This calculator can be used to figure out monthly payments (also known as EMI) of a home loan, car loan or any other loan based on the loan amount, the number of years for which the loan is taken (also known as loan term) and the loan's interest rate. The EMI is comprised of both principal and interest payments towards the loan.

Loan Amount (in INR):

Loan Term (in years):

Interest Rate (%):

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What is EMI?

EMI stands for Equated Monthly Installments and represents the amount of money you have to pay each month in order to repay your loan. EMI remains the same throughout the loan period (assuming the interest rate remains the same and there are no prepayments of the loan). The EMI is applied towards paying off the principal (or loan amount) as well the interest on the loan. EMI is computed based on the loan amount, the interest rate and the loan period.

How is home loan EMI calculated?

Home loan EMI is calculated using a formula that takes into account the home loan amount, home loan interest rate and the number of payments to be made (which depends on the home loan duration and how often you make the payments which is typically monthly). So for example, if you take a 15 year loan and plan to make monthly payments, you will make 15*12=180 equal payments. Each of these payments is called an EMI. At the end of the 15 years, your loan amount would be repaid.

How will prepayment affect my home loan EMI?

If you prepay a part of your loan amount, then your EMI payments going forward from that time onwards will go down.