₹30 lakh over 20 years
At 8.5%, the EMI is ₹26,035. Over 240 instalments you repay ₹62,48,327, of which ₹32,48,327 is interest.
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Home Loan EMI Calculator
EMI, the full amortisation schedule, and what a prepayment saves — both ways a lender can apply it
Borrowing ₹50 lakh for 20 years at 8.5% means an EMI of ₹43,391 a month, and ₹54.14 lakh of interest over the loan.
Monthly EMI
₹43,391
- Total Interest
- ₹54,13,879
- Total of All EMIs
- ₹1,04,13,879
Interest is 108% of the amount borrowed.
Tax on this loan (old regime)
- Interest in year 1, deductible under Section 22 (formerly 24(b))
- ₹2,00,000
- Principal in year 1, counted towards Section 123 (formerly 80C)
- ₹99,511
- Section 22 (formerly 24(b)) cap, self-occupied
- ₹2,00,000
- Section 123 (formerly 80C) pool, shared with EPF, PPF and others
- ₹1,50,000
The new regime allows neither deduction for a self-occupied home. A let-out property has no Section 22 (formerly 24(b)) cap, but a set-off limit on the loss applies.
What you repay
Principal₹50,00,000 · 48.0%
Interest₹54,13,879 · 52.0%
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How this is calculated
Formula
EMI = P × i × (1 + i)ⁿ ÷ ((1 + i)ⁿ − 1)
- P
- = loan amount
- i
- = monthly rate = annual rate ÷ 12 ÷ 100
- n
- = number of instalments = years × 12
With your numbers
- 1Monthly ratei = r ÷ 12 ÷ 1008.50% ÷ 12 ÷ 100 = 0.007083
- 2Instalmentsn = years × 1220 × 12 = 240
- 3EMIP × i × (1 + i)ⁿ ÷ ((1 + i)ⁿ − 1)₹50,00,000 → ₹43,391 a month
- 4Each monthinterest = balance × i; principal = EMI − interestMonth 1: interest ₹35,417, principal ₹7,974
Monthly EMI₹43,391
- Early instalments are mostly interest, because interest is charged on the whole outstanding balance. That is also why a prepayment early in the loan saves the most.
- A prepayment that keeps the EMI and shortens the tenure always saves more interest than one that keeps the tenure and lowers the EMI: the larger instalment keeps paying down principal faster.
- The rate is held constant for the whole tenure, and no prepayment fee is deducted. Check your loan agreement for either.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹99,511 | ₹4,21,182 | ₹49,00,489 |
| 2 | ₹1,08,307 | ₹4,12,387 | ₹47,92,181 |
| 3 | ₹1,17,881 | ₹4,02,813 | ₹46,74,300 |
| 4 | ₹1,28,300 | ₹3,92,394 | ₹45,46,000 |
| 5 | ₹1,39,641 | ₹3,81,053 | ₹44,06,359 |
| 6 | ₹1,51,984 | ₹3,68,710 | ₹42,54,375 |
| 7 | ₹1,65,418 | ₹3,55,276 | ₹40,88,957 |
| 8 | ₹1,80,039 | ₹3,40,655 | ₹39,08,918 |
| 9 | ₹1,95,953 | ₹3,24,741 | ₹37,12,965 |
| 10 | ₹2,13,274 | ₹3,07,420 | ₹34,99,691 |
| 11 | ₹2,32,125 | ₹2,88,569 | ₹32,67,566 |
| 12 | ₹2,52,643 | ₹2,68,051 | ₹30,14,923 |
| 13 | ₹2,74,974 | ₹2,45,720 | ₹27,39,949 |
| 14 | ₹2,99,279 | ₹2,21,415 | ₹24,40,670 |
| 15 | ₹3,25,733 | ₹1,94,961 | ₹21,14,937 |
| 16 | ₹3,54,525 | ₹1,66,169 | ₹17,60,412 |
| 17 | ₹3,85,862 | ₹1,34,832 | ₹13,74,550 |
| 18 | ₹4,19,968 | ₹1,00,726 | ₹9,54,582 |
| 19 | ₹4,57,090 | ₹63,604 | ₹4,97,492 |
| 20 | ₹4,97,492 | ₹23,202 | ₹0 |
Frequently Asked Questions
Year by year
A ₹50 lakh loan at 8.5% for 20 years: an EMI of ₹43,391, split between interest and principal each year.
Show the table (20 rows)Hide the table
| Year | Principal repaid | Interest paid | Balance at year end |
|---|---|---|---|
| 1 | ₹99,511 | ₹4,21,182 | ₹49,00,489 |
| 2 | ₹1,08,307 | ₹4,12,387 | ₹47,92,181 |
| 3 | ₹1,17,881 | ₹4,02,813 | ₹46,74,300 |
| 4 | ₹1,28,300 | ₹3,92,394 | ₹45,46,000 |
| 5 | ₹1,39,641 | ₹3,81,053 | ₹44,06,359 |
| 6 | ₹1,51,984 | ₹3,68,710 | ₹42,54,375 |
| 7 | ₹1,65,418 | ₹3,55,276 | ₹40,88,957 |
| 8 | ₹1,80,039 | ₹3,40,655 | ₹39,08,918 |
| 9 | ₹1,95,953 | ₹3,24,741 | ₹37,12,965 |
| 10 | ₹2,13,274 | ₹3,07,420 | ₹34,99,691 |
| 11 | ₹2,32,125 | ₹2,88,569 | ₹32,67,566 |
| 12 | ₹2,52,643 | ₹2,68,051 | ₹30,14,923 |
| 13 | ₹2,74,974 | ₹2,45,720 | ₹27,39,949 |
| 14 | ₹2,99,279 | ₹2,21,415 | ₹24,40,670 |
| 15 | ₹3,25,733 | ₹1,94,961 | ₹21,14,937 |
| 16 | ₹3,54,525 | ₹1,66,169 | ₹17,60,412 |
| 17 | ₹3,85,862 | ₹1,34,832 | ₹13,74,550 |
| 18 | ₹4,19,968 | ₹1,00,726 | ₹9,54,582 |
| 19 | ₹4,57,090 | ₹63,604 | ₹4,97,492 |
| 20 | ₹4,97,492 | ₹23,202 | ₹0 |
Reducing balance, monthly rests, at a rate that stays the same for the whole loan. A floating rate will move.
Worked examples
₹50 lakh over 30 years instead of 20
The EMI falls from ₹43,391 to ₹38,446, ₹4,945 a month less. Total interest rises from ₹54,13,879 to ₹88,40,443: ₹34,26,564 more for the lower instalment.
Open this in the calculator₹5 lakh prepaid after instalment 24
Keeping the EMI and shortening the loan saves ₹14,57,301 of interest and closes it 45 months early. Asking the lender to lower the EMI instead (to ₹38,864) saves ₹4,77,894.
Open this in the calculatorCommon mistakes
Comparing a flat rate with a reducing-balance rate
On the table's loan, 8.5% charged on the reducing balance costs ₹54,13,879 of interest. The same 8.5% quoted flat, on the original amount for all 20 years, costs ₹85,00,000. Home loans are quoted reducing; some other loans are not.
Loan conventionsAssuming a prepayment saves the same either way
Lenders can apply a prepayment by shortening the tenure or by lowering the EMI, and the saving differs: in the example above, ₹9,79,407 more by keeping the EMI. Ask which one your lender will do.
Prepayment calculatorCounting all the interest as a tax deduction
For a self-occupied home, Section 22 (formerly 24(b)) allows at most ₹2,00,000 of interest a year, under the old regime only. On the table's loan, interest exceeds that in 14 years of 20; the excess is not deductible. Principal repaid falls inside the shared ₹1,50,000 Section 123 (formerly 80C) limit.
Income tax calculator
Questions this answers
What is the EMI on a ₹50 lakh home loan for 20 years?
₹43,391 a month at 8.5%, with ₹54,13,879 of interest over the loan. Try it
What is the EMI on ₹30 lakh for 15 years?
₹29,542 a month at 8.5%; total interest ₹23,17,594. Try it
How much of my EMI is interest in the first year?
On ₹50 lakh at 8.5% over 20 years, ₹4,21,182 of the first year's ₹5,20,694 is interest, 81% of it. By the last year it is ₹23,202. Try it
Related Tools
Terms used here
Printed from bulltimes.com/tools/home-loan-emi-calculator. The full page address reproduces these inputs. BullTimes recommends nothing; check figures that matter with an adviser.
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