EMI Calculator
Planning a home loan, car loan, or personal loan? This calculator helps you find out your monthly EMI before you sign anything. Enter the loan amount, interest rate, and repayment period — and see exactly how much you'll pay every month, plus the total interest over the full loan.
₹16,134
Monthly EMI
₹80,809
Total Interest
₹5,80,809
Total Payment
Yearly Breakdown
Amortisation Schedule (First Year)
| Month | EMI | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | ₹16,134 | ₹11,967 | ₹4,167 | ₹4,88,033 |
| 2 | ₹16,134 | ₹12,067 | ₹4,067 | ₹4,75,966 |
| 3 | ₹16,134 | ₹12,167 | ₹3,966 | ₹4,63,799 |
| 4 | ₹16,134 | ₹12,269 | ₹3,865 | ₹4,51,531 |
| 5 | ₹16,134 | ₹12,371 | ₹3,763 | ₹4,39,160 |
| 6 | ₹16,134 | ₹12,474 | ₹3,660 | ₹4,26,686 |
| 7 | ₹16,134 | ₹12,578 | ₹3,556 | ₹4,14,108 |
| 8 | ₹16,134 | ₹12,683 | ₹3,451 | ₹4,01,425 |
| 9 | ₹16,134 | ₹12,788 | ₹3,345 | ₹3,88,637 |
| 10 | ₹16,134 | ₹12,895 | ₹3,239 | ₹3,75,742 |
| 11 | ₹16,134 | ₹13,002 | ₹3,131 | ₹3,62,740 |
| 12 | ₹16,134 | ₹13,111 | ₹3,023 | ₹3,49,629 |
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How an EMI is calculated
Every loan EMI is a fixed monthly payment that covers both the principal and the interest. In the early months, most of your EMI goes towards interest. Over time, more of it pays down the principal.
where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly instalments. The calculator also shows total amount paid and total interest — the two numbers most lenders don't highlight upfront.
Worked example
A ₹50 lakh home loan at 8.5% for 20 years gives an EMI of about ₹43,391. Over 20 years, you repay ₹1.04 crore — nearly ₹54 lakh in interest on a ₹50 lakh loan. Reduce the tenure to 15 years and the EMI rises to ₹49,260, but total interest drops to ₹38.7 lakh. You save ₹15 lakh just by repaying five years earlier.
When to use this versus our other tools
Use this calculator to understand the true cost of a specific loan. If you are weighing loan repayment against investing the same money in a mutual fund, run the SIP Calculator alongside — the comparison often surprises people.
Frequently Asked Questions
What is a healthy EMI-to-income ratio?▾
Most financial planners recommend keeping total EMIs under 40% of your take-home monthly income. Going above 50% leaves very little room for emergencies.
Does prepayment reduce my EMI or the tenure?▾
Banks usually give you both options. Reducing the tenure saves more interest overall. Reducing the EMI eases your monthly cash flow. Most advisors suggest reducing tenure if you can afford the current EMI comfortably.
How does a floating interest rate affect my EMI?▾
Floating rates change periodically — usually quarterly or annually. When rates rise, your bank may extend the tenure instead of raising the EMI immediately. Rerun this calculator with the new rate to understand the real impact.
Is there a prepayment penalty?▾
Home loans on floating rates have no prepayment penalty, as per RBI rules. Fixed-rate and personal loans may carry a 2–4% foreclosure charge. Check your loan sanction letter.
Can I use this for credit card debt?▾
Technically yes, but credit card interest rates (36–42% per year) make even small balances look affordable as EMIs. The total interest on credit card debt almost always exceeds the principal if you stretch beyond 3–4 months.
Does the calculator include processing fees?▾
No. Add processing fees (usually 0.5–2% of the loan amount) when comparing the true cost across lenders.
What is the difference between flat rate and reducing balance?▾
A flat rate applies interest to the full original principal throughout the loan. Reducing balance (the standard for most bank loans) applies interest only to the amount still outstanding. A 10% flat rate works out roughly to 18–19% on a reducing balance basis — always ask lenders which method they use.
How does a top-up loan change my EMI?▾
A top-up loan increases your outstanding principal. Recalculate using the new combined principal and your remaining tenure.