EMI Calculator
Free EMI calculator: monthly instalment, total interest and a year-by-year repayment schedule for home, car and personal loans.
| Year | Principal paid | Interest paid | Balance |
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Runs in your browser. Nothing you enter is uploaded.
How to use the EMI Calculator
- Enter the loan amount and choose your currency.
- Type the yearly interest rate.
- Enter the tenure in years or months.
- Read the EMI, total interest and the yearly schedule.
What is an EMI?
An Equated Monthly Instalment (EMI) is the fixed amount you pay your lender every month until a loan is cleared. Each payment covers interest on the outstanding balance plus part of the principal. Early payments are mostly interest, later ones mostly principal.
EMI formula
EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1]
P = loan amount, r = annual rate ÷ 12 ÷ 100, n = number of months
Worked example
A loan of 5,00,000 at 8.5% for 5 years: r = 0.007083, n = 60, giving an EMI of 10,258.27. Total payment is 6,15,495.94, so total interest is 1,15,495.94.
Ways to lower your EMI or interest
- A larger down payment reduces the principal.
- A longer tenure lowers the EMI but raises total interest.
- Part-prepayments cut future interest, especially early in the loan.
- Compare rates: even 0.5% matters over 15 to 20 years.
Frequently asked questions
How is EMI calculated?
Using EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where r is the monthly rate and n the number of months.
Does a longer tenure save money?
It lowers the monthly EMI but increases total interest paid, because the balance stays outstanding for longer.
Is this the same formula banks use?
Yes, this is the standard reducing-balance formula. Fees, insurance and floating-rate changes may make your lender's figure differ slightly.
Does the calculator store my numbers?
No. Everything is calculated in your browser.