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EMI calculator

Monthly EMI, total interest and a month-by-month schedule for any loan.

  • Runs in your browser
  • No sign-up

Then you can

How to use the EMI calculator

  1. Enter the loan amount and the interest rate per year.
  2. Enter the tenure and choose years or months.
  3. Pick a currency. Indian rupees use lakh and crore grouping, for example 5,00,000.
  4. Read the monthly EMI, total interest and total payment, then scroll the schedule.
  5. Use Download CSV to open the month-by-month schedule in a spreadsheet.

The formula

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)

  • P is the principal, the amount you borrow.
  • r is the monthly rate: annual rate ÷ 12 ÷ 100.
  • n is the number of monthly payments.

Each month, interest equals the opening balance × r. The rest of the EMI repays principal, so the balance falls and the interest part shrinks while the principal part grows. A loan with a 0% rate simply divides the principal by n.

Worked example

Loan of 5,00,000 at 8.5% for 20 years.

  • r = 8.5 ÷ 12 ÷ 100 = 0.0070833 and n = 240.
  • (1 + r)^240 = 5.4412, so EMI = 500000 × 0.0070833 × 5.4388 ÷ 4.4412 = 4,339.
  • Total payment = 4,339 × 240 = 10,41,388, so total interest is 5,41,388.
  • First month: interest 3,542 and principal 797, so the balance becomes 4,99,203.

The split rows show the share of principal and interest across the whole loan, and the first EMI split, so you can see how front-loaded interest is.

Ways to pay less interest

  • Choose the shortest tenure the budget allows. Halving the tenure cuts interest dramatically.
  • Make part-prepayments early, when each rupee saves the most interest.
  • Compare lenders by the rate and the fees, not the EMI alone.

To see what regular investing could build, use the SIP calculator or the compound interest calculator. For tax on a purchase, try the GST calculator. These are estimates only, not financial advice, and everything is calculated in your browser.

Questions

How is EMI calculated?

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly payments.

What is the EMI for a 5,00,000 loan at 8.5% for 20 years?

About 4,339 a month. Over 240 months you pay about 10,41,388, of which 5,41,388 is interest.

Why is most of my early EMI interest?

Interest is charged on the outstanding balance, which is highest at the start. In month one, 3,542 of the 4,339 payment is interest and only 797 reduces the loan.

How does a shorter tenure change the EMI?

The EMI rises but total interest falls a lot. The same loan over 10 years has a higher EMI of about 6,199 and costs less than half the interest.

Are processing fees or insurance included?

No. The figures cover principal and interest only. Estimates only, not financial advice, so check the lender's sanction letter.

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