EMI Calculator
Calculate your loan EMI, total interest, and full repayment schedule for any home, car, or personal loan — instantly and privately.
About this calculator
An EMI, or Equated Monthly Instalment, is the fixed payment you make to a lender every month until a loan is fully repaid. Each EMI is split between interest on the outstanding balance and repayment of the principal — early on, most of it goes toward interest, and over time more goes toward the principal. This free EMI calculator instantly shows your monthly payment, the total interest you will pay, the total amount payable, and a complete month-by-month amortization schedule.
Use it to plan a home loan, car loan, personal loan, or education loan. Home loans typically run 10–30 years at lower rates, car loans 3–7 years, and personal loans 1–5 years at higher rates — so the same amount produces very different EMIs depending on the rate and tenure. Try a few combinations to find a payment that fits your budget. A longer tenure lowers the EMI but increases total interest, while prepaying reduces both the tenure and the interest you pay.
How EMI is calculated
The EMI uses the reducing-balance formula EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Interest is charged only on the outstanding balance, which is how home, car and personal loans actually work — not on the full amount for the whole term.
Worked example
Take a ₹5,00,000 loan at 10% per year for 5 years (60 months). The monthly rate is 10 ÷ 12 ÷ 100 = 0.00833. Plugging into the formula gives an EMI of about ₹10,624. Over 60 months you repay roughly ₹6,37,411 in total — so the interest cost is about ₹1,37,411 on top of the ₹5,00,000 you borrowed.
How each instalment is split
Although the EMI stays fixed, its make-up shifts every month. Early on, most of the payment is interest because the outstanding balance is high; as the balance falls, more of each EMI goes toward principal. The amortization schedule below the calculator shows this split for every month.
Ways to lower your EMI
- Longer tenure — reduces the monthly EMI but increases total interest paid.
- Lower interest rate — even 0.5% off noticeably cuts a long-tenure EMI.
- Bigger down payment — a smaller principal means a smaller EMI.
- Prepayment — paying lump sums when you can reduces both tenure and interest.
Everything is calculated locally in your browser — none of your figures are uploaded. The result is an estimate for planning only; your bank may add processing fees, insurance or different rounding, so confirm exact figures with your lender. Planning an investment instead? Try the SIP calculator or the loan calculator.
Why use this tool
Full repayment picture
See your monthly EMI, total interest and total amount payable instantly as you change the inputs.
Reducing-balance accuracy
Uses the standard reducing-balance formula banks use, with a complete month-by-month schedule.
Any loan type
Works for home, car, personal and education loans in years or months.
Common use cases
- Plan a home or car loan before applying
- Compare EMIs across tenures and rates
- Check how a prepayment changes total interest
- Budget your monthly outgo on a new loan
Frequently asked questions
EMI stands for Equated Monthly Instalment — the fixed amount you repay each month over the loan tenure. It is calculated with the reducing-balance formula EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of months.
Choose a longer tenure (lowers the EMI but raises total interest), negotiate a lower interest rate, make a larger down payment to reduce the principal, or prepay part of the loan when you can. Even a small rate reduction noticeably lowers the EMI over a long tenure.
Missing an EMI usually attracts a late-payment penalty and can hurt your credit score. Repeated misses may lead the lender to classify the loan as a non-performing asset. Contact your bank early if you anticipate difficulty paying.
Yes. A flat rate charges interest on the full principal for the whole tenure, so the effective rate is higher. This calculator uses the reducing-balance method (interest on the outstanding balance), which is how most home, car and personal loans actually work.
The math uses the standard reducing-balance formula and is accurate to the rupee. However, your bank may add processing fees, insurance, or use a slightly different rounding or day-count convention, so treat the result as a close estimate.