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 over the tenure, the total amount repaid, and a year-by-year amortization split, for any home, car, personal, education, or business loan. Add optional fees, a prepayment, or your income to see the effective cost, the interest you could save, and how heavy the EMI is — then compare offers before you sign a loan agreement.
In shortAn EMI calculator estimates your fixed monthly loan payment from the loan amount, annual interest rate, and tenure using the standard EMI formula, and shows the total interest, total repayment, and the principal-vs-interest split over time. For example, a ₹25,00,000 loan at 9% for 20 years has an EMI of about ₹22,493, with ₹28,98,356 total interest and ₹53,98,356 total payable.
The amount you borrow (sanctioned principal).
Annual rate as quoted by the lender — do not divide it yourself.
Loan duration in years.
Advanced assumptions
One-time fee charged upfront by the lender.
Loan-protection insurance or other upfront charges, if any.
A lump sum you pay toward principal. Shown as tenure reduction.
Which year the lump sum is paid (used only if a prepayment is entered).
For an educational EMI-to-income check. Leave 0 to skip.
Principal vs interest paid each year
- Principal
- Interest
View yearly breakdown
| Year | Principal | Interest | Total | Closing balance |
|---|---|---|---|---|
| Y1 | ₹46,818 | ₹2,23,100 | ₹2,69,918 | ₹24,53,182 |
| Y2 | ₹51,210 | ₹2,18,708 | ₹2,69,918 | ₹24,01,973 |
| Y3 | ₹56,013 | ₹2,13,904 | ₹2,69,918 | ₹23,45,959 |
| Y4 | ₹61,268 | ₹2,08,650 | ₹2,69,918 | ₹22,84,691 |
| Y5 | ₹67,015 | ₹2,02,903 | ₹2,69,918 | ₹22,17,676 |
| Y6 | ₹73,302 | ₹1,96,616 | ₹2,69,918 | ₹21,44,375 |
| Y7 | ₹80,178 | ₹1,89,740 | ₹2,69,918 | ₹20,64,197 |
| Y8 | ₹87,699 | ₹1,82,219 | ₹2,69,918 | ₹19,76,498 |
| Y9 | ₹95,926 | ₹1,73,992 | ₹2,69,918 | ₹18,80,572 |
| Y10 | ₹1,04,924 | ₹1,64,993 | ₹2,69,918 | ₹17,75,647 |
| Y11 | ₹1,14,767 | ₹1,55,151 | ₹2,69,918 | ₹16,60,880 |
| Y12 | ₹1,25,533 | ₹1,44,385 | ₹2,69,918 | ₹15,35,347 |
| Y13 | ₹1,37,309 | ₹1,32,609 | ₹2,69,918 | ₹13,98,038 |
| Y14 | ₹1,50,189 | ₹1,19,728 | ₹2,69,918 | ₹12,47,849 |
| Y15 | ₹1,64,278 | ₹1,05,640 | ₹2,69,918 | ₹10,83,571 |
| Y16 | ₹1,79,689 | ₹90,229 | ₹2,69,918 | ₹9,03,882 |
| Y17 | ₹1,96,545 | ₹73,373 | ₹2,69,918 | ₹7,07,338 |
| Y18 | ₹2,14,982 | ₹54,936 | ₹2,69,918 | ₹4,92,356 |
| Y19 | ₹2,35,149 | ₹34,769 | ₹2,69,918 | ₹2,57,207 |
| Y20 | ₹2,57,207 | ₹12,711 | ₹2,69,918 | ₹0 |
Assumes a fixed rate and equal monthly instalments on a monthly reducing balance. Floating-rate loans vary at each reset; fees, insurance, and GST on charges are excluded unless entered.
What your result means
- A common rule of thumb is to keep all your EMIs together well within take-home pay (often cited around 40–45%) so you can still save and absorb surprises — many lenders apply EMI-to-income or FOIR-style checks, but the exact limit varies by lender.
- 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.
- Open “Advanced assumptions” to add fees, a one-time prepayment, or your income for an EMI-to-income check.
- Use the “EMI if rate +1% / +2%” cards as a floating-rate stress test, and open the breakdown table to see principal, interest, and closing balance each year.
The formula
EMI = [P × r × (1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1], where P = principal, r = monthly interest rate (annual ÷ 12 ÷ 100), and n = number of monthly instalments (years × 12). Total amount payable = EMI × n; total interest = (EMI × n) − P. If the rate is 0%, EMI = P ÷ n and total interest = 0.
Worked example
On a ₹25,00,000 home loan at 9% per year for 20 years: r = 0.0075/month and n = 240. The EMI works out to ₹22,493 a month. Over 20 years you repay ₹53,98,356 in total, of which ₹28,98,356 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. A one-time ₹2,00,000 prepayment in year 3 (reduce-tenure) would shorten the loan and cut total interest further.
Methodology
This calculator uses the standard EMI formula: EMI = [P × r × (1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1], where P is the principal, r is the monthly rate (annual ÷ 12 ÷ 100), and n is the number of months. Total amount payable = EMI × n and total interest = total payable − principal; at 0% the EMI is simply P ÷ n. The amortization schedule is built month by month on a reducing balance, capping each principal component at the outstanding balance so the loan closes cleanly at ₹0. The result cards, chart, breakdown table, stress test, and worked example are all produced by the same engine, so every figure on the page is consistent. It does not include processing fees, insurance, GST, floating-rate resets, daily-reducing-balance differences, moratorium/pre-EMI periods, or lender rounding unless those are entered.
Why results differ across calculators
- Processing fee, insurance, and GST on charges — added over and above the EMI, so the true cost is higher than EMI × months.
- Floating-rate resets — most Indian home loans are floating, so the EMI or tenure changes whenever the benchmark rate moves.
- Daily vs monthly reducing balance — some lenders compute interest daily, giving a slightly different figure from this monthly-reducing estimate.
- Moratorium or pre-EMI — for under-construction property you may pay only interest for a while, changing the schedule.
- Rounding policy and prepayment charges — lenders round EMIs their own way and may levy prepayment/foreclosure charges, which this estimate does not model.
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 how much interest a one-time prepayment could save and how much sooner the loan ends.