What is the EMI Calculator?
EMI (equated monthly instalment) is the fixed amount you pay the bank every month until a loan is repaid. Each EMI covers that month’s interest first; the rest reduces the loan. Early on most of the EMI is interest, and towards the end most of it is principal.
Enter the loan amount, interest rate and tenure to see your EMI, the total interest you will pay and a year-by-year schedule that opens up month by month. Add a part-prepayment to see how many months and how much interest it saves.
How to use it
- Pick a loan type or enter your own loan amount.
- Set the yearly interest rate and the tenure in years or months.
- Read your monthly EMI, total interest and total amount payable.
- Optionally add a one-time or yearly prepayment, and open the schedule to see each year and month.
Example
Loan ₹25,00,000 at 8.5% for 20 years
EMI ₹21,696 · Total interest ₹27,06,939 · Total payable ₹52,06,939
Features
- Accurate formula. Uses the same reducing-balance formula as Indian banks, with monthly rests.
- Full schedule. Principal, interest and balance for every year, expandable to every month.
- Prepayment planner. See how a one-time or yearly part-payment shortens the loan and cuts interest.
- Calendar years. Choose the first EMI month to see the schedule by financial planning year.
- PDF and CSV. Download a PDF report with the totals, charts and full schedule, or a CSV for Excel and Google Sheets.
- Lakh and crore. Amounts are shown in Indian digit grouping, with lakh and crore hints.
Frequently asked questions
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n is the number of months. For ₹10 lakh at 8.5% for 20 years, that is ₹8,678 a month.
Is it better to reduce EMI or tenure after a prepayment?
Keeping the EMI the same and reducing the tenure saves more interest, which is what this calculator shows. Reducing the EMI instead lowers your monthly outgo but saves less overall.
Why is most of my early EMI going to interest?
Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest part shrinks and more of each EMI goes towards the principal.
Does this include processing fees and insurance?
No. It shows the EMI and interest only. Banks may add processing fees, insurance and GST on fees, so check the sanction letter for the full cost.
Will my EMI change with a floating rate?
With a floating-rate loan, the bank may change the rate when its benchmark (like the repo rate) changes. Usually the tenure is adjusted first. Re-run the calculator with the new rate to see the effect.
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