Use this Home Loan EMI Calculator to calculate your monthly EMI for a home loan based on your loan amount, interest rate, and loan tenure. After calculating, you can download the details in an Excel sheet for record-keeping.
EMI Calculation Formula
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
Where:
P = Loan Amount
r = Monthly Interest Rate (Annual Interest Rate / 12)
n = Loan Tenure (Months)
Example Calculation
If you take a loan of ₹500,000 with an interest rate of 7.5% for 20 years, your EMI will be ₹3,996.24.
Why EMI Calculation Matters
Understanding your monthly EMI helps you plan your finances better, ensuring you can manage your home loan effectively without straining your budget.