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EMI Calculator
Sliders for amount, rate and tenure — your EMI, total interest, and a full year-by-year amortization table update as you move them.
In short
An EMI (equated monthly instalment) is the fixed monthly payment that repays a loan and all its interest exactly by the end of the tenure. It is computed with the reducing-balance formula EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the principal, r the monthly rate (annual % ÷ 12 ÷ 100) and n the number of months.
By NaveenKumar T · Updated
Learn: How EMI Is Calculated: The Formula, a Worked Example and an Amortization Schedule
- Instant EMI with sliders
- Total interest & total payment
- Year-by-year amortization table
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Why this calculator
Numbers you can defend
Standard formulas, transparent breakdowns, and instant recalculation — so the result is something you can explain, not just something you got.
Amortization, not just a number
The year-by-year table shows principal paid, interest paid, and remaining balance — the full anatomy of the loan, not just the EMI.
Textbook formula
The same reducing-balance math banks use, computed exactly — verify any lender's quote independently.
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Understanding your EMI before you sign
An EMI (equated monthly installment) flattens a loan into identical monthly payments, but the flatness hides a moving ratio: early installments are mostly interest, late ones mostly principal. On an amortization view of any 20-year mortgage, roughly the first third of the schedule pays down surprisingly little balance — which is why prepayments early in the tenure save the most interest.
Use the table to sanity-check three things lenders rarely volunteer: total interest as a fraction of principal, the balance remaining at the year you might sell or refinance, and how much tenure (not rate) drives the total cost. A shorter tenure with a slightly higher rate frequently beats the reverse.
Worked example: ₹10,00,000 at 8.5% for 20 years
Run a ₹10,00,000 loan at 8.5% annual interest over 20 years (240 months) through the formula above and the EMI comes out to ₹8,678.23 — ₹10,82,775.76 in total interest on top of the principal, for a total payment of ₹20,82,775.76. The schedule below shows the first three months and the last one: interest dominates early, principal dominates at the end.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | ₹8,678.23 | ₹1,594.90 | ₹7,083.33 | ₹9,98,405.10 |
| 2 | ₹8,678.23 | ₹1,606.20 | ₹7,072.04 | ₹9,96,798.90 |
| 3 | ₹8,678.23 | ₹1,617.57 | ₹7,060.66 | ₹9,95,181.33 |
| 240 (last) | ₹8,678.23 | ₹8,617.19 | ₹61.04 | ₹0.00 |
A disclaimer worth reading before you borrow
Illustrative; check your lender's exact terms — real EMIs can differ slightly from this calculator because of rounding conventions, a first-payment date that doesn't land on the 1st, or fees the lender folds into the rate rather than charging upfront.
The interest rate used here is not the same figure as a loan's APR, which folds in one-time fees; the CFPB explains the difference in plain terms if you're comparing two lenders' quotes.
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Frequently asked questions
Everything you need to know about the EMI Calculator.
01Is EMI calculated on reducing balance or flat rate?
Reducing balance — interest is charged each month on the principal still outstanding, which is how banks price home, car and most personal loans and what this calculator computes. A flat-rate quote charges interest on the original principal for the whole tenure, so a flat 8.5% costs roughly what a reducing-balance loan at 15-16% costs over three to five years. Compare quotes by their annualised percentage rate, which Indian lenders must state on the loan's Key Facts Statement.
02How is EMI calculated?
With the standard reducing-balance formula: EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is principal, r the monthly rate (annual ÷ 12 ÷ 100), and n the number of months. Early payments are interest-heavy; the amortization table shows the principal share growing every year.
03Why does a small rate change move the EMI so much?
Compounding over long tenures amplifies it: on a 20-year loan, one percentage point of rate typically shifts total interest by 10–15% of the principal. Before committing, drag the rate slider ±0.5% — the spread you see is your negotiating room with lenders.
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