EMI Calculator
Use this free EMI calculator to find the monthly instalment on a home, car or personal loan. Enter the loan amount, the yearly interest rate and the loan period. The calculator shows your EMI, the total interest you will pay, and how much of each year’s payments goes to principal and to interest.
How this EMI calculator works
An EMI (equated monthly instalment) is a fixed amount paid every month until a loan is repaid. Interest is charged each month on the balance still owed, so early instalments are mostly interest and later ones mostly principal. The calculator uses the standard formula, with the yearly rate divided by 12 for the monthly rate. For example, a loan of ₹50 lakh at 8.5% for 20 years has an EMI of about ₹43,391. Over 20 years you would pay about ₹1.04 crore in total, of which about ₹54.1 lakh, or 52%, is interest. In the first instalment, about ₹35,417 is interest. Your lender’s figure may differ slightly, depending on how it rounds and when the instalments fall due.
How the period and the rate change the cost
A longer period lowers the EMI but raises the total interest, and a shorter one does the opposite. On the same ₹50 lakh at 8.5%, a 15-year loan has an EMI of about ₹49,237 and total interest of about ₹38.6 lakh, while a 25-year loan has an EMI of about ₹40,261 and total interest of about ₹70.8 lakh. A higher rate also costs more: at 9% instead of 8.5%, the 20-year loan costs about ₹1,595 more every month. Because interest is highest at the start, paying part of the loan early saves the most. Our Loan Prepayment vs SIP calculator compares that with investing the money.
What this calculator does not include
Processing fees, insurance, prepayment charges and taxes are not included. If your loan has a floating rate, the rate and so the EMI or the period can change during the loan. The calculator assumes a fixed rate for the whole period. It does not offer or arrange loans, and it is not an offer from any lender.
Frequently asked questions
What is an EMI?
An EMI is the fixed monthly payment on a loan. It has two parts, interest on the balance still owed and a repayment of part of the principal. The share of interest is largest in the first instalments and falls as the loan is repaid.
Why is so much of my early EMI interest?
Interest is charged on the full balance at the start, and the balance is largest then. As each instalment repays some principal, the balance and so the monthly interest fall. That is why the yearly table shows interest shrinking and principal growing.
How can I reduce the total interest I pay?
Choose a shorter period if the EMI is affordable, pay part of the loan early, or look for a lower rate. Check whether your lender charges for prepayment. You can also read more about borrowing on the Reserve Bank of India website.
Does the result match my bank’s figure?
It should be very close. Banks may differ slightly in how they round figures or count the days in the first month, and a floating-rate loan changes with the rate.
Is my information saved?
The calculations run in your browser. The figures you enter are not sent to us or stored unless you choose to send them, for example by using the WhatsApp button.