Does a longer tenure reduce my EMI?

Yes, a longer tenure lowers the monthly EMI but raises the total interest paid, because you owe the balance for longer. A shorter tenure costs more per month but far less overall.

Can I reduce total interest with prepayment?

Yes. Prepaying reduces the outstanding principal directly, so every future month's interest is calculated on a smaller balance — early prepayments save the most.

Home Loan EMI Calculator

A home-loan EMI calculator works out the fixed monthly payment (equated monthly instalment) on a loan, plus the total interest you'll pay. Enter the loan amount, interest rate and tenure to see your EMI and the principal-versus-interest split.

Loan amount

₹

Interest rate (p.a.)

Loan tenure

yrs

Monthly EMI

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How is Home Loan EMI calculated?

EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r the monthly rate (annual ÷ 12 ÷ 100) and n the number of monthly instalments.

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Frequently asked questions

How is home-loan EMI calculated?: EMI uses the reducing-balance formula above. Each payment covers that month's interest on the outstanding balance first, and the rest reduces the principal, so interest falls over time.
Does a longer tenure reduce my EMI?: Yes, a longer tenure lowers the monthly EMI but raises the total interest paid, because you owe the balance for longer. A shorter tenure costs more per month but far less overall.
Can I reduce total interest with prepayment?: Yes. Prepaying reduces the outstanding principal directly, so every future month's interest is calculated on a smaller balance — early prepayments save the most.