EMI Calculator 2026
Calculate your loan EMI, interest, and repayment schedule
₹
₹1.00 L₹5.00 Cr
%
5%20%
Yrs
1 Yr30 Yrs
EMI Calculator Summary
- Loan EMI
- Total Interest Payable
- Total Payment (Principal + Interest)
- one crore sixty lakh fifty nine thousand seven hundred and twenty one rupees only
Interest Exceeds Principal
You will pay more in interest than the actual loan amount borrowed.
EMI Payment / Year
Year: 2026
Principal Paid: ₹27,254
Interest Paid: ₹1,06,576
Total Payment: ₹1,33,830
Your Repayment/Breakup Details (Monthly)
Your debt repayment schedule in regular instalments over a period of time.
| Year | Principal Paid | Interest Paid | Total Payment | Balance |
|---|---|---|---|---|
| ₹27,254 | ₹1,06,576 | ₹1,33,830 | ₹79,72,746 | |
| Nov | ₹13,582 | ₹53,333 | ₹66,915 | ₹79,86,418 |
| Dec | ₹13,672 | ₹53,243 | ₹66,915 | ₹79,72,746 |
| ₹1,71,353 | ₹6,31,627 | ₹8,02,980 | ₹78,01,393 | |
| ₹1,85,575 | ₹6,17,405 | ₹8,02,980 | ₹76,15,818 | |
| ₹2,00,978 | ₹6,02,002 | ₹8,02,980 | ₹74,14,841 | |
| ₹2,17,659 | ₹5,85,321 | ₹8,02,980 | ₹71,97,182 | |
| ₹2,35,724 | ₹5,67,256 | ₹8,02,980 | ₹69,61,458 | |
| ₹2,55,289 | ₹5,47,691 | ₹8,02,980 | ₹67,06,169 | |
| ₹2,76,478 | ₹5,26,502 | ₹8,02,980 | ₹64,29,690 | |
| ₹2,99,426 | ₹5,03,554 | ₹8,02,980 | ₹61,30,265 | |
| ₹3,24,278 | ₹4,78,702 | ₹8,02,980 | ₹58,05,987 | |
| ₹3,51,193 | ₹4,51,787 | ₹8,02,980 | ₹54,54,794 | |
| ₹3,80,342 | ₹4,22,638 | ₹8,02,980 | ₹50,74,453 | |
| ₹4,11,910 | ₹3,91,070 | ₹8,02,980 | ₹46,62,543 | |
| ₹4,46,098 | ₹3,56,882 | ₹8,02,980 | ₹42,16,445 | |
| ₹4,83,124 | ₹3,19,856 | ₹8,02,980 | ₹37,33,321 | |
| ₹5,23,223 | ₹2,79,757 | ₹8,02,980 | ₹32,10,098 | |
| ₹5,66,650 | ₹2,36,330 | ₹8,02,980 | ₹26,43,448 | |
| ₹6,13,682 | ₹1,89,298 | ₹8,02,980 | ₹20,29,766 | |
| ₹6,64,617 | ₹1,38,363 | ₹8,02,980 | ₹13,65,148 | |
| ₹7,19,780 | ₹83,200 | ₹8,02,980 | ₹6,45,368 | |
| ₹6,45,368 | ₹23,903 | ₹6,69,271 | ₹0 |
Formula used by EMI Calculator
Standard Formula
EMI = [P × R × (1+R)^n] / [(1+R)^n − 1]
Live Calculation (Plugging Your Values)
Loan amount (P):₹80,00,000
Monthly rate (R):8% / 12 / 100 = 8/1200
Number of EMIs (months) (n):240
Substituted Equation:
[₹80,00,000 × 8/1200 × (1+8/1200)^240] / [(1+8/1200)^240 − 1]
Monthly EMI:₹66,915
R is the annual interest rate divided by 12 and then by 100. Each month the interest charged is the outstanding balance × R, and the rest of the EMI repays principal, so the interest share of the same EMI falls every year. At 0% interest the EMI is simply P / n. The same figures in Excel or Google Sheets, for the first month:
Monthly EMI=PMT(8/1200, 240, -8000000) → ₹66,915
Interest Paid for first month=IPMT(8/1200, 1, 240, -8000000) → ₹53,333
Principal Paid for first month=PPMT(8/1200, 1, 240, -8000000) → ₹13,582
References
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Frequently Asked Questions (FAQs)
How is Home Loan EMI mathematically calculated in India?
Home Loan EMI is computed using the reducing balance formula: EMI = [P × r × (1+r)^n] / [(1+r)^n - 1], where P = Principal loan amount, r = Monthly interest rate (Annual rate / 12 / 100), and n = Total number of monthly installments (Years × 12). Total Interest Payable = (EMI × n) - Principal.
What are the exact tax deduction limits under Section 24(b) and Section 80C on Home Loans?
Under Section 24(b) of the Income Tax Act (Old Tax Regime), you can claim a deduction of up to ₹2,00,000 per financial year for interest paid on a loan taken for purchase or construction of a self-occupied property. Additionally, principal loan repayment qualifies for deduction under Section 80C up to a maximum limit of ₹1,50,000.
Is home loan interest under Section 24(b) deductible in the New Tax Regime?
Under the New Tax Regime (Section 115BAC), interest on home loans for self-occupied properties is NOT deductible. For let-out (rented) properties, interest paid can be deducted against the rental income, but any resulting net loss under the head "Income from House Property" cannot be set off against your salary or business income.
How is pre-construction home loan interest claimed under Section 24(b)?
Interest paid during the construction or pre-possession period cannot be claimed in the year it is incurred. Instead, the total accumulated pre-construction interest is aggregated and allowed as a deduction in 5 equal annual installments commencing from the financial year in which the construction is completed and possession is handed over (subject to the overall ₹2 Lakh annual ceiling).
Can husband and wife both claim Section 24(b) and Section 80C deductions on a joint home loan?
Yes! If both husband and wife are joint owners of the property and co-borrowers paying the home loan EMIs, each co-owner can independently claim up to ₹2,00,000 for interest under Section 24(b) (totaling ₹4,00,000) and up to ₹1,50,000 for principal repayment under Section 80C (totaling ₹3,00,000), provided their combined claims do not exceed the actual interest and principal paid.