EMI Calculator
Calculate Equated Monthly Installment for home, car, and personal loans with full amortization breakdown.
How to Use the EMI Calculator
- Enter the loan amount you want to borrow (home loan, car loan, or personal loan).
- Enter the annual interest rate offered by your bank.
- Enter the loan tenure in years.
- Click Calculate EMI to see your monthly installment, total interest, and total repayment.
- Scroll down to see the year-wise amortization table showing how much principal and interest you pay each year.
Formula & Method
EMI is calculated using the standard reducing-balance formula:
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1)
Where P is the principal loan amount, r is the monthly interest rate (annual rate / 12 / 100), and n is the total number of monthly installments (years x 12). Total interest = (EMI x n) - P.
Examples
| Loan Amount | Rate | Tenure | Monthly EMI | Total Interest |
|---|---|---|---|---|
| 2,500,000 | 8.5% | 20 yr | 21,696 | 2,706,939 |
| 500,000 | 10% | 5 yr | 10,624 | 137,411 |
| 1,000,000 | 9% | 10 yr | 12,668 | 520,109 |
| 3,000,000 | 7.5% | 15 yr | 27,810 | 2,005,868 |
Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Installment) is the fixed amount you pay every month to repay a loan. Each EMI includes both principal and interest components.
How can I reduce my EMI?
You can reduce EMI by choosing a longer tenure, negotiating a lower interest rate, making a larger down payment, or transferring the loan to a bank offering a lower rate.
Is a longer tenure better?
A longer tenure lowers your monthly EMI but increases total interest paid. A shorter tenure means higher EMIs but significantly less interest overall.
What is the difference between flat rate and reducing balance?
In flat rate, interest is calculated on the full principal for the entire tenure. In reducing balance (used here), interest is charged only on the outstanding principal, making it cheaper.
Does prepayment help?
Yes. Prepaying even one extra EMI per year can shorten your loan tenure by years and save substantial interest, especially in the early years of the loan.
🔥 Popular EMI Calculator Results
Quick links to common calculations:
People Also Ask
What is the EMI for a 25 lakh home loan for 20 years?
At 8.5% annual interest, the EMI for a 2,500,000 loan over 20 years is approximately 21,696 per month. Total interest paid would be about 2,706,939.
Which is better: home loan EMI or rent?
Generally, if your EMI is within 30-40% of your monthly income and you plan to stay long-term, buying builds equity. Renting offers flexibility. Compare both using our Rent Calculator.
How much home loan can I get on my salary?
Most banks approve loans where total EMIs stay under 40-50% of your net monthly income. Multiply your monthly income by 0.4, then use this calculator in reverse to estimate the loan amount.