Loan EMI Calculator
Find your monthly EMI, total interest and full amortization schedule.
What is an EMI?
EMI stands for equated monthly instalment. It is the fixed amount you pay your lender every month until a loan is fully repaid. Each EMI contains two parts: interest on the balance still owed, and a repayment of principal that reduces that balance. In the early months most of the EMI goes to interest. As the balance falls, the interest part shrinks and more of each payment goes towards the principal.
How to use the EMI calculator
- Enter the loan amount and choose your currency symbol.
- Enter the annual interest rate offered by your lender.
- Enter the tenure and choose whether it is in years or months.
- Read the monthly EMI, the total interest and the total amount you will repay.
- Look at the bar to see how much of your total payment is principal and how much is interest.
- Switch the schedule between a yearly summary and a month by month table, and download it as CSV.
The EMI formula
The calculator uses the standard reducing balance formula: EMI = P x r x (1 + r)^n / ((1 + r)^n – 1), where P is the loan amount, r is the monthly interest rate (the annual rate divided by 12 and by 100) and n is the number of monthly payments. For an interest free loan it simply divides the amount by the number of months.
Features
- Works for any loan: home loans, car loans, personal loans, education loans and business loans.
- Years or months for the tenure, up to 50 years.
- Principal versus interest bar with exact amounts and percentages.
- Amortization schedule showing payment, principal, interest and remaining balance.
- Currency symbol selector for rupees, dollars, euros, pounds, dirhams and more.
How to lower your total interest
A shorter tenure means a higher EMI but much less interest overall. Try reducing the tenure by a few years in the calculator to see the difference. Even a small cut in the interest rate makes a big change over a long home loan, so it pays to compare lenders. Making part prepayments early in the loan reduces the principal when interest is highest, which saves the most money. Check whether your lender charges a fee for prepayment.
Before you borrow
Results are estimates for fixed rate loans with monthly payments. Real loans may include processing fees, insurance, rounding by the lender or a floating rate that changes over time. Many lenders suggest keeping all your EMIs below about 40 to 50 percent of your monthly income. Use the schedule to plan, then confirm the final figures with your bank.
Frequently asked questions
How is EMI calculated?
With the reducing balance formula EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where r is the monthly rate and n is the number of months.
Does the calculator include processing fees?
No. It shows principal and interest only. Add any fees your lender charges separately.
Can I see the schedule month by month?
Yes. Switch the schedule from Yearly summary to Monthly schedule, or download the full monthly table as a CSV file.
Does it work for floating rate loans?
It assumes the rate stays the same for the whole tenure. For a floating rate loan, recalculate whenever your rate changes.