Loan EMI Calculator
Calculate your monthly EMI for home, car, personal or education loans live — with amortization schedule, principal-vs-interest split and tax benefits.
Amortization schedule
| Year | EMI × 12 | Principal | Interest | Balance |
|---|
Maximise tax savings on your loan
Our CAs help you claim every deduction — Section 24, 80C, 80E — and file your ITR correctly.
Disclaimer: Indicative estimate on a reducing-balance basis. Actual EMI, interest and tax benefits depend on your lender's terms, rate resets, part-payments and your income-tax regime.
How your EMI is calculated
EMI (Equated Monthly Instalment) is the fixed amount you pay every month so the loan is fully repaid by the end of the tenure. It is computed on a reducing-balance basis — early instalments are mostly interest, later ones mostly principal.
Example: a ₹50,00,000 home loan at 8.5% for 20 years works out to an EMI of ₹43,391 — total interest of about ₹54.1 lakh over the full tenure. Enter your own figures above to see the split update live.
How tenure & prepayment change your interest
The single biggest lever on total interest is tenure. A longer tenure lowers the monthly EMI but sharply increases total interest, because the outstanding balance stays high for longer. Prepayments work the opposite way — every rupee prepaid goes straight against principal, cutting all future interest on that amount.
Tax benefits on your loan
Home and education loans carry income-tax deductions under the old regime (the new regime does not allow these). The EMI split above already estimates your Year-1 eligible amounts.
Section 24(b) — home loan interest
Deduct up to ₹2,00,000 of interest per year on a self-occupied house (no cap for a let-out property). Claimed on the interest portion of your EMI.
Section 80C — home loan principal
The principal repaid is deductible up to ₹1,50,000 a year within the overall 80C limit, along with stamp duty and registration charges in the year of purchase.
Section 80E — education loan
The full interest on an education loan is deductible with no upper limit, for up to 8 years from the year repayment begins. Principal is not deductible.
Old regime only
These deductions apply under the old tax regime. The new regime offers lower slab rates but disallows Sec 24(b), 80C and 80E — compare both before choosing.
- Enter the loan amount (principal).
- Enter the annual interest rate and tenure in years.
- Pick the loan type (home/car/personal/education).
- See the EMI, total interest, and full amortisation schedule.
How is EMI calculated?
EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is principal, r is the monthly interest rate (annual ÷ 12 ÷ 100), and n is the number of monthly instalments.
Does a longer tenure reduce my EMI?
Yes — a longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan. A shorter tenure means a higher EMI but far less total interest.
How does prepayment help?
Prepaying reduces the outstanding principal, so a larger share of every future EMI goes toward principal instead of interest — cutting your total interest and loan tenure significantly.
Is home-loan interest tax-deductible?
Yes, under the old regime — up to ₹2,00,000/year on interest (Section 24b) for a self-occupied house, plus principal under 80C. These benefits are not available in the new regime.
Disclaimer: This tool gives indicative results for general guidance only and is not professional advice. Please verify with a qualified CA before acting on the numbers.