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See your monthly EMI, the total interest you'll pay, and how much prepaying can save you.
Paying a little extra each month can cut years — and lakhs in interest — off your loan.
This is an educational estimate. It assumes a fixed interest rate for the whole tenure; actual EMIs vary with floating rates, processing fees, and your lender's method. Always confirm figures with your bank.
An EMI is one piece. Map your other goals and what to invest each month.
In short
This calculator works out your EMI — the fixed Equated Monthly Instalment you pay on a home loan — from the loan amount, interest rate and tenure. It also shows the total interest over the loan, and how much interest and time you save by paying a little extra each month.
Over 15–20 years, interest can rival the loan amount itself, because it accrues on the outstanding balance every month. Prepaying early — when the balance is largest — saves the most.
Only on a fixed-rate loan. Most Indian home loans are floating-rate, linked to an external benchmark (e.g. the RBI repo rate), so the EMI or tenure changes when the benchmark moves.
Per RBI rules, banks and HFCs cannot levy foreclosure or prepayment charges on floating-rate home loans taken by individual borrowers. Fixed-rate loans may carry a charge — check your agreement.
Basis for the floating-rate/benchmark-reset note and that no foreclosure/prepayment charge applies on floating-rate home loans to individuals.
Deductions on home-loan interest (§24(b)) and principal (§80C) exist but are not modelled here; limits change with the Budget.
The EMI formula is textbook reducing-balance amortization mathematics.
This tool gives you a number. These free WealQuest lessons explain the idea it rests on — in English and हिंदी, no sign-up.
This explains the maths behind the tool so you can trust the number. It is educational information, not financial advice.