Mortgage Calculator India — EMI, Interest & Tax Benefits
Calculate home loan EMI, total interest, year-wise amortisation, Section 24(b) tax savings, and prepayment impact. Free mortgage calculator for India.
Prepayment analysis
Year-wise amortisation
| Year | Opening | Principal | Interest | Closing |
|---|---|---|---|---|
| 1 | ₹40,00,000 | ₹79,609 | ₹3,36,946 | ₹39,20,391 |
| 2 | ₹39,20,391 | ₹86,646 | ₹3,29,909 | ₹38,33,745 |
| 3 | ₹38,33,745 | ₹94,305 | ₹3,22,251 | ₹37,39,440 |
| 4 | ₹37,39,440 | ₹1,02,640 | ₹3,13,915 | ₹36,36,800 |
| 5 | ₹36,36,800 | ₹1,11,713 | ₹3,04,842 | ₹35,25,087 |
| 6 | ₹35,25,087 | ₹1,21,587 | ₹2,94,968 | ₹34,03,500 |
| 7 | ₹34,03,500 | ₹1,32,334 | ₹2,84,221 | ₹32,71,166 |
| 8 | ₹32,71,166 | ₹1,44,031 | ₹2,72,524 | ₹31,27,134 |
| 9 | ₹31,27,134 | ₹1,56,763 | ₹2,59,793 | ₹29,70,372 |
| 10 | ₹29,70,372 | ₹1,70,619 | ₹2,45,936 | ₹27,99,753 |
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Frequently Asked Questions
Quick answers to common questions
How is home loan EMI calculated?+
EMI = P × r × (1+r)^n / ((1+r)^n - 1). Where P = principal loan amount, r = monthly interest rate (annual rate / 12 / 100), n = loan tenure in months. Example: ₹50L loan, 8.5% rate, 20 years. r = 8.5/12/100 = 0.00708. n = 240. EMI = ₹43,391 per month.
What is Section 24(b) tax benefit on home loans?+
Section 24(b) allows deduction on home loan interest paid: up to ₹2 lakh per year on a self-occupied property (under old tax regime). For rented property, the entire interest is deductible (no cap). Under the new tax regime, Section 24(b) deduction is not available for self-occupied properties.
How does prepayment affect home loan tenure?+
Prepayment reduces the outstanding principal, reducing future interest. A ₹5L prepayment on a ₹50L, 20-year loan at 8.5% in year 5 saves approximately ₹8-12L in total interest and reduces tenure by 2-3 years. Most Indian banks allow prepayment without penalty for floating rate loans.