EMI Calculator
Monthly instalment, total interest and what the loan really costs.
Enter a loan amount, interest rate and tenure to see your EMI.
How it works
The instalment is calculated from the monthly interest rate (annual rate ÷ 12 ÷ 100) and the number of monthly instalments. Early instalments are mostly interest and later ones mostly principal, which is what the year-by-year breakdown shows. At 0% interest the formula reduces to the loan amount split evenly across the tenure.
EMI = P × r × (1+r)^n / ((1+r)^n − 1)Example
₹5,00,000 over 5 years at 9% a year is an EMI of about ₹10,379, with roughly ₹1.23 lakh of interest across the loan.
Common mistakes
- Comparing only the EMI, not the total interest. A longer tenure almost always lowers the monthly figure while raising what the loan costs overall — check the "total interest" number before picking a tenure on EMI size alone.
- Mixing annual and monthly rates. Lenders quote the annual rate, but the formula needs the monthly rate (annual ÷ 12 ÷ 100). Plugging the annual rate straight in overstates the EMI by a large margin.
Results are estimates. Actual lender calculations may differ because of processing fees, insurance, rounding conventions, or a different day-count basis.
About this calculator
An EMI (equated monthly instalment) is the fixed amount you pay each month on a loan. Enter the loan amount, the annual interest rate and the tenure — in years or months — and the calculator returns the monthly EMI, the total interest you'll pay over the life of the loan, and the total amount payable.
The year-by-year breakdown shows how each year's payments split between interest and principal, and how the outstanding balance falls. Early payments are mostly interest; the split flips as the balance shrinks — seeing that curve is usually what convinces people to compare tenures before signing.
Frequently asked questions
How is EMI calculated?
With the standard formula 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. For a ₹10,00,000 loan at 9% over 20 years, that works out to about ₹9,000 a month.
Does a longer tenure make a loan cheaper?
It lowers the monthly EMI but raises the total interest, because you're borrowing the money for longer. Compare the 'total interest' figure across tenures, not just the monthly payment — that's the real cost of the loan.
Why is so much of my early EMI just interest?
Interest is charged on the outstanding balance, which is largest at the start. Each month the principal portion of your fixed EMI grows slightly as the balance falls — the amortisation table below the result shows this year by year.
What happens at 0% interest?
The EMI is simply the loan amount divided by the number of months — the formula's interest term drops out, and the calculator handles this case exactly.