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EMI calculator
Monthly EMI, total interest and a full repayment schedule for a home, car or personal loan.
| Month | EMI | Principal | Interest | Balance |
|---|
What is the emi calculator used for?
EMI stands for equated monthly instalment: the fixed amount you pay every month until a loan is repaid. It is used for home loans, car loans, personal loans and education loans. Each EMI contains some interest and some principal, with the interest share highest at the start and falling over time.
Enter the loan amount, the yearly interest rate and the tenure. You get the monthly EMI, the total interest you will pay, the total repayment, and a month-by-month schedule showing how much of each payment reduces the principal.
Why use this one
Besides the EMI itself, you see the full repayment schedule and the principal-versus-interest split, which helps you compare a longer tenure (lower EMI, more interest) with a shorter one. It runs in your browser with no sign-up, and the numbers update as you change any field.
Frequently asked questions
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
Does a longer tenure reduce the cost of a loan?
It lowers the monthly EMI but increases the total interest, because the balance stays outstanding for longer. Try different tenures to see the trade-off.
Why is most of my early EMI interest?
Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest part shrinks and the principal part grows.
Will my bank show exactly the same figure?
It should be very close for a standard reducing-balance loan. Banks may differ slightly because of rounding, processing fees, insurance, rate changes on floating loans or the exact day count.
Does this include processing fees or prepayment?
No. It calculates the standard EMI only. Fees, insurance and part-prepayments change the real cost, so check your loan agreement.