EMI Calculator
Calculate your monthly EMI, total interest and total payment.
What is EMI?
EMI (Equated Monthly Instalment) is the fixed amount you pay your lender every month. Each payment is part principal, part interest — early payments are mostly interest, later ones mostly principal.
The EMI formula
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments. This calculator does the math instantly and also shows total interest and total repayment — the numbers banks don't put in big print.
How to use it before talking to a bank
Run your loan at two or three different tenures. A ₹20 lakh home loan at 9% costs about ₹25,335/month over 10 years but only ₹17,995/month over 15 years — yet the longer tenure adds roughly ₹6.8 lakh in extra interest. Seeing EMI and total interest side by side is what makes the trade-off obvious.
Ways to reduce your EMI burden
Make part-prepayments early in the tenure (when interest share is highest), negotiate the rate if your credit score has improved, and avoid stretching tenure just to lower the monthly number unless cash flow truly requires it.
Estimates only — your bank's exact figures may differ slightly due to processing fees and rounding. Always confirm before signing.
Frequently asked questions
Does this work for home, car and personal loans?
Yes — the EMI formula is identical for all reducing-balance loans. Just enter the amount, interest rate and tenure for any loan type.
Why is my total repayment so much higher than the loan amount?
Interest compounds over the full tenure. On long loans, total interest can approach or even exceed the principal — which is why comparing tenures matters.
Does the calculator include processing fees or insurance?
No — it calculates the pure EMI from principal, rate and tenure. Add one-time fees separately when comparing lenders.
Is a shorter tenure always better?
Financially it costs far less interest, but only if the higher EMI fits your monthly budget safely. A good rule: total EMIs under 40% of take-home income.