EMI Calculator with Tax Benefit
Loan EMI with a year-wise amortisation table and the home-loan (24(b) / 80C) and education-loan (80E) deductions, with Income-tax Act 2025 sections.
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The EMI Calculator works out the monthly instalment on a loan from the amount, interest rate and tenure, and shows a year-by-year amortisation table of principal, interest and balance. For a home loan it shows the interest deductible under Section 24(b) (Section 22(1)(b) from Tax Year 2026-27) and the principal that counts towards the Rs 1.5 lakh limit of Section 80C (Section 123); for an education loan, the interest deduction under Section 80E (Section 129). It is for borrowers planning repayments and their return; it is not a loan offer or advice on any lender.
Use the EMI Calculator with Tax Benefit
Your EMI
Work out the EMI (equated monthly instalment) on a home, education or other loan, see how each year's payments split between principal and interest, and check the tax deduction the interest and principal may give you. The year-wise table follows the financial year (April to March), because deductions are claimed year by year in the return. The interest rate is the one in your loan sanction letter; floating rates change over the tenure, so the schedule is an estimate.
Amortisation table, year by year
Years run April to March. The last two columns show the most each year's payments can give as a deduction under the regime and use selected above, before other limits in your return.
| Year | EMIs | Principal paid | Interest paid | Balance at year end | Interest deduction | Principal (80C / 123) |
|---|---|---|---|---|---|---|
| Total |
Show the month-by-month schedule
| Month | EMI | Principal | Interest | Balance |
|---|
- EMI formula: EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan, r is the yearly rate ÷ 12 ÷ 100 and n is the number of months. Each month, interest is charged on the balance outstanding and the rest of the EMI repays principal, so early EMIs are mostly interest.
- Home loan interest: Section 24(b) of the Income-tax Act, 1961 up to FY 2025-26, and Section 22(1)(b) of the Income-tax Act, 2025 from Tax Year 2026-27. For a self-occupied house the deduction is capped at ₹2,00,000 a year (₹30,000 if the loan is for repairs, or the purchase or construction is not completed within five years from the end of the year of borrowing), and it is not available in the new regime. Where the loan and the house are in joint names, each co-borrower who is also a co-owner claims the share of interest and principal they pay, each within their own limits. For a let-out house the interest is deductible in full against the rent under both regimes, but a resulting loss can be set off against other income only up to ₹2,00,000 in the old regime and not at all in the new regime.
- Interest before possession: interest paid before the year in which construction is completed is allowed in five equal parts from that year, within the same ₹2,00,000 cap for a self-occupied house. This tool does not split out pre-construction interest; add it yourself. Principal repaid before construction is completed gets no 80C / 123 deduction, so start counting principal from the year of completion.
- Home loan principal: repayment of principal on a loan from a bank, housing finance company or other specified lender counts towards the ₹1,50,000 limit of Section 80C (Section 123 read with Schedule XV from Tax Year 2026-27), together with PF, life insurance and other items. Old regime only. The deduction is reversed if the house is sold within five years from the end of the year of possession.
- Education loan interest: Section 80E (Section 129 from Tax Year 2026-27) allows the whole interest paid, with no upper limit, for the year repayment starts and the next seven years (eight years in all). The loan must be from a bank, financial institution or approved charitable institution, for higher education of yourself, your spouse, your children or a student of whom you are the legal guardian. Principal gets no deduction. Old regime only.
- Other loans (car, personal, gold) give no deduction to a salaried individual. Interest on a loan used for business or a profession is a business expense, worked out in the business accounts rather than here.
Other limits apply in the return: the ₹1.5 lakh cap of Section 80C / 123 is shared with your other 80C items (see the 80C Deduction Planner), and whether the old regime is better for you depends on all your deductions (see the New vs Old Regime Comparison).
Law used: Sections 24(b), 80C and 80E of the Income-tax Act, 1961; Sections 22(1)(b), 22(2), 22(5), 123 (Schedule XV), 129 and 202 of the Income-tax Act, 2025. Official sources: the bare Acts on incometaxindia.gov.in and return help on the e-Filing portal.
Frequently Asked Questions
How is the EMI on a loan calculated?
How much home loan interest can I deduct?
Is home loan principal deductible under the new tax regime?
How long can I claim the education loan interest deduction?
Why does my bank's schedule differ slightly from this calculator?
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