Home Loan Calculator – Calculate EMI & Interest
TheHome Loan Calculatoris a free online tool that helps you estimate your **monthly EMI (Equated Monthly Installment)**, total interest payable, and overall repayment amount for your **home loan**. Whether you're planning to buy a new home or refinance an existing loan, this calculator helps you make an informed financial decision.
How to Use the Home Loan Calculator?
- Enter the **loan amount** you need.
- Choose the **loan tenure** in years.
- Enter the **interest rate (%)** offered by the bank or financial institution.
- Click **Calculate** to see your monthly EMI, total interest, and total repayment amount.
Home Loan EMI Calculation Formula
The EMI is calculated using the standard **home loan EMI formula**:
EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1]
- EMI:Equated Monthly Installment
- P:Loan Amount (Principal)
- r:Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
- n:Loan Tenure in Months (Years × 12)
Why Use a Home Loan Calculator?
- ✅Quick EMI Calculation:Instantly determine your monthly loan repayment amount.
- ✅Plan Your Finances:Helps you assess your loan affordability before applying.
- ✅Compare Loan Offers:Check EMIs for different banks and lenders.
- ✅Understand Interest Impact:See how much interest you will pay over the loan tenure.
- ✅100% Free & Easy to Use:No login required, accessible on all devices.
Benefits of Using a Home Loan
- 🏡 **Own Your Dream Home:** Affordable repayment options make home ownership easier.
- 📉 **Tax Benefits:** Save tax under Section 80C and Section 24B of the Income Tax Act.
- 💰 **Flexible Tenure:** Choose a repayment period that suits your financial plan.
- 📊 **Better Financial Planning:** Know your EMI in advance to manage expenses wisely.
Calculate Your Home Loan EMI Now!
Use our **free Home Loan Calculator** to estimate your EMI and choose the best home loan plan.