EMI stands for Equated Monthly Installment. It is the fixed amount a borrower pays to a lender every month until the loan is fully repaid. Each EMI payment covers a portion of the outstanding principal and the interest accrued on the remaining balance.

The calculator uses the standard reducing-balance formula: EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate divided by 12 and by 100), and n is the total number of monthly installments (years × 12).

You can reduce your monthly EMI by increasing the loan tenure (spreading payments over more months), negotiating a lower interest rate, or making a larger down payment to reduce the principal. Keep in mind that a longer tenure reduces monthly EMI but increases total interest paid.

EMI uses a reducing-balance (amortization) method where each payment first covers the interest on the outstanding balance and then reduces the principal. Simple interest calculations apply interest only on the original principal throughout the loan period, which gives different totals.

Yes. Enter the home loan amount as the principal, the lender's annual interest rate, and the tenure (typically 15 to 30 years). The calculator will show your monthly mortgage payment, total interest over the full term, and total amount repaid.

A longer tenure lowers your monthly EMI because payments are spread over more months, but the principal remains outstanding for a longer period, accruing interest at each compounding cycle. The cumulative interest therefore grows with tenure even though individual payments are smaller.

If the interest rate is 0 or left empty, the calculator will not display results because the EMI formula requires a positive rate. For a zero-interest arrangement, simply divide the loan amount by the number of months to get the monthly installment.

This calculator assumes a fixed interest rate for the entire tenure. For floating-rate loans, you would need to recalculate whenever the rate changes. You can use this tool to estimate EMI at any given rate snapshot to understand the impact of rate changes on your monthly payment.