EMI Calculator
Calculate monthly EMI for home, car, and personal loans. View total interest, total payable amount, and a full amortization schedule in seconds.
How to calculate your loan EMI
Three inputs. The amortization schedule in step three is the part most people don't look at, but should.
- 01
Enter the loan amount, rate, and tenure
The loan amount is what you're borrowing (not the property price). The rate is the annual interest rate your lender quoted. Tenure can be entered in months or years.
- 02
Read your monthly EMI
You'll see the monthly payment, total interest payable over the full tenure, and the total amount you'll pay back. A ₹50 lakh loan at 8.5% for 20 years works out to roughly ₹43,391/month and ₹54.1 lakh in interest.
- 03
Check the amortization schedule
The month-by-month table shows how much of each payment goes to principal vs interest. In the early months, most of your EMI is interest. This is why prepaying early saves significantly more than prepaying later.
What people use it for
Before applying for a home loan
Banks approve loans based on your income, but you need to know if the EMI is actually comfortable to pay every month for 20 years. Run the numbers before you apply.
Comparing loan tenures
A 10-year vs 20-year tenure on the same loan: the 10-year EMI is higher, but you pay roughly half the total interest. The amortization schedule makes this concrete.
Evaluating prepayment
The schedule shows that prepaying in year 2 saves far more interest than prepaying in year 15. Use it to decide when and how much to prepay.
Refinancing decisions
If your lender offers a lower rate, recalculate with the new rate to see the actual monthly saving and whether it justifies the refinancing cost.
Worked example: a ₹10 lakh loan at 8.5% for 20 years
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan, r the monthly rate (8.5% ÷ 12 = 0.708%) and n the number of months (240). For ₹10,00,000 that gives an EMI of ₹8,678. Over 240 months you pay ₹20,82,776 in total, so ₹10,82,776 is interest: more than the loan itself.
Tenure is the biggest lever. Here's the same ₹10 lakh at 8.5% over different periods:
| Tenure | Monthly EMI | Total interest |
|---|---|---|
| 10 years | ₹12,399 | ₹4,87,828 |
| 15 years | ₹9,847 | ₹7,72,531 |
| 20 years | ₹8,678 | ₹10,82,776 |
| 25 years | ₹8,052 | ₹14,15,681 |
| 30 years | ₹7,689 | ₹17,68,089 |
Going from 20 to 30 years cuts the EMI by only ₹989 a month but adds ₹6,85,313 of interest. The rate matters too, though less than people expect at this size: at 9% the 20-year EMI is ₹8,997, ₹319 more a month and ₹76,566 more over the loan.
Paying a little more each month
Raising the EMI by 10%, from ₹8,678 to about ₹9,546, on the same loan clears it in 192 months instead of 240, four years early, and saves about ₹2,50,398 of interest. Most lenders allow part-prepayment on floating-rate home loans in India without a penalty, but check your agreement first.
- The calculator assumes a fixed rate for the whole term. Floating-rate loans change when the lender's benchmark moves.
- Processing fees, insurance and other charges aren't included in the EMI.
- It shows a standard reducing-balance EMI. Flat-rate loans, quoted by some vehicle and personal lenders, cost more for the same headline rate.
Frequently asked questions
The Mathematics of Loan Amortization & Early Prepayments
Learn the exact reducing-balance formulas, interest-versus-principal shift curves, and how early prepayments save thousands.
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