Home loans are long-tenure, secured loans, so total interest is very sensitive to both the rate and the tenure. The calculator converts your annual rate to a monthly rate and applies the reducing-balance EMI formula over the full number of months.

Because home loans often run 10–30 years, even a small rate change or a few extra years significantly affects total interest.

Given: Loan ₹30,00,000, rate 8.5% p.a., tenure 20 years (240 months)

Monthly rate r = 8.5 / 12 / 100 = 0.007083

(1+r)²⁴⁰ = 5.442

EMI = 30,00,000 × 0.007083 × 5.442 / (5.442 − 1) ≈ ₹26,033

Total payable ≈ ₹62,47,920  ·  Total interest ≈ ₹32,47,920

• Most home loans are floating-rate; the EMI or tenure changes when the benchmark rate resets. This calculator assumes a fixed rate for the tenure.
• Total interest over a long tenure can approach or exceed the principal itself.
• Partial prepayments reduce the outstanding principal and can dramatically cut total interest.
• Processing fees, stamp duty, insurance and GST are not included.

Should I choose a longer or shorter tenure?
A longer tenure lowers the EMI but raises total interest substantially; a shorter tenure does the opposite.

Does prepayment help?
Yes — prepaying early in the schedule, when interest forms most of the EMI, saves the most.

Is the rate fixed?
Many home loans are floating; confirm your loan type, as floating rates change the actual EMI over time.