EMI Calculator
Work out the monthly EMI for a home, car, personal or education loan, see how much goes to interest each year, and find out how much an extra payment every month saves.
At a glance
- Uses the standard reducing-balance formula EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where r is the monthly interest rate and n the number of months.
- Shows the monthly EMI, total interest, total amount payable and the principal-to-interest split.
- Builds a full month-by-month and year-by-year repayment schedule, downloadable as a CSV file.
- Models an extra monthly prepayment and reports the interest saved and how much sooner the loan closes.
- Supports rupees (with lakh/crore formatting), US dollars, euros, pounds and UAE dirhams.
- Example: ₹50 lakh at 8.5% for 20 years gives an EMI of ₹43,391 and total interest of ₹54,13,879.
- Everything is calculated in your browser; nothing you enter is stored or sent anywhere.
Step by step
How to calculate your EMI
- 1
Enter the loan amount
Type the amount you will borrow or drag the slider. Pick your currency if it isn’t rupees.
- 2
Enter the interest rate
Use the annual rate from your lender’s offer, for example 8.5%.
- 3
Set the tenure
Choose the repayment period in years or months. Longer tenures lower the EMI but raise the total interest.
- 4
Read the results
Your EMI, total interest and total payable appear instantly. Add an extra monthly payment to see how prepaying helps, and download the schedule if you need it.
Features
Everything you need, nothing you don’t
Instant, exact EMI
Change the amount, rate or tenure with a slider or by typing, and the EMI and totals update immediately — to the rupee.
Yearly breakdown chart
See how each year’s payments split between principal and interest. Early years are mostly interest; the chart shows exactly how that shifts.
Full repayment schedule
Switch between a yearly and a monthly table showing principal, interest and the balance left, then download it as CSV for Excel or Google Sheets.
Prepayment planner
Add an extra amount every month to see the interest you save and how many years sooner the loan is closed.
Indian number format
Amounts appear as ₹50,00,000 with “50 lakh” written out, and the chart axis uses L and Cr, so large numbers are easy to read.
Works for any loan
Home loans, car loans, personal loans, education loans and mortgages all use the same formula — just enter your figures.
What is an EMI?
An EMI (equated monthly instalment) is the fixed amount you pay your lender every month until a loan is repaid. Each EMI covers that month’s interest on the outstanding balance, and the rest reduces the principal. Because the balance falls over time, the interest part of each EMI shrinks and the principal part grows — even though the EMI itself stays the same.
The EMI formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
Here P is the loan amount, r is the monthly interest rate (the annual rate ÷ 12 ÷ 100), and n is the number of monthly payments. For ₹10,00,000 at 10% a year for 20 years: r = 10 ÷ 12 ÷ 100 = 0.008333 and n = 240, which gives an EMI of ₹9,650. Over 20 years you would repay ₹23,16,052, of which ₹13,16,052 is interest.
EMI for a ₹10 lakh loan at different rates
Monthly EMI, rounded to the nearest rupee. Scale in proportion for other amounts: a ₹50 lakh loan has five times the EMI.
| Tenure | 8% | 8.5% | 9% | 10% | 12% |
|---|---|---|---|---|---|
| 5 years | ₹20,276 | ₹20,517 | ₹20,758 | ₹21,247 | ₹22,244 |
| 10 years | ₹12,133 | ₹12,399 | ₹12,668 | ₹13,215 | ₹14,347 |
| 15 years | ₹9,557 | ₹9,847 | ₹10,143 | ₹10,746 | ₹12,002 |
| 20 years | ₹8,364 | ₹8,678 | ₹8,997 | ₹9,650 | ₹11,011 |
| 25 years | ₹7,718 | ₹8,052 | ₹8,392 | ₹9,087 | ₹10,532 |
| 30 years | ₹7,338 | ₹7,689 | ₹8,046 | ₹8,776 | ₹10,286 |
How prepayment saves money
Any amount you pay on top of the EMI goes straight to the principal, so every later month charges interest on a smaller balance. Take a ₹50 lakh home loan at 8.5% for 20 years: the EMI is ₹43,391 and the total interest ₹54,13,879. Paying just ₹5,000 extra every month closes the loan in 15 years 7 months instead of 20 and saves about ₹13.9 lakh in interest.
Prepayments save the most early in the loan, when the balance — and so the interest — is highest. Many lenders also let you keep the tenure and reduce the EMI instead; this calculator shows the “shorter tenure” option, which saves more interest.
How to lower your EMI or total interest
- Make a bigger down payment. Every rupee you don’t borrow saves interest for the whole tenure.
- Compare interest rates. On a ₹50 lakh, 20-year loan, 0.5% lower rate cuts the EMI by roughly ₹1,600 a month.
- Choose the shortest tenure you can afford. A longer tenure lowers the EMI but multiplies the total interest.
- Prepay whenever you can, especially in the first years. Check your loan agreement for any prepayment charges first.
- Keep your EMIs affordable. A common rule of thumb is to keep all EMIs together below 40–50% of your monthly take-home income.
FAQ
Frequently asked questions
How is EMI calculated?
Why is my bank’s EMI slightly different?
Does a longer tenure save money?
Is it better to reduce the EMI or the tenure after a prepayment?
Can I calculate EMI for a car, personal or education loan?
Does this work for a flat-rate loan?
Can I download the repayment schedule?
Is my data saved?
Keep going
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