EMI Calculator

What Is an EMI?

An EMI (equated monthly instalment) is the fixed amount you pay every month to repay a loan. Each EMI covers that month's interest plus a slice of the loan itself. In the early years most of the EMI is interest; towards the end most of it repays the principal. This calculator shows your EMI, the total interest and a year-by-year schedule for home, car, personal and education loans.

How to Use It

1. Pick a loan type to load typical values, or type your own.
2. Enter the loan amount, the yearly interest rate and the tenure in years or months.
3. Read the EMI and total interest, and scroll the schedule to see how the balance falls.
4. Download the schedule as a CSV file to open in Excel or Google Sheets.

Example

A home loan of ₹35,00,000 at 8.5% for 20 years has an EMI of ₹30,374. Over 240 months you pay ₹72,89,715 in total, of which ₹37,89,715 is interest - more than the loan itself. In the first year only ₹69,658 of your ₹3,64,486 in payments reduces the loan; the rest is interest.

The EMI Formula

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Banks use the same reducing-balance method, so the interest each month is charged only on what you still owe.

Ways to Pay Less Interest

• A shorter tenure raises the EMI but cuts the total interest sharply.
• Even small part payments early in the loan save a lot - try the Loan Prepayment Calculator.
• Compare offers on the total cost, including processing fees, not just the rate.

Limitations

The calculator assumes a fixed rate for the whole tenure. Floating-rate loans change when the bank's benchmark rate changes, and banks usually adjust the tenure rather than the EMI. Processing fees, insurance bundled into the loan and the exact first-EMI date are not included. For a US-style payment with property tax and insurance, use the Mortgage Calculator.