EMI Calculator

An EMI (equated monthly instalment) is the fixed amount you pay the lender every month until the loan is closed. Each EMI covers that month’s interest first, and whatever is left reduces the amount you still owe.

Tenure in
Results update as you type.

Monthly EMI

₹8,678

240 payments of ₹8,678.23

Principal
₹10,00,00010 lakh
Total interest
₹10,82,77610.83 lakh
Total amount payable
₹20,82,77620.83 lakh

Where your payments go

  • Principal₹10,00,00048%
  • Interest₹10,82,77652%
Year-by-year repayment schedule
Year-by-year repayment schedule
YearPrincipal paidInterest paidBalance left
1₹19,902₹84,236₹9,80,098
2₹21,661₹82,477₹9,58,436
3₹23,576₹80,563₹9,34,860
4₹25,660₹78,479₹9,09,200
5₹27,928₹76,211₹8,81,272
6₹30,397₹73,742₹8,50,875
7₹33,084₹71,055₹8,17,791
8₹36,008₹68,131₹7,81,784
9₹39,191₹64,948₹7,42,593
10₹42,655₹61,484₹6,99,938
11₹46,425₹57,714₹6,53,513
12₹50,529₹53,610₹6,02,985
13₹54,995₹49,144₹5,47,990
14₹59,856₹44,283₹4,88,134
15₹65,147₹38,992₹4,22,987
16₹70,905₹33,234₹3,52,082
17₹77,172₹26,966₹2,74,910
18₹83,994₹20,145₹1,90,916
19₹91,418₹12,721₹99,498
20₹99,498₹4,640₹0

About this calculator

Enter the loan amount, the yearly interest rate and the tenure. The calculator gives you the EMI, the total interest over the whole loan and a year-by-year schedule showing how the balance falls. It works the same way for home, car, two-wheeler, personal and education loans, as long as the rate stays fixed.

How to use it

  1. Enter the loan amount you will actually receive, not the price of the house or car.
  2. Enter the yearly interest rate from your sanction letter or the lender’s quote.
  3. Enter the tenure and choose whether it is in years or months.
  4. Read the EMI and the total interest, then open the schedule to see each year’s split.

The formula

EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
P
the loan amount (principal)
r
the monthly interest rate: yearly rate ÷ 12 ÷ 100
n
the number of monthly instalments

When the rate is 0%, the formula divides by zero, so the EMI is simply P ÷ n.

Worked example

A ₹5 lakh car loan at 9.5% for 5 years

  1. P = ₹5,00,000, r = 9.5 ÷ 12 ÷ 100 = 0.0079167, n = 5 × 12 = 60.
  2. (1 + r)60 = 1.60501.
  3. EMI = 5,00,000 × 0.0079167 × 1.60501 ÷ 0.60501 = ₹10,500.93.
  4. Total paid over 60 months = ₹6,30,056, of which ₹1,30,056 is interest.

What the result means

The EMI is what leaves your account each month. The total interest is the real cost of borrowing: on long home loans it is often close to, or more than, the amount borrowed.

Look at the schedule. In the early years most of each EMI goes to interest; the principal share grows every year. That is why part-prepayments made early in a loan save far more interest than the same amount paid near the end.

Many lenders suggest keeping all EMIs together within roughly 40–50% of your take-home pay. That is a rule of thumb they use, not a limit this calculator applies.

Assumptions

  • The interest rate stays the same for the whole tenure.
  • Interest is charged monthly on the reducing balance, which is how Indian banks and housing finance companies calculate retail loans.
  • The first EMI is paid one month after the loan is disbursed.
  • Processing fees, insurance, GST on fees and pre-EMI interest are not included.

Limitations

  • Floating-rate loans change when the lender’s benchmark rate changes. Lenders usually keep the EMI the same and extend the tenure instead, so the real schedule will differ.
  • Flat-rate loans, which some dealers and NBFCs quote, charge interest on the original amount for the whole term. This calculator does not handle flat rates, and a flat rate of 9% costs far more than a reducing rate of 9%.
  • Lenders round EMIs to the rupee and may adjust the last instalment, so totals can differ by a few rupees.

Frequently asked questions

Does a longer tenure make a loan cheaper?

No. A longer tenure lowers the EMI but raises the total interest, because you owe money for longer. At 8.5%, a ₹10 lakh loan costs about ₹4.9 lakh in interest over 10 years and about ₹10.8 lakh over 20 years.

Why is most of my early EMI going to interest?

Interest is charged on the balance you still owe. At the start the balance is at its highest, so the interest part is too. As the balance falls, more of each EMI goes to principal.

Can I use this for a home loan?

Yes. Home loan EMIs use the same reducing-balance formula. Enter the sanctioned loan amount, not the property price, and remember that the rate on most home loans is floating.

Will prepaying part of the loan reduce my EMI?

That depends on your lender. Most reduce the tenure and keep the EMI unchanged unless you ask for a lower EMI. Under RBI rules, banks cannot charge a prepayment penalty on floating-rate loans taken by individuals for purposes other than business.

Is a 0% EMI offer really interest free?

Not always. Some no-cost EMI schemes add a processing fee or remove a discount you would otherwise get. Compare the total you pay with the cash price.

For information only. This calculator gives estimates based on the figures you enter and the assumptions listed above. It is not financial advice. Actual amounts depend on the lender’s or institution’s terms, fees, rounding and rate changes. Please confirm with them before you decide.

Last reviewed on 29 September 2026. Found a mistake? Tell us.