What this tool does
Home loan EMI calculator opens the emi calculator tool with this setting ready, so you only fill in your details.
EMI is the fixed amount you pay the bank every month until a loan is closed. It depends on three things: the loan amount, the interest rate and the number of months. Change any of them and see the EMI, the total interest you will pay, and how the balance falls year by year.
How to use it
- Enter the loan amount.
- Enter the yearly interest rate.
- Enter the loan period in years or months.
- Read your EMI, total interest and repayment table.
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Questions people ask
How is EMI calculated?
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan, r the monthly rate and n the number of months.
Does a longer loan lower my EMI?
Yes, but you pay much more interest in total. The table shows the difference.
Is this the exact bank EMI?
It is very close. Banks may add processing fees or round differently.
Does it include insurance or fees?
No. Only the loan and interest.