuming that you take a home loan of Rs 50 lakh with an average interest rate of 12% for a tenure of 10 years, the approximate EMI will be:

P = Rs 50 lakh, R = 12/100/12 or 0.01 (convert to months), N = 10 years or 120 months

EMI = [5000000 x 0.01 x (1+0.01)^120] / [(1+0.01)^120-1]

EMI = Rs 71,735.