EMI Calculator
Calculate monthly EMIs for home, car, or personal loans — with total interest cost and a year-wise amortization schedule.
Enter a value that satisfies the displayed range and increment.
Enter a value that satisfies the displayed range and increment.
Enter a value that satisfies the displayed range and increment.
Monthly EMI
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Total Interest
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Total Payment
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Show year-wise amortization schedule ▸
| Year | Principal Paid | Interest Paid | Balance |
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How this EMI calculator works
Enter the loan amount, interest rate, and tenure. The calculator shows your fixed monthly instalment, how much of your total payment goes to interest, and a year-wise schedule of how the loan balance falls.
Why early prepayments matter most
In the first years of a long loan, most of each EMI is interest. On a 20-year, ₹50 lakh loan at 9%, almost three-quarters of your first year's EMIs is interest. Prepaying even one extra EMI a year in the early years can shave years off the tenure.
This output is not an affordability test. Compare a lender's annual percentage rate, fees, insurance, reset terms, and complete repayment schedule before making a borrowing decision.
Methodology and limits
- Method version
emi-fixed-amortising-v1- Class
- A / R1 (pure-math)
- Effective date
- not-applicable
- Jurisdiction
- not-applicable
- Source status
- not-required-pure-math
- Rounding
- Keep full precision for calculation; round only when formatting displayed INR values.
- Review trigger
- formula, input-contract, rounding, assumption, or methodology-copy change
Formula: EMI = P × r × (1 + r)^n / ((1 + r)^n - 1), with r = annualRatePercent / 1200 and n = years × 12
Educational boundary: Loan arithmetic only; it is not a lender quote, affordability assessment, or borrowing recommendation.
Included: Fixed nominal rate; Equal monthly instalments and no extra cash flows
Excluded: Affordability; Floating-rate changes, fees, insurance, prepayment, delinquency, taxes or a lender schedule
Inputs: principal (INR; 50000–50000000; default 5000000, existing public route default) · annualRatePercent (percent per year; 5–24; default 9, existing public route default) · years (whole years; 1–30; default 20, existing public route default)
Outputs: monthlyPayment (INR; raw calculation; displayed rounded to nearest rupee) · totalInterest (INR; raw calculation; displayed rounded to nearest rupee) · totalPayment (INR; raw calculation; displayed rounded to nearest rupee)
Assumptions: The loan is fully amortising with equal monthly instalments. The entered rate is fixed and no fees, prepayments, missed payments, or rate resets occur.
- Educational illustration only; outputs are not forecasts, guarantees, recommendations, or personalised advice.
- Returns, rates, inflation, fees, taxes, cash-flow timing, and product terms can differ from the entered assumptions.
- Displayed rupee values are rounded only after the full-precision calculation.
- A lender schedule may differ because of disbursement date, daily interest, fees, insurance, floating-rate resets, or rounding.
Frequently Asked Questions
How is EMI calculated?
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r the monthly interest rate (annual rate ÷ 12), and n the number of monthly instalments. Early EMIs are mostly interest; later ones mostly principal.
Does a longer tenure reduce my EMI?
A longer term generally lowers the modelled monthly payment and raises total modelled interest when the principal and fixed rate are unchanged. This tool does not assess affordability or recommend a term.
Should I prepay my home loan?
A prepayment changes the outstanding principal and therefore the later interest path. This calculator does not model prepayments, lender charges, tax effects or alternative uses of cash; obtain a lender-specific schedule.
Is the interest rate fixed for my whole tenure?
This calculator assumes one constant rate for the full term. Actual loan contracts may reset rates or payments, so use the lender's schedule for a contract-specific answer.
What other costs does this calculator ignore?
Processing fees, insurance, stamp duty, rate resets, prepayments and tax effects are excluded. Use a lender schedule and current tax guidance for a contract- and taxpayer-specific answer.
Disclaimer: This calculator produces illustrative estimates only. Actual returns vary and, unless stated otherwise, results exclude expense ratios, exit loads, transaction costs, and taxes. Assumed rates are inputs, not forecasts or assured returns. This is educational content, not personalized investment advice — see our full disclaimer.