What is a Home Loan EMI Calculator?

A home loan EMI calculator helps you calculate the amount of loan instalment or EMI (Equated Monthly Instalment) that you would have to pay towards repaying your home loan. This easy-to-use online EMI calculator also helps you plan and manage your finances better. Salaryse home loan EMI calculator carries a user-friendly design and is extremely easy to use. All you have to do is enter the loan amount you wish to borrow, tenure, and interest rate. You shall have the EMI and total interest payable on the loan amount in a few seconds.

How to Calculate Home Loan EMI?

Select the loan amountChoose the amount you need with the help of slide barSelect the loan tenureUse the slide bar to choose the loan tenureSelect the interest rateUse the slide bar to select the home loan interest rateThe home loan EMI calculator shall give you the results with the EMI payable within a few seconds.

What is the home loan EMI formula?

You can use the following formula to calculate the home loan EMI:EMI = P × r × (1 + r)n/((1 + r)n – 1) where,P = loan amount
r = interest rate
n = tenure in number of monthsThe rate of interest on your home loan is calculated monthly.For example, consider you have availed a home loan of ₹10 lakh at an annual interest rate of 7.2% for a period of 10 years. Upon using the above formula, your home loan EMI would come up to ₹11,714.

Advantages of Using Salaryse Home Loan EMI Calculator