₹ Financial Calculator
Home Loan EMI Calculator | Monthly EMI with Yearly Breakdown
Calculate home loan EMI, total interest and a year-by-year amortization breakdown (principal repaid, interest paid and outstanding balance) instantly.
Home Loan EMI Calculator
See the complete calculation of the monthly instalment, total interest and year-by-year repayment for a home loan to buy a house or flat in the calculator below.
Year-by-Year Repayment Breakdown
| Year | Principal repaid | Interest | Total repaid | Outstanding balance |
|---|---|---|---|---|
| Enter the details above to calculate | ||||
How Home Loan Calculation Works
Home loan EMI is calculated using the monthly reducing balance method. Each month’s instalment partly goes towards interest and partly reduces the principal — the interest share is larger at the start of the tenure, and the principal share becomes larger towards the end. The table above clearly shows this split for each year.
Some important points:
- Most banks do not allow the home loan EMI to exceed 40–50% of your income.
- A longer tenure lowers the EMI, but over a 20–30 year tenure the interest can become equal to or more than the principal.
- Floating-rate home loans usually carry no prepayment penalty — prepaying early in the tenure saves the most interest.
- Registration fees, stamp duty and processing fees are outside this calculation — factor them into your total budget.
Frequently Asked Questions
How is home loan EMI calculated?
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r the monthly interest rate (annual rate ÷ 1200) and n the total number of months. In the early instalments the interest share is larger, and the principal share gradually grows.
How many years should a home loan tenure be?
A longer tenure lowers the EMI but greatly increases the total interest. If you can keep the EMI within 40–45% of your income, choose the shortest tenure possible — you can compare the total interest for different tenures in the table above.
Can home loan interest be claimed under Section 80C?
Yes. Principal repayment is eligible for a deduction of up to ₹1.5 lakh under Section 80C, and interest is eligible for a deduction of up to ₹2 lakh on a self-occupied house under Section 24(B) (not applicable if you opt for the new tax regime).
Does prepaying a home loan help?
Yes. Prepaying early in the tenure reduces the principal faster and significantly lowers the total interest — most floating-rate home loans carry no prepayment penalty.