What is an EMI Calculator?
An EMI (Equated Monthly Instalment) is the fixed amount you pay every month to repay a loan. Each EMI has two parts: interest and principal.
This calculator shows your EMI, the total interest you will pay, and a year-by-year repayment schedule for home, car or personal loans.
How it helps you
- Know your EMI before you borrow.
- See the total interest over the full tenure.
- Understand how the interest and principal split changes over time.
- Compare different loan amounts, rates and tenures.
How it is calculated
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- P
- Loan amount
- r
- Monthly interest rate = yearly rate ÷ 12 ÷ 100
- n
- Tenure in months
You borrow ₹30,00,000 for 20 years at 8.5% a year.
- 1r = 8.5 ÷ 12 ÷ 100 ≈ 0.708%, n = 240
- 2EMI = 30,00,000 × r × (1 + r)²⁴⁰ ÷ ((1 + r)²⁴⁰ − 1)
- 3In year 1, about ₹2,52,709 goes to interest and only ₹59,707 to principal
EMI ≈ ₹26,035; total interest ≈ ₹32,48,327; total payment ≈ ₹62,48,327.
How to use the EMI Calculator
- 1Enter the loan amount.
- 2Enter the interest rate and the tenure.
- 3Read the EMI, total interest and total payment, and open the year-wise schedule.
Frequently asked questions
Why is most of my early EMI interest?
Interest is charged on the outstanding balance, which is highest at the start. As you repay principal, the interest part falls and the principal part rises.
Does a longer tenure reduce my cost?
A longer tenure lowers the EMI but increases the total interest paid.
Do prepayments help?
Yes. Prepaying early in the tenure reduces the outstanding balance and saves the most interest. Check your lender's prepayment terms.
Is the EMI fixed for a floating-rate loan?
If the rate changes, the lender may change the EMI or the tenure. The calculator assumes a fixed rate.
Does the EMI include fees?
No. Processing fees, insurance and other charges are extra.