EMI Calculator
Monthly EMI, total interest and a full payment breakdown.
Monthly EMI
₹22,493
Total interest
₹28,98,356
Total payment
₹53,98,356
Formula used: EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
›Show year-by-year amortization schedule
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | ₹46,818 | ₹2,23,100 | ₹24,53,182 |
| 2 | ₹51,210 | ₹2,18,708 | ₹24,01,973 |
| 3 | ₹56,013 | ₹2,13,904 | ₹23,45,959 |
| 4 | ₹61,268 | ₹2,08,650 | ₹22,84,691 |
| 5 | ₹67,015 | ₹2,02,903 | ₹22,17,676 |
| 6 | ₹73,302 | ₹1,96,616 | ₹21,44,375 |
| 7 | ₹80,178 | ₹1,89,740 | ₹20,64,197 |
| 8 | ₹87,699 | ₹1,82,219 | ₹19,76,498 |
| 9 | ₹95,926 | ₹1,73,992 | ₹18,80,572 |
| 10 | ₹1,04,924 | ₹1,64,993 | ₹17,75,647 |
| 11 | ₹1,14,767 | ₹1,55,151 | ₹16,60,880 |
| 12 | ₹1,25,533 | ₹1,44,385 | ₹15,35,347 |
| 13 | ₹1,37,309 | ₹1,32,609 | ₹13,98,038 |
| 14 | ₹1,50,189 | ₹1,19,728 | ₹12,47,849 |
| 15 | ₹1,64,278 | ₹1,05,640 | ₹10,83,571 |
| 16 | ₹1,79,689 | ₹90,229 | ₹9,03,882 |
| 17 | ₹1,96,545 | ₹73,373 | ₹7,07,338 |
| 18 | ₹2,14,982 | ₹54,936 | ₹4,92,356 |
| 19 | ₹2,35,149 | ₹34,769 | ₹2,57,207 |
| 20 | ₹2,57,207 | ₹12,711 | ₹0 |
How EMI is calculated
An Equated Monthly Instalment (EMI) is the fixed amount you repay every month on a loan — home, car, personal or education — covering both principal and interest so the loan is fully paid off by the end of its tenure. It's calculated as:
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
Here P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments (tenure in years × 12). In every EMI, the interest portion is highest in the early months — since it's charged on the outstanding balance — and shrinks as the balance is paid down, which is why the amortization schedule below shows principal repayment accelerating over time even though the EMI itself stays constant.
How to use this EMI calculator
- 1Enter the loan amount using the slider or the number field.
- 2Set the annual interest rate your lender quotes.
- 3Choose the tenure in years or months.
- 4Read the monthly EMI, total interest and total payment instantly, and expand the amortization table for a year-by-year breakdown.
Worked example
A ₹25,00,000 home loan at 9% annual interest for 20 years (240 months) has a monthly rate of 9 ÷ 12 ÷ 100 = 0.0075. Plugging into the formula gives an EMI of roughly ₹22,493 per month. Over 240 months that's a total payment of about ₹53,98,356 — meaning total interest of around ₹28,98,356, more than the original loan amount, which is typical for long tenures at this rate.
Frequently asked questions
›Why does the interest portion shrink over time even though the EMI is fixed?
Interest for each month is charged only on the balance still outstanding. Early on the balance is large, so more of the fixed EMI goes to interest. As principal gets paid down, the balance — and therefore the interest charged on it — falls, so a growing share of each EMI goes toward principal.
›Does a longer tenure always mean more total interest?
Yes, for the same principal and rate, a longer tenure lowers the monthly EMI but increases the total interest paid over the life of the loan, because interest keeps accruing on the outstanding balance for more months.
›What's the difference between flat rate and reducing balance interest?
This calculator uses the reducing balance method — the standard for EMI loans in India — where interest is charged only on the remaining balance each month. A flat rate charges interest on the full original principal for the whole tenure, which produces a much higher effective rate for the same quoted number.
›Can I use this for a car loan or personal loan, not just a home loan?
Yes — the EMI formula is the same for any reducing-balance loan. Just enter the relevant principal, rate and tenure for your loan type.
›Is this calculator affiliated with any bank or NBFC?
No. It's an independent, generic EMI calculator. Your actual EMI may differ slightly depending on your lender's exact rate compounding, processing fees and disbursal schedule.