EMI Calculator
Calculate monthly EMI for home, car, or personal loans with amortization schedule.
For illustrative purposes only. Actual EMI may vary based on lender policies, processing fees, and applicable taxes. Contact your lender for exact figures.
What is EMI Calculator?
EMI Calculator helps you plan any loan — home loan, car loan, or personal loan — by computing the exact monthly instalment you will pay. Enter the loan amount, annual interest rate, and tenure in years, and the calculator instantly shows your EMI, total interest payable, and total payment.
A stacked breakdown bar shows what percentage of your total repayment goes to the bank as interest versus the principal you borrowed. The collapsible amortization schedule shows every month's split between principal and interest repaid, and the remaining balance — so you can see exactly how your loan reduces over time.
All calculations run in your browser using the standard EMI formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1).
Common Use Cases
- Planning a home loan before approaching a bank
- Comparing loan tenures to minimise total interest paid
- Understanding how much of each EMI goes towards interest vs principal
- Budgeting monthly outflow for a car loan
- Checking affordability of a personal loan
How to Use EMI Calculator
- Set your loan amount using the slider (₹1 L to ₹1 Cr).
- Adjust the interest rate (% per annum) as quoted by your lender.
- Set the loan tenure in years.
- Your monthly EMI, total interest, and total payment update instantly.
- Click 'Amortization Schedule' to see the month-by-month repayment breakdown.
Related Tools
Estimate returns on monthly SIP investments with a year-by-year growth chart.
See how money grows with compound interest — choose frequency and view year-by-year results.
Calculate fixed deposit maturity amount, interest earned, and periodic payouts.
FAQ
What is EMI and how is it calculated?
EMI (Equated Monthly Instalment) is the fixed amount you pay each month to repay a loan. It is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of months.
Does a higher tenure mean lower EMI?
Yes — a longer tenure reduces your monthly EMI, but you pay significantly more total interest over the life of the loan. A shorter tenure means higher EMI but lower total interest. Use the calculator to compare different tenures and find the right balance for your budget.
What is an amortization schedule?
An amortization schedule is a table that shows how each monthly EMI is split between interest and principal repayment, and the outstanding loan balance after each payment. In the early months, a larger portion goes to interest; as the loan matures, more goes toward principal.
Is this calculator accurate for floating rate loans?
This calculator assumes a fixed interest rate throughout the tenure, which matches fixed-rate loans. For floating-rate loans (where the rate changes with market conditions), your actual EMI may change when the rate is revised by your lender.
Does the EMI include processing fees or insurance?
No. This calculator computes the pure principal + interest EMI. Banks may charge processing fees, GST, loan insurance premiums, or other charges on top of the EMI. Contact your lender for the all-inclusive cost.