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 (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments. At a 0% rate the EMI is simply P ÷ n.

How does an extra monthly payment change the result?

The extra amount is paid on top of the EMI and goes straight to principal, so the loan closes earlier and total interest falls. Run the calculation with and without it to compare.

Is the processing fee part of the monthly EMI?

No. The processing fee is added to the total payment figure but does not change the monthly instalment.

Why is most of my early EMI interest?

Interest each month is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest share of each EMI shrinks and the principal share grows; the amortization schedule shows this month by month.

Is a shorter or longer tenure better?

A longer tenure lowers the EMI but increases total interest; a shorter one does the opposite. Compare both: on ₹50 lakh at 8.5%, moving from 20 to 30 years lowers the EMI by about ₹4,945 but adds about ₹34 lakh of interest.

Does it use reducing-balance or flat-rate interest?

Reducing balance, which is how most home and car loans are priced: interest is charged only on the principal still outstanding. A flat-rate quote charges interest on the original amount for the whole tenure, so the same headline rate costs more.

What if my loan has a floating rate?

The EMI shown assumes the rate stays the same for the whole tenure. When a floating rate changes, lenders usually adjust the EMI or the tenure; re-run the calculation with the new rate and the outstanding balance.

Is my loan data sent anywhere?

No. The calculation runs entirely in your browser and nothing is uploaded.

EMI calculator for home, car and personal loans

An EMI (equated monthly instalment) is the fixed monthly payment that repays a loan's principal and interest over its tenure.

Calculate loan EMI, total interest and the amortization schedule, and see how prepayments and fees change the cost. Free and runs in your browser.

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Last reviewed 30 Oct 2026

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Result

Monthly payment₹43,391.16

Total interest₹54,13,879.44

Total payment₹1,04,23,879.44

Payoff period240 months

The preview shows the first 24 schedule periods. The full calculation remains available in the copied result.

Amortization schedule

Period	Opening	Payment	Principal	Interest	Closing
1	₹50,00,000.00	₹43,391.16	₹7,974.49	₹35,416.67	₹49,92,025.51
2	₹49,92,025.51	₹43,391.16	₹8,030.98	₹35,360.18	₹49,83,994.53
3	₹49,83,994.53	₹43,391.16	₹8,087.87	₹35,303.29	₹49,75,906.66
4	₹49,75,906.66	₹43,391.16	₹8,145.15	₹35,246.01	₹49,67,761.51
5	₹49,67,761.51	₹43,391.16	₹8,202.85	₹35,188.31	₹49,59,558.66
6	₹49,59,558.66	₹43,391.16	₹8,260.95	₹35,130.21	₹49,51,297.71
7	₹49,51,297.71	₹43,391.16	₹8,319.47	₹35,071.69	₹49,42,978.24
8	₹49,42,978.24	₹43,391.16	₹8,378.40	₹35,012.76	₹49,34,599.84
9	₹49,34,599.84	₹43,391.16	₹8,437.74	₹34,953.42	₹49,26,162.10
10	₹49,26,162.10	₹43,391.16	₹8,497.51	₹34,893.65	₹49,17,664.59
11	₹49,17,664.59	₹43,391.16	₹8,557.70	₹34,833.46	₹49,09,106.89
12	₹49,09,106.89	₹43,391.16	₹8,618.32	₹34,772.84	₹49,00,488.57
13	₹49,00,488.57	₹43,391.16	₹8,679.37	₹34,711.79	₹48,91,809.20
14	₹48,91,809.20	₹43,391.16	₹8,740.84	₹34,650.32	₹48,83,068.36
15	₹48,83,068.36	₹43,391.16	₹8,802.76	₹34,588.40	₹48,74,265.60
16	₹48,74,265.60	₹43,391.16	₹8,865.11	₹34,526.05	₹48,65,400.49
17	₹48,65,400.49	₹43,391.16	₹8,927.91	₹34,463.25	₹48,56,472.58
18	₹48,56,472.58	₹43,391.16	₹8,991.15	₹34,400.01	₹48,47,481.43
19	₹48,47,481.43	₹43,391.16	₹9,054.83	₹34,336.33	₹48,38,426.60
20	₹48,38,426.60	₹43,391.16	₹9,118.97	₹34,272.19	₹48,29,307.63
21	₹48,29,307.63	₹43,391.16	₹9,183.56	₹34,207.60	₹48,20,124.07
22	₹48,20,124.07	₹43,391.16	₹9,248.61	₹34,142.55	₹48,10,875.46
23	₹48,10,875.46	₹43,391.16	₹9,314.13	₹34,077.03	₹48,01,561.33
24	₹48,01,561.33	₹43,391.16	₹9,380.10	₹34,011.06	₹47,92,181.23

Principal: ₹50,00,000.00
Rate: 8.5%
Tenure: 240 months
Monthly payment: ₹43,391.16
Total interest: ₹54,13,879.44
Total payment: ₹1,04,23,879.44

Principal: ₹50,00,000.00
Rate: 8.5%
Tenure: 240 months
Monthly payment: ₹43,391.16
Total interest: ₹54,13,879.44
Total payment: ₹1,04,23,879.44

Examples

Home loan

₹50,00,000 at 8.5% a year for 20 years: EMI about ₹43,391. Total interest about ₹54.1 lakh, so you repay about ₹1.04 crore in all.

Longer tenure

The same ₹50,00,000 at 8.5% over 30 years: EMI about ₹38,446, about ₹4,945 a month less, but total interest rises to about ₹88.4 lakh.

Prepay ₹5,000 a month

Adding ₹5,000 a month to the 20-year home loan above closes it in 187 months (15 years 7 months) instead of 240, and cuts total interest by about ₹13.9 lakh.

Car loan

₹10,00,000 at 9% for 5 years: EMI about ₹20,758 and total interest about ₹2,45,501.

Personal loan

₹5,00,000 at 12% for 3 years: EMI about ₹16,607 and total interest about ₹97,858.

Where the first EMI goes

On the ₹50,00,000 home loan at 8.5%, the first month's interest is 50,00,000 × 8.5% ÷ 12 ≈ ₹35,417, so only about ₹7,974 of the ₹43,391 EMI reduces the principal.

How to use it

Pick the loan type and currency, then enter the loan amount and annual interest rate.
Set the tenure and choose years or months as the tenure unit.
Add a processing fee or an extra monthly payment to see their effect.
Review the monthly payment, total interest, and amortization schedule, then copy, download, or print.

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 (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments. At a 0% rate the EMI is simply P ÷ n.
How does an extra monthly payment change the result?: The extra amount is paid on top of the EMI and goes straight to principal, so the loan closes earlier and total interest falls. Run the calculation with and without it to compare.
Is the processing fee part of the monthly EMI?: No. The processing fee is added to the total payment figure but does not change the monthly instalment.
Why is most of my early EMI interest?: Interest each month is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest share of each EMI shrinks and the principal share grows; the amortization schedule shows this month by month.
Is a shorter or longer tenure better?: A longer tenure lowers the EMI but increases total interest; a shorter one does the opposite. Compare both: on ₹50 lakh at 8.5%, moving from 20 to 30 years lowers the EMI by about ₹4,945 but adds about ₹34 lakh of interest.
Does it use reducing-balance or flat-rate interest?: Reducing balance, which is how most home and car loans are priced: interest is charged only on the principal still outstanding. A flat-rate quote charges interest on the original amount for the whole tenure, so the same headline rate costs more.
What if my loan has a floating rate?: The EMI shown assumes the rate stays the same for the whole tenure. When a floating rate changes, lenders usually adjust the EMI or the tenure; re-run the calculation with the new rate and the outstanding balance.
Is my loan data sent anywhere?: No. The calculation runs entirely in your browser and nothing is uploaded.