Use Free Home loan EMI Calculator to know your expense

You surely are thinking of owning your home, that’s the reason you are here. The first thing that comes to your mind when thinking about your dream home is a home loan and Home Loan EMI Calculator. Your monthly salary or income is squeezed to a minimum with Home Loan EMI deductions. Before jumping into the ocean of a Home Loan, you should test the waters with the help of the Home Loan EMI Calculator.

What is Home Loan EMI Calculator?

Home Loan EMI Calculator tells you what will be your monthly Home Loan EMI depending upon the home loan amount, duration, and interest rate. The home loan amount will depend upon the valuation or cost price of the dream home that you want to buy. The interest rate will depend upon the type of bank of NBFC chosen by you for a home loan. The duration will again depend upon you based on your monthly earnings, capability to earn more in the future. The longer is the duration of the time period the more will be the interest expenses, hence inflating the overall home loan repayment amount at the end of the tenure.

Home Loan EMI Calculator will help you to preplan your household expenses. It is more of giving you a reality check in terms of the extra expenses which you will bear in the upcoming years. The home loan EMI Calculator is a mirror to display the cost of owning a home. The inputs will vary depending upon both internal and external factors. This tool is very handy, easy to use, and does not require any expertise.

Calculate Home Loan EMI

Home Loan EMI Calculator results when the below information is input


  • Interest rates selected are based on the average of the highest and lowest interest rates being charged by banks or NBFCs in the Indian market.
  • Home loans will vary to reflect what will be the monthly house loan EMI to give you an accurate idea.
  • Tenure will also vary to reflect what will be the monthly house loan EMI to give you an accurate idea.

The formula used by Home Loan EMI Calculator

Home Loan EMI Calculator is an automated tool that gives you output based on the inputs fed by you. Benefits of using Home Loan EMI Calculator. It is formula-driven which automatically calculates the monthly EMI when input is received from the user. Below is the formula used by the Home Loan EMI Calculator:

EMI Amount = [P x R x (1+R) ^N]/[(1+R) ^N-1], where, P, R, and N keeps changing.

  • P denotes the ‘Principal Amount’. This is the amount that is sanctioned by the bank to the lender. The original loan amount is called the principal amount
  • R denotes the rate of interest which depends upon the bank or NBFC that has sanctioned the loan.
  • N is the number of years for which the loan has been taken.

The output is Home Loan monthly EMI which the borrower needs to pay to the lender to own the house.

home loan
home loan

Benefits of using Home Loan EMI Calculator?

Home Loan EMI Calculator is easy to use, and it offers various benefits as below:

  • Reveals house loan EMI – This tool helps to calculate the monthly house loan EMI payments. It helps the borrower to know the exact home loan EMI so that he is ready to pay that amount every month from his salary or income.
  • Preplanning – This tool projects future expenses. It gives you a chance to preplan your future accordingly as pre-planning helps to avoid a cash crunch. Managing your household expenses becomes easier.
  • Commitment – Be ready to bear the monthly expenses for a specified tenure. A Home loan involves a commitment of bearing expenses until the loan amount is completely repaid.
  • Feasible House loan EMI – Find out the optimum or feasible house loan EMI to be paid monthly by altering the home loan amount, and the time duration as the interest rate is beyond your control. By changing the 2 variables, the final EMI payments can be determined, and choose such a combination of the 2 which is most affordable.
  • Strategize investments – Preplan your investments so that you are able to make monthly EMI payments without a miss. Postpone some investments if you think they might burden you or disrupt your EMI payment cycle.
  • Final payment amount – Find out the total repayment amount that is paid by you inclusive of the principal as well as the interest. The sum itself is enough for you to decide whether you want to take a step back or proceed with your decision to buy a house.
  • Final Decision – This tool is great to give you a reality check. Buying a house is a dream but not everyone has the means to turn the dream into reality. Decide whether investing in a home is feasible for you based on your current salary and income sources or not

Investing in a house is not everyone’s cup of tea as it demands a commitment to bear the expenses for a longer duration. Do use the Home Loan EMI calculator to foresee the increasing expenses before taking the final step of getting a house loan approved.

Is it easy to repay Home Loans?

It is way easier to get a house loan than to pay off one. Though various criteria should be met before the home loan is sanctioned by any bank or NBFC. But house loans taken should be kept to a minimum. Make a down payment from your savings as much as possible, so that the home loan amount is reduced. The lower is the home loan amount, the duration for which you will continue the loan will reduce automatically, as you will have more confidence to pay back faster and reduce the interest burden. Thus, the overall loan repayment amount was reduced considerably. If you have started with home loan EMIs and due to any financial problem if you are unable to continue with the EMIs; s then you have to bear the penalty. In case of permanent discontinuation, your earlier EMI payments are forfeited while you lose the ownership of the home as well. That is why it is better to think before you decide to buy a house. Home loan EMI Calculator helps you to make the final decision. Thus, paying off home loan EMI’s are not at all easy but if planned properly you will be able to repay the entire loan along with interest and become the proud owner of the house successfully.

The secret is that the longer is the tenure chosen the lesser the home loan EMI payments per month. However, the interest expense added for these long years is far more than the savings in monthly EMIs.

For Example – If you take a home loan of 30 years, for a house worth Rs 50 lakhs at an 11% interest rate then EMI will be Rs 47,616, while the total repayable amount (Principal + interest) = Rs 1.71 crores. If you take the same loan for 15 years then your monthly home loan EMI’s will be Rs 56,830, while the total repayable amount will become Rs 1.07 crores. Though your monthly home loan EMI increases by Rs 9,000, your total home loan repayment amount decreases by Rs 69 lakhs.

How to repay home loan in 5 years?

Repaying a home loan within a 5-year timeframe requires careful planning, disciplined financial management, and a proactive approach. Here are steps and considerations along with an example to illustrate how you might aim to repay a home loan in 5 years:

1. Understand Your Loan Terms:

  • Review the terms of your home loan agreement, including the interest rate, tenure, and any prepayment penalties. Understanding these terms is crucial for effective repayment planning.

2. Create a Budget:

  • Establish a detailed budget that includes all your monthly income, expenses, and savings goals. Identify areas where you can cut unnecessary spending to allocate more funds toward loan repayment.

3. Increase EMI Payments:

  • If possible, consider increasing your Equated Monthly Installment (EMI) payments. A higher EMI means you’re paying more towards the principal amount, helping you reduce the loan tenure.

4. Make Regular Prepayments:

  • Allocate any windfalls, bonuses, or additional income toward prepaying your home loan. Regular prepayments can significantly reduce the outstanding principal and overall interest paid.

5. Consider Biweekly Payments:

  • Instead of making monthly payments, consider making half of your monthly EMI every two weeks. This results in 26 half-payments or 13 full payments in a year, effectively making an extra month’s payment annually.

6. Refinance at a Lower Interest Rate:

  • Explore the possibility of refinancing your home loan at a lower interest rate. Lower interest rates can result in reduced EMIs or allow you to maintain the same EMI while paying off more of the principal.

7. Utilize Lump Sum Repayments:

  • If you receive a lump sum amount through gifts, inheritance, or other sources, use these funds to make substantial lump-sum repayments on your home loan.

8. Invest Wisely:

  • Consider investing any surplus funds in instruments that offer higher returns than your home loan interest rate. This can potentially provide additional funds for loan repayment.

Example Scenario:

Let’s assume you have a home loan of $200,000 with an interest rate of 4.5% for a tenure of 15 years. The monthly EMI, in this case, would be approximately $1,520. If your goal is to repay the loan in 5 years:

  1. Increase EMI: Increase your monthly EMI to $3,800. This would result in the loan being repaid in approximately 5 years, significantly reducing the overall interest paid.
  2. Regular Prepayments: Make additional prepayments of, say, $500 every month. This would further expedite the repayment process.
  3. Lump Sum Repayments: If you receive a lump sum amount of $10,000, consider using it for a lump-sum repayment. This can have a substantial impact on the outstanding principal.
  4. Biweekly Payments: If your lender allows, switch to biweekly payments. This could result in 26 half-payments or 13 full payments in a year, effectively contributing an extra month’s payment annually.

How to create a home loan EMI loan calculator easily?

Creating a basic home loan EMI (Equated Monthly Installment) calculator involves some simple mathematical calculations and can be implemented using various tools, including spreadsheet software like Microsoft Excel or Google Sheets. Here’s a step-by-step guide to creating a simple home loan EMI calculator using Microsoft Excel as an example:

Using Microsoft Excel:

  1. Open a New Excel Spreadsheet:
    • Open Microsoft Excel and create a new, blank spreadsheet.
  2. Label Your Columns:
    • In the first row, label the columns with the following headers:
      • A1: Loan Amount
      • B1: Interest Rate (annual)
      • C1: Loan Tenure (years)
      • D1: Monthly Interest Rate
      • E1: Number of Monthly Installments (EMIs)
      • F1: Monthly EMI
      • G1: Total Repayment Amount
  3. Input Loan Details:
    • In cells under the Loan Amount, Interest Rate, and Loan Tenure columns (A2, B2, C2, for example), input the corresponding details for your home loan.
  4. Calculate Monthly Interest Rate:
    • In cell D2, input the formula to calculate the monthly interest rate:
  5. Calculate Number of Monthly Installments (EMIs):
    • In cell E2, input the formula to calculate the number of monthly installments:
  6. Calculate Monthly EMI:
    • In cell F2, input the formula to calculate the monthly EMI:
      =PMT(D2, E2, -A2)

      (This uses the PMT function in Excel to calculate the monthly payment.)

  7. Calculate Total Repayment Amount:
    • In cell G2, input the formula to calculate the total repayment amount:
  8. Adjust Formatting:
    • Format the cells as needed to display currency or percentages.

Example Calculation:

Let’s assume you have a loan amount of $200,000, an annual interest rate of 4.5%, and a loan tenure of 15 years.

  • Input these values into cells A2, B2, and C2.
  • The monthly interest rate (D2) will be calculated automatically.
  • The number of monthly installments (E2) will be calculated automatically.
  • The monthly EMI (F2) will be calculated automatically.
  • The total repayment amount (G2) will be calculated automatically.

By adjusting the loan details in cells A2, B2, and C2, you can see how changes impact the monthly EMI and total repayment amount.

Remember to save your spreadsheet for future use. This basic calculator assumes a fixed interest rate for the entire loan tenure and doesn’t account for changes in interest rates, prepayments, or other factors. For a more sophisticated calculator, you might need to explore financial modeling tools or software specifically designed for loan calculations.


The home loan interest payment under section 24b can be claimed to get tax exemption. However only interest payable should be included.

Have you calculated your EMI’s using Home Loan EMI Calculator? if not do it right now for free!

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