EMI Calculator
Work out the monthly EMI, total interest and total payment on a home, car or personal loan.
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What This Tool Does
This calculator works out the Equated Monthly Instalment (EMI) on any reducing-balance loan: home loan, car loan, personal loan or education loan. Enter the amount you plan to borrow, the annual interest rate and the tenure in years, and it shows the monthly EMI, the total interest you will pay over the life of the loan and the total amount repaid. It uses the standard formula banks and NBFCs in India use for reducing-balance loans: EMI = P × r × (1+r)n / ((1+r)n − 1), where P is the principal, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. The calculation runs entirely in your browser; nothing you enter is sent anywhere. Wondering how interest-rate changes feed into your EMI? See how the October 2026 RBI repo rate hike affects a home loan EMI.
How to Use It
- Enter the loan amount in rupees (for example 2500000 for ₹25 lakh).
- Enter the annual interest rate your lender quoted and the tenure in years (use decimals for part-years, such as 3.5).
- Press Calculate EMI to see the monthly EMI, total interest and total payment.
Example
A ₹25,00,000 home loan at 8.5% for 20 years works out to an EMI of about ₹21,696 a month. Over 240 months you repay roughly ₹52.07 lakh, so about ₹27.07 lakh of that is interest, more than the amount you borrowed. Cut the tenure to 15 years and the EMI rises to about ₹24,618, but total interest drops to roughly ₹19.31 lakh. That trade-off between a lower EMI and a lower total cost is the main reason to run the numbers before signing.
Frequently Asked Questions
How is EMI calculated?
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate divided by 12 and by 100) and n is the number of monthly instalments. Each EMI is the same amount, but early instalments are mostly interest and later ones are mostly principal.
Why is total interest so high on a long home loan?
Interest is charged every month on the outstanding balance, and a long tenure keeps that balance high for longer. On a 20-year loan at 8.5%, you pay more in interest than the original principal. Making part-prepayments early in the loan cuts interest the most, since the balance falls sooner.
Does this include processing fees or insurance?
No. It calculates only principal and interest on a reducing-balance loan. Processing fees, GST on fees, loan insurance premiums and any prepayment charges quoted by your lender are extra, so treat the result as the core EMI and check the lender's sanction letter for the full cost.
Will my bank's EMI match this exactly?
It should be very close for a standard reducing-balance loan with monthly instalments. Small differences can come from rounding, the exact disbursement date, a moratorium or pre-EMI period, or a floating rate that has been reset since the quote.
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