Home Loan EMI Calculator - Softotech

Home Loan EMI Calculator

Calculate your monthly EMI. A 3,000,000 loan at 9% for 20 years has an EMI of 26,991.78 per month, with 3,478,027 total interest.

The EMI formula

EMI stands for equated monthly installment. It is the fixed amount you pay each month on a home loan. The formula is EMI = P x r x (1 + r)^n / ((1 + r)^n – 1), where P is the loan amount, r is the monthly interest rate (annual rate / 12 / 100) and n is the number of monthly payments.

For a 3,000,000 loan at 9% for 20 years: r = 0.0075, n = 240, giving an EMI of 26,991.78. You repay 6,478,027 in total, of which 3,478,027 is interest.

How to lower your EMI and interest

  • Make a larger down payment to reduce the loan.
  • Choose a shorter tenure to cut total interest, even though the EMI rises.
  • Prepay a lump sum when you can. See the mortgage payoff calculator for extra payments.
  • Compare lenders on interest rate and processing fees.

The calculator works in any currency. Enter the amount without symbols.

Free pricing tips for your business

Get short, practical tips on pricing jobs and using our free calculators. No spam, unsubscribe any time.

    Built with Kit

    Frequently asked questions

    How is home loan EMI calculated?

    EMI = P x r x (1+r)^n / ((1+r)^n – 1) with monthly rate r and n months.

    Does a longer tenure reduce EMI?

    Yes, the EMI falls, but total interest rises a lot.

    What is the interest share in early EMIs?

    Most of the early payments go to interest. At 9% over 20 years, about 75% of the first EMI is interest.

    Can I use this for a car or personal loan?

    Yes. The same formula applies to any fixed-rate amortizing loan.

    Need a custom calculator or spreadsheet built for your business?

    Talk to us

    More free tools: All free calculators · Mortgage payoff calculator · Down payment calculator · Loan payoff calculator