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EMI Calculator

Calculate monthly EMI, total interest and repayment.

How to use this tool

Steps for using the EMI Calculator.

  1. Pick a loan type — Home Loan, Car Loan, Personal Loan or Education Loan — to start from typical values, or Custom to enter your own.
  2. Set the Loan Amount, Interest Rate (Per Year) and Loan Tenure by typing or dragging the sliders. Switch the tenure between years and months, and choose Reducing balance or Flat rate under Interest Type.
  3. Read your Monthly EMI, Total Interest and Total Payment; the donut chart shows how much of what you repay is interest.
  4. Scroll to the EMI Schedule for the month-by-month split of principal and interest, open the yearly chart, or Download CSV. Set the month of your first EMI under Loan End Date.

Example

Home loan of ₹50 lakh at 8.5% for 20 years

Loan
Loan amount: ₹50,00,000
Interest rate: 8.5% per year
Tenure: 20 years (240 months)
Result
Monthly EMI: ₹43,391
Total interest: ₹54,13,879
Total payment: ₹1,04,13,879
First month: ₹7,974 principal + ₹35,417 interest

Common use cases

  • Checking what monthly EMI a home, car or personal loan would mean before you apply
  • Comparing tenures — how much extra interest a 25-year loan costs over 20 years
  • Seeing how much of each payment goes to interest in the first years
  • Planning a budget around a fixed monthly instalment
  • Exporting a month-by-month schedule to a spreadsheet

How EMI is calculated

An EMI (equated monthly instalment) is the fixed amount you pay every month until a loan is repaid. It is worked out with the standard reducing-balance formula EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly interest rate (the annual rate ÷ 12 ÷ 100) and n the number of monthly instalments.

Each EMI first pays the interest due on the outstanding balance, and the rest reduces the principal. Early in the loan most of the EMI is interest; as the balance falls, more of each payment goes to principal — which is why the amortization schedule shows the principal part growing every month. The last instalment is adjusted by a few rupees so the balance ends exactly at zero.

A longer tenure lowers the EMI but raises the total interest; a lower rate or a part-prepayment reduces both. Use the sliders to compare scenarios side by side.

Limitations

  • Assumes a fixed interest rate for the whole tenure. Floating-rate loans change when the lender resets the rate.
  • Processing fees, insurance, taxes and prepayment charges are not included — ask your lender for the full cost.
  • Lenders may round the EMI or calculate interest daily, so their figures can differ by a few rupees.

Frequently asked questions

What is EMI?

EMI stands for Equated Monthly Instalment — the fixed amount you repay each month. It covers the interest for that month plus part of the loan amount, so the loan is fully repaid at the end of the tenure.

How does the tenure affect my EMI?

A longer tenure spreads the loan over more months, so each EMI is smaller — but you pay interest for longer, so the total interest is higher. For ₹50 lakh at 8.5%, a 20-year loan costs about ₹54 lakh in interest; 30 years costs about ₹88 lakh.

What is the difference between flat and reducing balance interest?

With a reducing (diminishing) balance, interest each month is charged only on what you still owe, so it falls as you repay. With a flat rate, interest is charged on the full original amount for the whole tenure. The same headline rate therefore costs much more when it is flat: a 9.5% flat rate on a 5-year loan is about 16.5% on a reducing balance. Choose the method your lender uses under Interest Type — the calculator shows the equivalent reducing rate for flat loans.

Why is so much of my early EMI interest?

Interest is charged on the outstanding balance, which is highest at the start. As you repay principal, the interest portion shrinks and the principal portion grows — the schedule shows this month by month.

Is my data sent anywhere?

No. All calculations run in your browser and nothing you enter is uploaded or stored.