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EMI Calculator

Find out what your loan will cost every month. Enter the amount, interest rate and tenure to see your EMI, the total interest, a year-by-year repayment schedule and how prepaying could help.

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  • Updated 30 Sept 2026

Calculate your loan EMI

Results update as you change the numbers.

₹
₹1,00,000₹2,00,00,000
5% p.a.20% p.a.
Tenure in
Tenure unit
1 year30 years

Your monthly EMI

₹21,696

  • Principal amount₹25,00,000
  • Total interest₹27,06,939
  • Total amount payable₹52,06,939

Interest makes up 52% of everything you repay.

Paying one extra EMI of ₹21,696 each year could close the loan 3 years 3 months early and save about ₹5.15 L in interest.

What each year's EMIs pay forPrincipalInterest
Repayment scheduleHow much principal and interest you pay each year
YearPrincipal paidInterest paidTotal paidBalance at year end
Year 1₹49,756₹2,10,591₹2,60,347₹24,50,244
Year 2₹54,154₹2,06,193₹2,60,347₹23,96,091
Year 3₹58,940₹2,01,407₹2,60,347₹23,37,150
Year 4₹64,150₹1,96,197₹2,60,347₹22,73,000
Year 5₹69,820₹1,90,527₹2,60,347₹22,03,180
Year 6₹75,992₹1,84,355₹2,60,347₹21,27,188
Year 7₹82,709₹1,77,638₹2,60,347₹20,44,479
Year 8₹90,020₹1,70,327₹2,60,347₹19,54,459
Year 9₹97,977₹1,62,370₹2,60,347₹18,56,482
Year 10₹1,06,637₹1,53,710₹2,60,347₹17,49,846
Year 11₹1,16,063₹1,44,284₹2,60,347₹16,33,783
Year 12₹1,26,321₹1,34,026₹2,60,347₹15,07,462
Year 13₹1,37,487₹1,22,860₹2,60,347₹13,69,974
Year 14₹1,49,640₹1,10,707₹2,60,347₹12,20,335
Year 15₹1,62,866₹97,480₹2,60,347₹10,57,468
Year 16₹1,77,262₹83,085₹2,60,347₹8,80,206
Year 17₹1,92,931₹67,416₹2,60,347₹6,87,275
Year 18₹2,09,984₹50,363₹2,60,347₹4,77,291
Year 19₹2,28,545₹31,802₹2,60,347₹2,48,746
Year 20₹2,48,746₹11,601₹2,60,347₹0

What is an EMI?

An equated monthly instalment (EMI) is the fixed amount you pay your lender every month until a loan is repaid. Each EMI has two parts: interest on the balance you still owe, and a repayment of the principal.

Home loans, car loans, personal loans and education loans are usually repaid through EMIs, so knowing the figure before you borrow helps you choose an amount and tenure you can comfortably afford.

How is EMI calculated?

EMI formula

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

  • P is the loan amount.
  • r is the monthly interest rate: the yearly rate divided by 12, written as a decimal.
  • n is the number of monthly instalments.

For example, a loan of ₹40,00,000 at 8.5% a year for 5 years (60 months) has an EMI of about ₹82,066. Over the full tenure you repay about ₹49,23,968, of which about ₹9,23,968 is interest.

How your EMI splits over time

Interest is charged on the balance you still owe, so early EMIs are mostly interest and later EMIs are mostly principal. On a long home loan, the first few years can barely dent the outstanding amount.

Open the repayment schedule below the calculator to see how much principal and interest you pay each year, and what you still owe at the end of it.

Longer tenure: lower EMI, more interest

Stretching a loan over more years lowers the EMI but raises the total interest sharply. Here is a ₹25 lakh loan at 8.5% a year:

TenureMonthly EMITotal interestTotal payable
10 years₹30,996₹12,19,571₹37,19,571
20 years₹21,696₹27,06,939₹52,06,939
30 years₹19,223₹44,20,221₹69,20,221

Choose the shortest tenure whose EMI you can pay comfortably, and prepay whenever you can to bring the total interest down.

How prepaying saves interest

Any extra payment goes straight to reducing the principal, so every later EMI carries less interest. Paying just one extra EMI a year can cut several years off a long home loan. The calculator shows what this would save on your loan.

RBI rules do not allow banks to charge a prepayment or foreclosure penalty on floating-rate loans taken by individuals for non-business purposes. Fixed-rate loans and some lenders' products may still carry charges, so check your loan agreement.

Keeping your EMIs affordable

  • Many lenders and planners suggest keeping all your EMIs together below about 40% of your monthly take-home pay.
  • Keep an emergency fund of at least six EMIs, so a job loss or illness does not lead to missed payments.
  • A higher down payment reduces both the EMI and the total interest.
  • Compare interest rates and processing fees across lenders; a small rate difference adds up over a long loan.
  • Missing EMIs hurts your credit score and adds penalty charges, so set up auto-debit on a date just after your salary arrives.

Protecting your family from your loan

A large loan can become a burden for your family if something happens to you. A term insurance plan with cover at least equal to your outstanding loans means the money is there to repay the lender, so your family keeps the home or car without the debt.

Frequently asked questions

1.How is loan EMI calculated?

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate and n is the number of months. For example, ₹40 lakh at 8.5% for 5 years works out to an EMI of about ₹82,066.

2.Is it better to choose a longer or shorter loan tenure?

A shorter tenure means a higher EMI but much less total interest. A longer tenure lowers the EMI but costs more overall. Pick the shortest tenure you can comfortably afford and prepay when you can.

3.Does prepaying a loan reduce the EMI or the tenure?

Most lenders let you choose. Keeping the EMI the same and reducing the tenure usually saves more interest, while reducing the EMI eases your monthly budget.

4.Why does my bank's EMI differ slightly from the calculator?

Banks may round the EMI up to the nearest rupee, charge interest for the days before your first EMI (called pre-EMI or broken-period interest), or use a slightly different day count. The difference is usually small.

5.What happens to my EMI if the interest rate changes?

On a floating-rate loan, lenders usually keep the EMI the same and change the tenure when rates move, though they may raise the EMI if the tenure would stretch too far. Fixed-rate loans keep the same EMI throughout.

6.Can I get a tax benefit on my loan EMIs?

Home loans and education loans can qualify for tax deductions on principal or interest, depending on the tax regime you choose. Car and personal loans usually do not, unless used for business. Check the current rules for your situation.

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