EMI calculator

Enter the loan amount, annual interest rate and tenure to get your monthly EMI (equated monthly instalment), the total interest you'll pay and a year-by-year schedule showing how each payment splits between principal and interest. It works for home loans, car loans, personal loans and mortgages in any currency.

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Result

Monthly EMI
—
Total interest
—
Total payment
—
Principal Interest

Amortisation schedule

PeriodPrincipalInterestTotal paidBalance

EMI formula

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
  • P = loan amount (principal)
  • r = monthly interest rate = annual rate ÷ 12 ÷ 100
  • n = number of monthly instalments

Example: ₹50,00,000 at 8.5% for 20 years. r = 8.5 ÷ 12 ÷ 100 = 0.0070833, n = 240. EMI = ₹43,391. Over 20 years you pay about ₹1.04 crore, of which about ₹54.1 lakh is interest: more than the loan itself.

How an EMI splits between interest and principal

Each month's interest is charged on the balance still owed. Early on, the balance is large, so most of the EMI is interest. As the balance falls, more of each payment goes to principal. In the example above, the first EMI is about ₹35,417 interest and only ₹7,974 principal. Switch the schedule to Monthly to see it month by month.

How tenure and rate change the cost

₹50 lakh at 8.5%EMITotal interest
10 years₹61,993₹24.4 lakh
15 years₹49,237₹38.6 lakh
20 years₹43,391₹54.1 lakh
30 years₹38,446₹88.4 lakh

A longer tenure lowers the EMI but sharply raises the total interest. Going from 20 to 30 years saves under ₹5,000 a month but costs over ₹34 lakh more in interest.

Ways to pay less interest

  • Prepay early. Extra payments in the first few years cut the most interest, because they reduce the balance that every later month's interest is charged on.
  • Keep the EMI, shorten the tenure. When you prepay, ask the lender to reduce the tenure rather than the EMI.
  • Compare rates after a few years. On floating-rate home loans, moving to a lower rate (a balance transfer) can save a lot. In India, banks can't charge a foreclosure or prepayment penalty on floating-rate home loans to individuals.
  • Mind processing fees. They're part of the real cost of the loan. Add them when comparing offers.

For the other side of the coin, see how the same monthly amount could grow with the SIP calculator.

Frequently asked questions

What is an EMI?
An equated monthly instalment: a fixed monthly payment that repays a loan, with interest, over a set number of months. Each EMI covers that month's interest plus part of the principal.
How is EMI calculated?
With the formula EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly interest rate (annual rate ÷ 12 ÷ 100) and n the number of months.
Does this work for mortgages outside India?
Yes. A monthly mortgage repayment on an amortising (capital-and-interest) loan uses the same formula. Choose your currency; the result is your monthly payment. It doesn't include taxes, insurance or fees.
Is the EMI the same for flat-rate loans?
No. Some car and personal loans quote a "flat" rate charged on the original amount for the whole term. Because you keep paying interest on money you have already repaid, the real (reducing-balance) rate can be close to double the quoted flat rate. This calculator uses the reducing-balance method that banks use for home loans.
Why does the bank's EMI differ slightly?
Lenders may round differently, count days instead of months, or charge "broken period" interest for the days before the first EMI. The difference is usually a few rupees.

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