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- 12 month
- 360 months
Your Monthly EMI is ₹13,432
Home Loan Amortization Schedule
Below Home Loan Amortization table illustrating how much goes towards principal and interest over time. The below table is based on the above calculator’s inputs.
Home Loan EMI Calculator Overview
The ICICI Bank Home Loan Calculator is your go-to tool for easily estimating your monthly EMI. With just a few inputs - loan amount, interest rate, and tenure - you can quickly find out your EMIs. Our home loan interest rate calculator offers a user-friendly interface and accurate calculations, making it simple to plan your budget and make informed decisions. Take the guesswork out of home loan calculations and use our home loan calculator today to pave the way for your dream home.
How to calculate Home Loan EMI?
All online home loan calculators rely on a specific formula to calculate home loan EMI amount. Our home loan EMI calculator uses a simple mathematical equation to ensure accurate results for your financial planning. Here’s the formula used:
The formula to calculate home loan EMI is:
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]
Where:
P = Principal loan amount
N = Loan tenure in months
R = Monthly interest rate
The monthly interest rate (R) is calculated as the annual rate of interest divided by 12 and then by 100. For example, with a loan amount of Rs. 10,00,000, an illustrative annual interest rate of 7.25%, and a tenure of 120 months, the EMI would be approximately Rs. 11,740.
How to use ICICI Bank's Home Loan EMI Calculator?
The home loan calculator comes in handy for financial planning purposes allowing you to grasp your obligations and evaluate how various loan terms impact your EMI and total interest expenses.
- To get started with the ICICI Banks Home Loan EMI Calculator you'll need to begin by entering details, like the loan amount, tenure and interest rate.
- You can also adjust and slide between a loan amount, interest rate, and tenure.
- After inputting all the required information simply click on the 'Calculate' button.
- The calculator will then show you an estimate of your EMI, repayment amount and the overall interest that you'll pay over the course of your loan.
Home Loan EMI Calculator FAQs
What is a Home Loan EMI?
EMI is the abbreviation for Equated Monthly Instalment. Your home loan EMI is the monthly payment that you make to repay the home loan as per the amortisation schedule.
What is a Home Loan amortisation schedule?
A home loan amortization schedule is a chart that shows the following:
- Outstanding balance before payment of each EMI
- The amount of EMI payable
- The contribution towards the repayment of the principal
- The contribution towards the interest component
- The balance of loan outstanding after the payment of each EMI.
How are the principal and the interest due paid through EMIs?
Each EMI repays a part of the principal (or the amount borrowed) and the interest due on that principal outstanding. The proportion of each EMI used for repayment of the principal and the interest changes over time. The first few EMIs contribute more towards the payment of interest and less towards repayment of principal. But the later EMIs contribute more towards the repayment of the principal.
Banks and financial institutions generally calculate EMIs using a common mathematical formula. So, the EMI calculated and the amortisation schedule given by different banks and NBFCs will typically be similar for a given loan amount, tenure and interest rate. This also means that with the payment of each EMI, the pattern of reduction of the principal due, generally follows a similar trend across all financial institutions.
It is a well-known fact that the initial EMIs contribute more towards payment of interest due as compared to the principal amount. However, during the tenure of the loan, subsequent EMIs contribute more towards repayment of principal amount as compared to previous EMIs.
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