EMI Calculator
Calculate monthly EMIs for home, car, or personal loans — with total interest cost and a year-wise amortization schedule.
Monthly EMI
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Total Interest
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Total Payment
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Show year-wise amortization schedule ▸
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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.
Rules of thumb before you borrow
- Keep total EMIs under 40% of take-home pay.
- Compare lenders on the effective rate including fees, not the headline rate.
- For home loans, a shorter tenure with a manageable EMI almost always beats a longer one with surplus cash idle.
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?
Yes, but it raises total interest sharply. A ₹50 lakh loan at 9% costs about ₹45,000/month over 15 years but ₹42,000/month over 20 years — and the extra 5 years add roughly ₹20 lakh of interest. Choose the shortest tenure you can comfortably afford.
Should I prepay my home loan?
Prepayments early in the tenure save the most interest because that is when the interest component is highest. Most floating-rate home loans in India have no prepayment penalty for individuals. Compare the savings against expected investment returns before deciding.
Is the interest rate fixed for my whole tenure?
Most Indian home loans are floating-rate, linked to the RBI repo rate — your EMI or tenure changes when rates move. Car and personal loans are usually fixed. This calculator assumes a constant rate.
What other costs does this calculator ignore?
Processing fees, insurance bundled with the loan, stamp duty, and rate resets are excluded. For home loans, remember tax benefits: interest deduction up to ₹2 lakh under Section 24(b) and principal under 80C (old regime).
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.