EMI Calculator

How to use the EMI Calculator

1. Enter the loan amount you plan to borrow.
2. Enter the annual interest rate your lender is offering.
3. Set the loan tenure in years, or pick a preset.
4. Your monthly EMI, total interest and total payment appear immediately, along with a chart and a year-wise repayment table.

What is an EMI calculator?

An EMI (Equated Monthly Instalment) calculator works out the fixed amount you’d repay every month on a loan, given the amount borrowed, the interest rate, and how long you’ll take to repay it. It’s used for home loans, car loans and personal loans alike, since all of them typically use the same repayment structure.

How the calculation works

Every EMI payment covers that month’s interest first, and whatever is left over reduces your loan balance. Because your outstanding balance keeps shrinking, the interest portion gets smaller and the principal portion gets bigger with each payment — but the total EMI you pay stays exactly the same every month, which is what makes it predictable. This is called amortization.

Formula

EMI = [P × R × (1+R)^N] / [(1+R)^N − 1]

Where P is the loan amount, R is the monthly interest rate (annual rate ÷ 12 ÷ 100), and N is the total number of monthly payments.

Worked example

A ₹10,00,000 loan at 8.5% annual interest over 10 years results in a monthly EMI of approximately ₹12,399, with total interest of about ₹4,87,828 over the loan term — a total repayment of roughly ₹14,87,828.

Understanding your result

• Monthly EMI is the fixed amount you’d pay every month for the full tenure.
• Total interest is the extra amount paid to the lender on top of what you borrowed.
• Total payment is principal plus interest combined — the true cost of the loan.
• The year-wise table shows how the principal/interest split shifts as the loan matures.

Factors that affect your EMI

• Interest rate has a direct effect on both the EMI amount and total interest paid.
• Tenure works in opposite directions: a longer tenure lowers the EMI but raises total interest.
• Loan amount scales the EMI roughly proportionally, all else being equal.
• A part-prepayment during the tenure (not modelled here) would reduce the outstanding balance and future interest.

Common uses

Borrowers use this calculator to compare monthly affordability across different loan offers, decide between a shorter tenure (higher EMI, less total interest) and a longer one (lower EMI, more total interest), or estimate the impact of a rate change before applying for a home, car or personal loan.

Important notes & limitations

This calculator assumes a fixed interest rate for the full tenure and does not include processing fees, insurance, prepayment charges or rate resets on floating-rate loans. Always confirm final figures with your bank before making a decision.