What is a Home Loan EMI?

A Home Loan Equated Monthly Installment (EMI) is your monthly payment to repay a home loan, blending principal and interest. Calculated using loan amount, interest rate, tenure, and an optional down payment, EMI Mitra’s calculator offers preset options (1L to 15L), interactive charts, and a downloadable PDF report for seamless financial planning.

EMI Formula Breakdown

The EMI is calculated using the formula:

EMI = [P × R × (1+R)^N] / [(1+R)^N - 1]

• P: Principal Loan Amount after Down Payment (e.g., ₹10,00,000 - ₹2,00,000 = ₹8,00,000)
• R: Monthly Interest Rate (Annual Rate / 12 / 100, e.g., 8% / 12 / 100 = 0.00667)
• N: Loan Tenure in Months (Years × 12, e.g., 20 years × 12 = 240 months)

This formula ensures a consistent EMI, balancing principal and interest over the loan term.

How to Use the Calculator

1. Select a preset Loan Amount (e.g., ₹1L, ₹4L, ₹15L) or enter a custom amount.
2. Optionally, enter a Down Payment to reduce the loan amount.
3. Input the Interest Rate per annum (e.g., 8%).
4. Specify the Tenure in years (e.g., 20 years).
5. Click Calculate to view your EMI, amortization schedule, and chart.
6. Download results as a PDF or toggle the chart for principal vs. interest insights.

Example Scenario

Suppose you take a home loan of ₹15,00,000 with a down payment of ₹3,00,000 at an interest rate of 7.5% for 15 years:

• Loan Amount (P): ₹15,00,000 - ₹3,00,000 = ₹12,00,000
• Interest Rate (R): 7.5% / 12 / 100 = 0.00625 (monthly)
• Tenure (N): 15 × 12 = 180 months

EMI = [12,00,000 × 0.00625 × (1+0.00625)^180] / [(1+0.00625)^180 - 1] ≈ ₹11,134

Your monthly EMI would be approximately ₹11,134, with total repayment of ₹20,04,120 over 15 years.