EMI Calculator
Free EMI calculator for home, car and personal loans. Enter loan amount, interest rate and tenure to get your monthly EMI, total interest and total payment.
About the EMI Calculator
An EMI (Equated Monthly Instalment) calculator works out the fixed monthly repayment on a home, car or personal loan — plus total interest and total payment — using the standard reducing-balance formula.
An EMI (Equated Monthly Instalment) is the fixed amount you repay every month on a loan — part of it covers interest, the rest chips away at the principal. Before you sign a loan agreement, you should know three numbers: the EMI itself (can your monthly budget absorb it?), the total interest you'll pay over the tenure (the real cost of the loan), and the total repayment. This calculator gives you all three instantly for any home loan, car loan, personal loan or business loan.
The standard formula banks use is EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the principal, r the monthly interest rate (annual rate ÷ 12 ÷ 100) and n the number of monthly instalments. Early in the tenure most of each EMI goes to interest; the balance shifts toward principal as the loan matures — which is why prepaying in the early years saves the most interest.
Use the calculator to compare offers: a 0.5% lower rate on a ₹25 lakh, 20-year home loan changes the EMI only modestly but saves well over a lakh in total interest. Also test shorter tenures — the EMI rises, but total interest falls sharply. Every calculation runs in your browser and nothing you enter is stored.
How to use the EMI Calculator
- Enter the total loan amount.
- Input the annual interest rate.
- Specify the loan tenure in years.
- View your calculated EMI, total interest, and total payment amounts.
Worked example
a ₹25,00,000 loan at 8.5% for 20 years (240 months) → monthly EMI ₹21,695.58, total interest ₹27,06,939.40, total payment ₹52,06,939.40. At 8%, the EMI is ₹20,911.00.
Formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the principal, r the monthly interest rate (annual rate ÷ 12 ÷ 100) and n the number of monthly instalments.Frequently asked questions
- How is EMI calculated?
- EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r the monthly interest rate and n the tenure in months. This calculator applies the same formula banks use, so the result matches your sanction letter.
- Does a longer tenure reduce my EMI?
- Yes — spreading repayment over more months lowers each instalment, but you pay interest for longer, so the total interest cost rises significantly. Choose the shortest tenure whose EMI you can comfortably afford.
- Is it better to prepay a loan early or late?
- Early. In the initial years most of each EMI is interest, so reducing the principal early shrinks the base on which all future interest is charged.
- Does this work for home, car and personal loans?
- Yes. The EMI formula is identical for all reducing-balance loans; only the typical rates and tenures differ.
- Are processing fees included in this EMI calculation?
- No, this calculator strictly works out the EMI on the principal amount. Processing fees are usually deducted upfront from the loan disbursement or added to the initial payment.
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