🏦 EMI Calculator

Work out your monthly instalment, the total interest you will pay, and the full repayment schedule. Then test a prepayment to see what it would save you.

Free Instant results No sign-up needed
Loan details
Principal amount Interest amount
Monthly EMI
₹944
Principal amount
₹1,00,000
Total interest
₹69,946
Total amount
₹1,69,946
Interest %
41.2%
Loan pay-off
—
Lump Sum Prepayment Simulator
Smart feature

Check how much interest you save & how many months are reduced if you make a one-time lump sum payment on top of your regular EMIs.

₹
Your Amortization Details (Yearly/Monthly)
What This Tool Does

EMI and total cost: Works out the monthly instalment, total interest and total repayment for a loan amount, annual rate and tenure.

Prepayment comparison: Model a one-off lump sum and compare the result side by side, either shortening the tenure or lowering the EMI.

Full amortisation: Expand any year to see the month-by-month split of principal, interest and closing balance.

What is an EMI?

An EMI, or Equated Monthly Instalment, is the fixed amount you pay a lender each month until a loan is cleared. Every instalment covers the interest accrued that month plus a portion of the outstanding principal.

The instalment stays the same, but its composition shifts. Early payments are mostly interest because the balance is large. As the balance falls, more of each payment goes to principal, which is why the final years clear the loan quickly.

The Formula Used

This calculator uses the standard reducing-balance formula. With P as the principal, r as the monthly rate and n as the number of months, the instalment is P multiplied by r multiplied by (1+r) raised to n, divided by (1+r) raised to n minus one.

The monthly rate is the annual rate divided by 12 and then by 100, so 12% a year is treated as 1% a month. Interest is compounded monthly on the outstanding balance. If you enter a rate of zero, the instalment is simply the principal divided by the number of months.

Input Ranges

  • Loan amount: ₹1,000 up to ₹2 crore, in steps of ₹1,000. You can also type the figure directly.
  • Interest rate: 1% to 30% a year, in steps of 0.1%.
  • Tenure: 1 to 40 years.
  • Custom EMI: enter an instalment you can afford and the tenure is calculated backwards from it.
  • Prepayment: a lump sum and the month it is paid, applied either to cut the tenure or to cut the EMI.

How to Read the Results

  1. Set the loan amount, rate and tenure to match the offer you are considering.
  2. Check the monthly EMI against what you can comfortably pay each month.
  3. Look at total interest, which is the real cost of borrowing over the full term.
  4. Expand the amortisation table to see how slowly the balance falls in the early years.
  5. Try a prepayment to see how much interest a lump sum would save.

Reducing Tenure or Reducing EMI

When you prepay, lenders usually let you choose between two outcomes. Keeping the same EMI and shortening the tenure saves the most interest, because you stop paying sooner. Keeping the same tenure and reducing the EMI frees up monthly cash flow instead, but saves less overall.

The comparison view shows both totals so you can see the trade-off rather than guess at it.

What This Calculator Does Not Include

  • Processing fees, documentation charges, insurance premiums or GST on charges.
  • Prepayment or foreclosure penalties, which vary by lender and loan type.
  • Floating rates. The whole schedule assumes the rate you entered stays fixed.
  • Any tax deduction you may be able to claim on interest or principal.
  • Late payment interest or the effect of a missed instalment.

Accuracy and Processing

The calculation runs entirely in your browser and nothing you enter is sent to a server. Figures are rounded for display, so a bank statement can differ by small amounts depending on the day count and rounding rules your lender applies. Treat the output as a close planning estimate, not a sanctioned repayment schedule.

EMI Calculator FAQ

How is EMI calculated?

The standard reducing-balance formula is used: the principal multiplied by the monthly rate multiplied by (1 plus the monthly rate) raised to the number of months, divided by (1 plus the monthly rate) raised to the number of months minus one. The monthly rate is the annual rate divided by twelve.

Why is most of my early EMI going to interest?

Interest is charged on the outstanding balance, which is at its highest at the start. As the balance falls, the interest portion of each instalment shrinks and the principal portion grows, even though the EMI itself stays the same.

Should I reduce my tenure or my EMI when I prepay?

Keeping the same EMI and shortening the tenure saves more interest because you finish sooner. Reducing the EMI over the same tenure frees up monthly cash flow but saves less overall. The calculator shows both so you can compare the totals.

Does this include processing fees or insurance?

No. The calculation covers principal and interest only. Processing fees, documentation charges, insurance, GST on charges and any prepayment penalty are not included, so your real cost of borrowing will be slightly higher.

Will my bank statement match this exactly?

It will be very close but may differ by small amounts. Lenders apply their own rounding and day-count conventions, and the schedule here assumes your interest rate stays fixed for the whole tenure.

Is my data sent anywhere?

No. The entire calculation runs in your browser and nothing you enter is transmitted or stored.

Related Developer Tools

Keep moving through common developer workflows with SIP Calculator, FD/RD Calculator, GST Calculator. You can also browse the full Developer Tools collection or return to the all tools hub.