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Loan EMI Calculator

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Calculate monthly loan EMI, total interest payable, and full amortisation schedule for any loan.

Amortisation Table
All Loan Types
Instant
Client-Side
Currency:

5 Lakh

mo

EMI Breakdown

Monthly EMI
₹ 10,258.27
Principal 81%Interest 19%
Principal Amount₹ 5,00,000.00
Total Interest₹ 1,15,496.20
Total Payment₹ 6,15,496.20
💡 Loan Insight

Good deal — only 19% goes to interest. You're borrowing efficiently.

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How to Use

  1. 1 Enter the loan principal — the total amount you want to borrow
  2. 2 Enter the annual interest rate quoted by your bank or NBFC
  3. 3 Enter the loan tenure in months (e.g. 240 for a 20-year home loan)
  4. 4 Click Calculate EMI to see your monthly payment, total interest, and total payable
  5. 5 Scroll down to review the month-by-month amortisation table

Features

  • Instant EMI calculation using the standard reducing-balance formula
  • Total interest payable and total amount payable shown at a glance
  • Full month-by-month amortisation schedule — principal vs interest breakdown
  • Works for home loans, car loans, personal loans, education loans, and more
  • Supports any interest rate and tenure — no limits on inputs
  • 100% client-side — no data ever leaves your device

Why it Matters

Knowing your EMI before you sign is the most important step in any loan decision. A ₹50L home loan at 8.5% for 20 years costs ₹43.5L in interest alone — more than the principal itself. This calculator shows you exactly what you're committing to, month by month, so you can compare lenders, negotiate rates, and plan your budget with full clarity.

★★★★★

Use Cases

Home Loan Planning

Compare EMIs across different tenures and rates before applying

Car Loan Comparison

See the real cost of dealer financing vs bank loans

Personal Loan Budgeting

Check if a personal loan EMI fits your monthly cash flow

Education Loan

Plan repayments for education loans with moratorium periods

What is EMI?

EMI (Equated Monthly Instalment) is the fixed monthly amount you pay to repay a loan over its tenure. Each payment covers two components: interest on the outstanding balance and principal repayment. The split changes every month — early payments are mostly interest; by the end, most of each EMI goes toward principal.

The formula

The standard reducing-balance EMI formula:

EMI = P × r × (1+r)^n
      ─────────────────
         (1+r)^n − 1

Where:

  • P = Principal (loan amount)
  • r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
  • n = Tenure in months

Example: ₹5L personal loan at 10% for 5 years

  • Monthly rate r = 10 ÷ 12 ÷ 100 = 0.00833
  • Tenure n = 60 months
  • EMI = ₹10,624
  • Total payable = ₹6,37,480
  • Total interest = ₹1,37,480

How tenure affects total cost

TenureEMITotal Interest
5 years₹10,624₹1,37,480
10 years₹6,608₹2,92,960
20 years₹4,825₹6,57,940

A lower EMI from a longer tenure looks attractive, but the total interest cost can be 2–5× higher. Always compare both numbers, not just the monthly payment.

Reading the amortisation table

The amortisation schedule breaks down each of your monthly payments:

MonthOpening BalanceEMIInterestPrincipalClosing Balance
1₹5,00,000₹10,624₹4,167₹6,457₹4,93,543
2₹4,93,543₹10,624₹4,113₹6,511₹4,87,032
………………
60₹10,536₹10,624₹88₹10,536₹0

Notice how the interest component shrinks every month as the principal reduces. By the final payment, almost the entire EMI is principal.

Tips for reducing your total interest cost

Prepay when possible. Even one extra EMI per year can cut 2–3 years off a 20-year home loan and save lakhs in interest.

Compare lenders, not just rates. A 0.25% rate difference on a ₹50L home loan over 20 years saves ~₹2.5L in total interest.

Choose tenure wisely. A longer tenure lowers EMI but increases total cost. Pick the shortest tenure your monthly budget comfortably supports.

Make lump-sum prepayments. Bonus, incentive, or tax refund? Prepaying reduces the outstanding principal and dramatically cuts future interest.

Frequently Asked Questions

What is EMI?
EMI (Equated Monthly Instalment) is the fixed monthly payment you make to repay a loan. Each instalment covers both principal repayment and interest, with the interest portion higher in early months and reducing over time.
What formula does this use?
The standard reducing-balance formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is monthly interest rate, and n is tenure in months.
Why is total interest sometimes more than the loan amount?
For long tenures (15–30 years) or high rates, cumulative interest exceeds the principal. A ₹50L loan at 8.5% over 20 years costs ~₹43.5L in interest. This is why prepaying when possible saves significantly.
Does this work for floating-rate loans?
This calculator uses a fixed rate. For floating-rate loans, you can recalculate whenever your bank revises the rate — just enter the new rate with the remaining principal and tenure.
What is an amortisation schedule?
A month-by-month table showing how much of each EMI goes toward principal vs interest. Early payments are mostly interest; as the loan matures, more of each payment reduces the principal.
📖

Want to understand the math?

Browse all guides →
How EMI Works
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How EMI Works — Principal, Interest & Tenure Explained

EMI stands for Equated Monthly Instalment. Learn how lenders calculate your monthly payment, how tenure and interest rate affect it, and how to use this knowledge to borrow smarter.

1 May 2026

5 min read

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