Home Loan Calculator
Home loan EMI/monthly payment, total interest & year-by-year schedule — plus what changing the tenure or rate really costs.
How much you'll pay each month
Monthly EMI
₹10,501
EMI × months
60
Interest / loan
26%
Rate
9.50%
📅 Repayment schedule
| Year | Principal | Interest | Total paid | Balance |
|---|---|---|---|---|
| Year 1 | ₹82,022 | ₹43,990 | ₹1,26,011 | ₹4,17,978 |
| Year 2 | ₹90,162 | ₹35,849 | ₹1,26,011 | ₹3,27,817 |
| Year 3 | ₹99,110 | ₹26,901 | ₹1,26,011 | ₹2,28,706 |
| Year 4 | ₹1,08,947 | ₹17,064 | ₹1,26,011 | ₹1,19,759 |
| Year 5 | ₹1,19,759 | ₹6,252 | ₹1,26,011 | ₹0 |
Downloads carry the MyStudyVerse header — the Excel file keeps live formulas you can edit.
🏡The full picture of your home loan
Before signing a home loan, three numbers matter: the monthly payment you'll live with for years, the total interest you'll quietly hand the bank, and how the balance falls year by year. This calculator shows all three instantly — and can solve for any missing piece: the loan amount your budget supports, the tenure that fits a target payment, or the interest rate implied by an offer. Currency selectable (₹, €, £, $…).
🧮The formula banks use
P is the principal, r the monthly rate, n the months. Because interest is charged on the outstanding balance, early payments are interest-heavy — the schedule tab makes this visible and is the single best argument for early prepayments.
💡Borrowing smart
- Keep the EMI under ~35–40% of take-home pay — lenders check this ratio (FOIR) and so should you.
- Every extra year of tenure lowers the EMI but raises total interest sharply; find your balance with the term slider.
- Prepayments in the first third of the tenure hit hardest — they kill principal while interest charges are at their peak.
- Compare offers by total cost, not just rate: processing fees and insurance bundles can outweigh a 0.1% rate difference.
- Check the yearly view before choosing tenure: it shows your outstanding balance at every future year — useful for planning a sale or transfer.
💡 Frequently Asked Questions
How is a home loan EMI calculated?+
With the standard annuity formula: EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the amount borrowed, r the monthly interest rate, and n the number of months. This tool applies it exactly and also produces the full month-by-month schedule.
How much home loan can I get on my salary?+
Lenders typically allow an EMI of 35–40% of net monthly income. Flip this calculator to solve-for-loan-amount, enter that EMI, the prevailing rate, and tenure — you'll see the eligible loan size instantly. A co-applicant's income raises the ceiling.
Is it better to prepay a home loan or invest the money?+
Compare the loan's interest rate with the after-tax return you realistically expect from investing. Prepaying is a guaranteed 'return' equal to the loan rate — compelling when rates are high. The amortization table shows exactly how much interest a given prepayment saves.
What tenure should I choose?+
The shortest tenure whose EMI you can pay comfortably even in a bad month. Compare 15 vs 20 vs 25 years here — most people are surprised how much total interest a longer tenure adds for a modest EMI relief.