How it works
- You set the loan amount, the annual interest rate and the tenure with three sliders. The value beside each label updates as you drag, so the number you are setting is never hidden behind the thumb.
- The instalment comes from the standard amortising formula: the monthly rate is the annual rate divided by twelve hundred, and the payment is principal × r × (1+r)^n ÷ ((1+r)^n − 1), where n is the number of months. There is no approximation and no lookup table.
- Total payable is the instalment multiplied by the number of months; total interest is that figure minus the principal. Both come from the same instalment the headline shows, which is why the breakdown can never disagree with it.
- The formula runs on every input event — there is no submit button and no page reload, so the figures move while the slider is still under your finger.
- Nothing you set is sent anywhere, kept in a cookie, or written to storage. Reloading the page returns the defaults, and no analytics event carries your amounts.
Limitations
This assumes a fixed rate and equal monthly instalments for the whole tenure. Most Indian home loans are floating-rate: the rate moves with an external benchmark, and lenders usually absorb the change by extending the tenure rather than raising the instalment. The monthly figure here will hold; the total interest will not, and over twenty years the difference is not small.
Processing fees and insurance are not included. A processing fee of half a percent to one percent is charged up front and does not appear in the instalment. Credit-life insurance is often financed into the loan, which raises the principal and therefore every figure on this page. Ask for the annual percentage rate rather than the headline rate — that is the number that includes them.
The model assumes payments start one month after disbursal and none are missed. Pre-EMI interest during a construction-linked disbursal, part-prepayments, and the day-count convention your lender uses will all move the real schedule slightly. Treat this as the figure to check a quote against, not as the schedule itself.
Questions
Are my figures saved anywhere?
No. The numbers exist only in this page while it is open. There is no account, no history, and no analytics event carrying your amounts. Reload and the sliders return to their defaults.
How accurate is the result?
The arithmetic is exact for the assumptions stated: a fixed rate, equal monthly instalments, and payments starting one month after disbursal. Against a lender's quote it should match to the rupee. Against what you actually pay over twenty years on a floating-rate loan, it is an estimate.
Why does a small rate change move the total so much?
Because interest compounds over the whole tenure. On a twenty-year loan, half a percentage point moves the monthly instalment by a few percent but the total interest by considerably more, since the extra applies to a large outstanding balance for most of the term. Move the rate slider and watch the interest row rather than the headline.
Should I choose a longer tenure for a lower instalment?
It lowers the instalment and raises the total substantially. The sliders make the trade visible: set the tenure you can afford, then drag it shorter and read the total interest row. That difference is what the shorter term costs you per month and saves you overall.
Do I need an account?
No. There is no sign-up, no email step and no usage counter. The tool is paid for by the ads on this page.
When people use it
Most people open an EMI calculator with one figure to check before they sign something: a quote from a bank, a dealer's finance offer, a number a relative quoted from memory. The sliders sit directly under the heading, so the answer appears before you have finished reading the page — which is the whole design brief for a calculator.
The second use is negotiating. Knowing that a quarter-point improvement is worth a specific number of rupees over the term changes the conversation with a lender from a vague preference into a concrete ask. Set the quote, then set the rate you want, and the difference in the total-interest row is the size of the argument.
A loan application does not end with the arithmetic. It ends with a portal that wants salary slips and bank statements as PDFs under a size cap none of them meet. Compress PDF re-encodes the images inside a scan and usually brings it under the limit without the documents leaving your device.
How it compares
A bank's own calculator gives you the same arithmetic wrapped in a lead-capture form, and the number you type is a sales signal. Nothing here is submitted anywhere. What a spreadsheet does better is the parts this deliberately leaves out — irregular prepayments, a rate that changes in year six, and a real amortisation schedule you can audit row by row. If you are modelling a decision rather than checking a quote, build it in a spreadsheet.