EMI Calculator – Calculate Loan EMI Free

Calculate the monthly equated installment for any loan. See how much goes to principal vs interest over the loan tenure.

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EMI Calculator

Calculate monthly EMI for a loan

Monthly EMI₹19,566
Principal amount₹10,00,000
Total interest₹1,73,960
Total amount₹11,73,960
Total₹11,73,960

Breakdown of your emi — updates live
as you move the sliders.

How to Use

  1. Enter the loan principal amount.
  2. Type the annual interest rate as a percentage.
  3. Set the loan tenure in months or years.
  4. View the calculated monthly EMI, total interest, and total payment.

Common Use Cases

  • Calculating home loan EMI before applying for a mortgage
  • Comparing car loan EMIs from different banks
  • Estimating personal loan monthly payments
  • Planning a education loan repayment schedule
  • Understanding how interest rate changes affect your EMI
  • Comparing loan offers with different tenures
  • Budgeting monthly expenses including loan payments
  • Deciding between fixed and floating interest rate loans

Helpful Information

How EMI is calculated

EMI (Equated Monthly Installment) is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly installments.

Principal vs interest breakdown

In the early years of a loan, a larger portion of each EMI goes toward interest. As the principal reduces over time, the interest component decreases and more of each payment goes toward principal repayment. This tool shows you the exact split for each month.

Factors affecting EMI

Three factors determine your EMI: the loan amount (principal), the interest rate, and the loan tenure. A higher interest rate or shorter tenure increases the EMI. A longer tenure reduces the monthly payment but increases the total interest paid over the life of the loan.

India-specific context

In India, home loan interest rates typically range from 8% to 10% per annum. Car loans range from 8% to 12%, and personal loans from 10% to 18%. The Reserve Bank of India's repo rate influences these rates. Most Indian banks use the reducing balance method for EMI calculation.

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Frequently Asked Questions

How is EMI calculated?
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is monthly interest rate, and n is number of months.
Does this include processing fees or insurance?
No. The calculation covers only principal and interest. Additional charges vary by lender and are not modeled here.
Can I compare fixed vs. floating rates?
You can run two separate calculations with different interest rates and compare the results side by side.
Is the result exact or an approximation?
It is a standard mathematical EMI formula result. Actual bank EMIs may differ slightly due to rounding conventions.
How is EMI calculated?
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is monthly interest rate, and n is number of months.
Does this include processing fees or insurance?
No. The calculation covers only principal and interest. Additional charges vary by lender.
Can I compare fixed vs floating rates?
You can run two separate calculations with different interest rates and compare the results.
Is the result exact or an approximation?
It is a standard mathematical EMI formula result. Actual bank EMIs may differ slightly due to rounding.