How do I calculate my home loan EMI?

Quick answer: EMI = P × r × (1+r)^n / ((1+r)^n - 1). Or use a calculator.

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Full explanation

EMI formula: P (principal) × r (monthly interest rate) × (1+r)^n / ((1+r)^n - 1). Where r = annual rate / 12, n = tenure in months. Example: ₹50 lakh loan at 8.5% for 20 years: monthly rate = 8.5/1200 = 0.00708, n = 240. EMI = 5,000,000 × 0.00708 × (1.00708)^240 / ((1.00708)^240 - 1) ≈ ₹43,391/month. Total interest paid: ₹43,391 × 240 - ₹50L = ₹54.1 lakh. Use the home loan EMI calculator and experiment with prepayment to reduce total interest.