EMI calculator
Find your monthly instalment for a home, car or personal loan. Add a yearly prepayment to see how much interest you save and how much sooner the loan ends.
Rules for FY 2026-27 · Checked 24 October 2026
for 20 years.
- You pay ₹54.14L in interest: 108% of the loan.
- In the first year, 81% of every EMI goes to interest.
- Paying ₹1L extra a year would save ₹18.55L of interest.
- Principal₹50,00,000
- Total interest₹54,13,879
- Total interest
- ₹54,13,879
- Total paid (principal + interest)
- ₹1,04,13,879
Repayment schedule by year
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹99,511 | ₹4,21,182 | ₹49,00,489 |
| 2 | ₹1,08,307 | ₹4,12,387 | ₹47,92,181 |
| 3 | ₹1,17,881 | ₹4,02,813 | ₹46,74,300 |
| 4 | ₹1,28,300 | ₹3,92,394 | ₹45,46,000 |
| 5 | ₹1,39,641 | ₹3,81,053 | ₹44,06,359 |
| 6 | ₹1,51,984 | ₹3,68,710 | ₹42,54,375 |
| 7 | ₹1,65,418 | ₹3,55,276 | ₹40,88,957 |
| 8 | ₹1,80,039 | ₹3,40,655 | ₹39,08,918 |
| 9 | ₹1,95,953 | ₹3,24,741 | ₹37,12,965 |
| 10 | ₹2,13,274 | ₹3,07,420 | ₹34,99,691 |
| 11 | ₹2,32,125 | ₹2,88,569 | ₹32,67,566 |
| 12 | ₹2,52,643 | ₹2,68,051 | ₹30,14,923 |
| 13 | ₹2,74,974 | ₹2,45,720 | ₹27,39,949 |
| 14 | ₹2,99,279 | ₹2,21,415 | ₹24,40,670 |
| 15 | ₹3,25,733 | ₹1,94,961 | ₹21,14,937 |
| 16 | ₹3,54,525 | ₹1,66,169 | ₹17,60,412 |
| 17 | ₹3,85,862 | ₹1,34,832 | ₹13,74,550 |
| 18 | ₹4,19,968 | ₹1,00,726 | ₹9,54,582 |
| 19 | ₹4,57,090 | ₹63,604 | ₹4,97,492 |
| 20 | ₹4,97,492 | ₹23,202 | ₹0 |
The EMI formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n is the number of months.
For example, a ₹50 lakh home loan at 8.5% for 20 years has an EMI of ₹43,391. Over 20 years you pay about ₹54.1 lakh in interest, more than the loan itself.
Why prepaying early saves so much
In the early years most of each EMI goes to interest. Any extra payment goes straight to the principal, so it cuts all the interest that principal would have earned for the rest of the loan.
On the same ₹50 lakh loan, paying an extra ₹1 lakh at the end of every year cuts the interest from about ₹54.1 lakh to ₹35.6 lakh and ends the loan in 14 years instead of 20. Banks charge no prepayment penalty on floating-rate home loans to individuals.
Should you prepay or invest instead? See our guide on home loan prepayment.
Typical interest rates
| Loan | Typical rate | Usual tenure |
|---|---|---|
| Home loan | 7.5% – 9.5% | Up to 30 years |
| Car loan | 8.5% – 11% | Up to 7 years |
| Personal loan | 10.5% – 24% | Up to 5 years |
| Education loan | 8.5% – 13% | Up to 15 years |
Rates depend on your credit score, income and the lender. A score above 750 usually gets the best rates.
Frequently asked questions
What is the EMI for a ₹30 lakh home loan?
At 8.5% for 20 years the EMI is about ₹26,035. At 9% it rises to about ₹26,992.
Is it better to reduce EMI or tenure after a prepayment?
Reducing the tenure saves more interest. Reducing the EMI eases your monthly budget. This calculator keeps the EMI and shortens the loan.
Does a longer tenure mean a lower total cost?
No. A longer tenure lowers the EMI but raises the total interest a lot. Choose the shortest tenure whose EMI you can comfortably pay.
Is there a tax benefit on a home loan?
In the old regime, up to ₹2 lakh of interest on a self-occupied home and up to ₹1.5 lakh of principal under 80C are deductible. The new regime does not allow these for a home you live in.
Should I insure my home loan?
Make sure your family could clear the loan if you died. A term plan with cover for the loan and your family’s other needs is usually the simplest way, and it stays with you if you switch lenders.
Sources: Reserve Bank of India