Home Loan EMI Calculator

EMI (Equated Monthly Installment) is the fixed amount you pay to the bank each month until the loan is fully paid off. It consists of two parts: principal amount and interest on your home loan.

How is EMI calculated?

EMI is calculated using the formula: P × r × (1+r)^n / ((1+r)^n-1) where:

• P is the principal loan amount
• r is the monthly interest rate (annual rate divided by 12 and then by 100)
• n is the total number of monthly installments (loan tenure in years × 12)

Factors affecting your home loan EMI

• Loan amount: Higher loan amount leads to higher EMI
• Interest rate: Higher interest rate increases your EMI
• Loan tenure: Longer tenure reduces EMI but increases total interest paid
• Down payment: Higher down payment reduces loan amount and EMI