Home Loan EMI Calculator 2026
Calculate your monthly mortgage EMI, total interest payable, prepayment savings, and home loan eligibility — all in one free tool. No signup, no data stored.
EMI, Prepayment, or Eligibility?
Three purpose-built tools for every stage of your home loan journey. Pick the one that matches your planning needs.
Home Loan EMI Calculator
Enter your loan details to calculate monthly EMI and total cost
Calculations are currency-agnostic; this only affects display formatting.
Includes interest tax deduction estimates where applicable.
EMI Results
Your monthly mortgage payment and total cost
Adjust the sliders and inputs on the left, then click Calculate My Monthly EMI to see your results.
Prepayment Savings Calculator
See how extra payments can shorten your loan and save interest
Additional payment beyond your regular EMI.
Fixed-rate loans may charge a penalty; floating-rate loans usually don’t.
Prepayment Results
Time and interest saved with extra payments
Enter your loan details and extra payment plan, then click Calculate My Savings to see how prepayment helps you.
Home Loan Eligibility Calculator
Estimate how much you can borrow based on your income
Most lenders cap obligations at 40-50% of net income.
Savings available to put toward the property purchase.
Eligibility Results
Your maximum loan amount and purchase budget
Enter your income and obligations, then click Calculate My Eligibility to see how much you can borrow.
Home Loan Rates & Affordability
Indicative 2026 mortgage rates and EMI figures for common loan amounts at 6.5% annual interest over 25 years. Actual rates vary by lender, credit score, and property type.
| Loan Amount | Monthly EMI (6.5%, 25yr) | Total Interest Paid |
|---|---|---|
| $100,000 | $675 | $102,500 |
| $200,000 | $1,350 | $205,000 |
| $300,000 | $2,025 | $307,500 |
| $500,000 | $3,375 | $512,500 |
| $750,000 | $5,062 | $768,750 |
| $1,000,000 | $6,750 | $1,025,000 |
| $1,500,000 | $10,125 | $1,537,500 |
| Loan Type | Typical Rate (2026) | Down Payment |
|---|---|---|
| Owner-Occupied (Fixed) | 6.0 – 7.0% | 10 – 20% |
| Owner-Occupied (Variable) | 5.8 – 6.8% | 10 – 20% |
| Investment Property | 6.5 – 8.0% | 20 – 30% |
| First Home Buyer | 5.5 – 6.5% | 5 – 10% (govt schemes) |
| Commercial Property | 7.0 – 9.5% | 25 – 40% |
| Construction Loan | 6.5 – 8.0% | Progressive draws |
Home Loan EMI FAQ
Everything homeowners and buyers ask before taking a mortgage.
EMI is calculated using the formula EMI = P × r × (1+r)^n / [(1+r)^n − 1], where P is the loan principal (amount borrowed), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly instalments. This formula gives the fixed monthly amount that covers both principal and interest over the loan tenure.
Lenders typically cap your total monthly obligations (existing EMIs plus the new home loan EMI) at 40-50% of your net monthly income. For example, with a net income of £4,000 per month and no other debts, you could afford an EMI of roughly £1,600-£2,000. At 6% interest over 25 years, that translates to approximately £250,000-£315,000 in loan eligibility.
Prepaying your home loan reduces the total interest you pay over the tenure. Most lenders allow penalty-free prepayments on floating-rate loans, while fixed-rate loans may charge 1-3% of the prepaid amount. Even small extra payments (10-15% of your EMI) can shorten your tenure by several years and save substantial interest.
Home loan benefits vary by country. In India, Section 24(b) allows deduction up to ₹2 lakh on interest paid, and Section 80C allows up to ₹1.5 lakh on principal repayment. In the UK, mortgage interest relief is limited to landlords. In Australia, negative gearing benefits apply to investment properties. Always check your local tax laws.
A fixed interest rate stays the same throughout the loan tenure (or a locked period), giving you predictable EMIs. A floating (variable) rate fluctuates with the central bank’s benchmark rate, meaning your EMI or tenure adjusts over time. Fixed rates offer stability but are typically 1-2% higher than floating rates initially.
A longer tenure reduces your monthly EMI but increases total interest paid over the life of the loan. For example, on a $200,000 loan at 6%, a 15-year tenure gives an EMI of $1,686 with $103,483 total interest, while a 30-year tenure drops EMI to $1,199 but raises total interest to $231,689. Choose the shortest tenure you can comfortably afford.
Your EMI only covers principal and interest. It does not include property taxes, home insurance, maintenance costs, stamp duty, registration fees, mortgage insurance (PMI/LMI), or processing fees charged by the lender. These should be budgeted separately when calculating your true cost of homeownership.