Calculator
EMI Calculator
An EMI (Equated Monthly Instalment) is the fixed amount you repay each month on a loan — part interest, part principal. This calculator shows your EMI, the total interest you will pay over the tenure, and the total amount repaid, for any home, car, personal, or business loan. Adjust the amount, interest rate, and tenure to see exactly how each one changes your monthly outflow before you sign a loan agreement.
The amount you borrow (sanctioned principal).
Annual rate as quoted by the lender.
Loan duration in years.
Principal vs interest paid each year
- Principal
- Interest
Assumes a fixed interest rate and equal monthly instalments. Floating-rate loans will vary as the rate resets. Excludes processing fees, insurance, and GST on charges.
What your result means
- Keep all your EMIs together under about 40–45% of take-home pay — banks use this same FOIR limit, and so should you.
- Early in the loan, most of each EMI is interest and very little is principal — which is exactly why prepaying in the first few years saves the most.
- A longer tenure shrinks the EMI but quietly inflates total interest; a shorter tenure costs more per month but far less overall.
How to use this calculator
- Enter the loan amount the lender will sanction (the principal).
- Enter the annual interest rate exactly as quoted — do not divide it yourself.
- Set the tenure in years.
- Read the monthly EMI, then check total interest — that is the real cost of the loan.
- Try a shorter tenure to see how much interest you save versus the higher EMI.
The formula
EMI = [P × r × (1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1], where P = principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), and n = number of monthly instalments (years × 12). Total interest = (EMI × n) − P.
Worked example
On a ₹25,00,000 home loan at 9% per year for 20 years: r = 0.0075/month, n = 240. EMI works out to about ₹22,493 per month. Over 20 years you repay roughly ₹53,98,000 — meaning ₹28,98,000 is interest, more than the original loan. Cutting the tenure to 15 years raises the EMI to about ₹25,357 but reduces total interest to roughly ₹20,64,000 — a saving of over ₹8 lakh.
When to use it
- Comparing two loan offers with different rates or tenures.
- Checking whether an EMI fits inside your monthly budget before applying.
- Deciding between a longer tenure (lower EMI) and a shorter one (less total interest).
- Estimating the EMI impact of a part-prepayment by re-running with a lower principal.