Work out the monthly instalment on a home, car or personal loan, the total interest you will pay and how the balance falls year by year.
ASBy Aditya Kr Sharma✓ Formula checked
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2Enter your numbersType your values into the boxes.
3Read the resultSee the answer and the working, then copy or share it.
EMI calculator
Enter the loan amount, rate and tenure, then press Calculate EMI.
Monthly EMI—
How it was calculated
What is an EMI?
An EMI (equated monthly instalment) is the fixed amount you pay every month until a loan is repaid. Each EMI contains some interest and some principal.
Home loans usually run for 15 to 30 years, so half a percentage point on the rate can change the total interest by lakhs of rupees.
How to use the EMI calculator
Enter the loan amount.
Enter the annual interest rate.
Enter the tenure in years.
Press Calculate EMI to see the monthly EMI, total interest, total paid and the year-by-year table.
The EMI formula
EMI = P × i × (1 + i)^n ÷ ((1 + i)^n − 1). With P = ₹25,00,000, an 8.5% annual rate (i = 0.7083% a month) and n = 240 months, the EMI is ₹21,695.58.
The last EMI is adjusted by a few paise so that the balance ends at exactly zero.
Ways to pay less interest
Choose the shortest tenure whose EMI you can comfortably afford.
Make prepayments early in the loan, when the balance is largest.
Compare lenders on the interest rate and the processing fee together.
Frequently asked questions
How is EMI calculated?
EMI = P × i × (1 + i)^n ÷ ((1 + i)^n − 1). P is the loan amount, i the monthly interest rate (annual rate ÷ 12 ÷ 100) and n the number of monthly instalments. The calculator does this for you and shows each step.
What is the EMI on a ₹25 lakh home loan?
At 8.5% for 20 years the EMI is about ₹21,696. Over the 240 months you would pay about ₹27.07 lakh in interest — more than the loan itself.
What is the EMI on a ₹10 lakh car loan for 5 years?
At 9% a year for 60 months the EMI is about ₹20,758 and the total interest about ₹2,45,501.
Why is most of an early EMI interest?
Interest is charged each month on the balance still owed. At the start the balance is largest, so the interest share is largest and little principal is repaid. As the balance falls, more of each EMI goes to principal.
Does a longer tenure save money?
No. A longer tenure lowers the EMI but raises the total interest a lot. A shorter tenure raises the EMI and saves interest.
Does this include prepayments?
No. A prepayment lowers the balance and the interest after it. To see the effect, run the calculator again on the new balance and the months left.
About these results
This is an estimate. Processing fees, insurance, pre-EMI interest and floating rates can make the lender's instalment slightly different.
The exact EMI and repayment schedule are in your lender's sanction letter.
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