EMI Calculator
Your EMI is the fixed amount you repay every month on a home, car or personal loan. Enter the loan amount, interest rate and tenure to see your monthly EMI, the total interest and the total repayment — and compare different loan scenarios before you borrow.
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Your result
Enter your loan details and select Calculate EMI to see your monthly instalment.
Monthly EMI
–
- Total principal –
- Total interest –
- Total payment –
- Number of instalments –
- Principal –
- Interest –
Amounts are shown in the currency you choose, rounded to two decimal places. No exchange rate is applied.
Please note: This calculator gives an estimate based on the figures you enter and a fixed interest rate held for the whole term. Your lender's actual EMI may differ because of processing fees, insurance, taxes, rounding rules, a floating rate, or a different day-count convention. It is general information, not financial advice.
Get Your Detailed EMI Report
See your full repayment schedule, interest breakdown, rate comparison and term comparison in one downloadable report.
- Full amortization schedule
- Year-by-year breakdown
- Principal vs interest analysis
- Rate and term comparisons
- Downloadable PDF
One-time report price: ₹199. You see a free preview before paying. The calculator above stays free to use.
What is EMI?
EMI stands for Equated Monthly Instalment. It is the fixed amount you pay your lender every month until a loan is fully repaid. The instalment is "equated" because the amount stays the same for the whole term, even though what it is made up of changes over time.
Every EMI has two parts: a slice of interest charged on the balance you still owe, and a slice of principal that actually reduces your debt. In the early months, most of your payment is interest because the outstanding balance is large. As the balance falls, the interest slice shrinks and more of each instalment goes to clearing the principal. This gradual shift is called amortisation.
How EMI is calculated
The standard EMI formula is:
Two details matter when you use this formula by hand. First, the rate must be converted from a yearly figure to a monthly one: a 9.5% annual rate becomes 0.095 ÷ 12 = 0.0079167 per month. Second, the tenure must be in months, so a 5-year loan is 60 instalments.
If the interest rate is 0%, the formula above breaks down, because both the numerator and the denominator become zero. An interest-free loan is simply the amount borrowed spread evenly across the term, so the calculator switches to EMI = P ÷ n in that case.
Key terms
- Principal — the amount you borrow. Interest is charged on the part of it you still owe.
- Interest rate — the annual rate on the loan. The calculator converts it to a monthly rate (annual rate ÷ 12) because interest is charged monthly. Enter the interest rate, not the APR or a flat rate.
- Loan tenure — how long you take to repay, in years or months. It sets the number of EMIs.
- Monthly EMI — the fixed instalment you pay each month. Each EMI covers that month’s interest and repays part of the principal.
- Total interest — everything you pay on top of the amount borrowed: EMI × number of instalments − principal.
- Total repayment — everything you hand over during the loan: EMI × number of instalments, which is the principal plus the total interest.
Example EMI calculations
Example 1: ₹5,00,000 at 9.5% for 5 years
Take a loan of ₹5,00,000 at 9.5% a year over 5 years — the values this page loads with. The monthly rate is 0.095 ÷ 12 = 0.0079167 and the number of instalments is 5 × 12 = 60.
Raising (1 + 0.0079167) to the power of 60 gives 1.605009. Putting that into the formula:
Over the full term that works out as:
| Item | Amount |
|---|---|
| Monthly EMI | ₹10,500.93 |
| Total principal | ₹5,00,000.00 |
| Total interest | ₹1,30,055.84 |
| Total payment (60 instalments) | ₹6,30,055.84 |
So borrowing ₹5,00,000 on those terms costs ₹1,30,055.84 in interest — about 26% on top of the amount borrowed.
Example 2: ₹10,00,000 at 8.5% for 20 years
A longer loan, such as a home loan, shows how much interest builds up over time. For ₹10,00,000 at 8.5% a year over 20 years (240 monthly instalments), the calculator gives:
| Item | Amount |
|---|---|
| Monthly EMI | ₹8,678.23 |
| Total principal | ₹10,00,000.00 |
| Total interest | ₹10,82,775.76 |
| Total repayment (240 instalments) | ₹20,82,775.76 |
Here the total interest is larger than the amount borrowed: over 20 years you would repay about 2.08 times the loan. Enter these figures in the calculator above to see the same result.
Factors that affect your EMI
Three inputs decide your EMI: the loan amount, the interest rate and the tenure. The amount works in direct proportion — borrow twice as much on the same terms and both the EMI and the total interest double. The rate and the tenure interact, and that is where the real trade-offs are.
Loan tenure: lower EMI, higher total interest
The same ₹10,00,000 loan at 8.5% over different tenures:
| Tenure | Monthly EMI | Total interest | Total repayment |
|---|---|---|---|
| 10 years | ₹12,398.57 | ₹4,87,828.27 | ₹14,87,828.27 |
| 15 years | ₹9,847.40 | ₹7,72,531.20 | ₹17,72,531.20 |
| 20 years | ₹8,678.23 | ₹10,82,775.76 | ₹20,82,775.76 |
| 25 years | ₹8,052.27 | ₹14,15,681.25 | ₹24,15,681.25 |
Stretching the loan from 10 to 25 years cuts the EMI by ₹4,346.30 a month but adds ₹9,27,852.98 of interest. A longer tenure makes each month easier to afford; a shorter one costs less overall. For how this works on home loans in particular, see how mortgage payments work.
Interest rate: small changes, large totals
The same ₹10,00,000 over 20 years at three interest rates:
| Interest rate | Monthly EMI | Total interest |
|---|---|---|
| 7.5% | ₹8,055.93 | ₹9,33,423.66 |
| 8.5% | ₹8,678.23 | ₹10,82,775.76 |
| 9.5% | ₹9,321.31 | ₹12,37,114.85 |
One percentage point less (7.5% instead of 8.5%) lowers the total interest by ₹1,49,352.10 over the 20 years. When you compare offers, make sure each one quotes the same kind of rate — our guide to APR, interest rates and flat rates explains why the same loan can show three different percentages.
Principal vs interest: where your money goes
In the example above, interest makes up roughly 20.6% of everything you hand over, and principal the remaining 79.4%. The donut chart in the results panel shows this split for whatever figures you enter.
Three things move that balance:
- The interest rate. The effect is not linear — a rate two percentage points higher can add far more than two percent to your total cost, especially on a long loan.
- The tenure. Stretching a loan lowers the monthly EMI, which makes it easier to afford, but you pay interest for longer so the total cost rises. Shortening it does the opposite. Try the same loan over 5 and 10 years to see the trade-off.
- The amount borrowed. Interest scales directly with principal, so a smaller loan or a bigger down payment cuts the interest bill proportionally.
This is why comparing loans on the monthly EMI alone can mislead. A longer loan almost always looks cheaper per month while costing more overall. Comparing the total payment figure alongside the EMI gives you the fuller picture.
Which calculator for which loan question?
- Buying a car? The Car Loan Calculator starts from the vehicle price and takes off your down payment and trade-in, and adds any fees financed with the loan.
- Quoted a flat rate or simple interest? The Simple Interest Calculator shows interest charged only on the original amount, next to what compounding would give.
- Saving instead of borrowing? The Compound Interest Calculator shows interest working for you on a deposit, and the Investment Return Calculator projects regular investing after fees.
Using this calculator outside India
“EMI” is the term used in India. Elsewhere the same number is usually called the monthly payment or monthly repayment on an amortising (US: amortizing) loan — a loan repaid in equal instalments that each cover that month’s interest and part of the balance. In the UK, a mortgage repaid this way is called a repayment mortgage. The formula above is the standard one for any fixed-rate amortising loan, so the result holds in any currency.
What differs between countries and lenders is everything around the formula:
- How the rate is quoted. Many countries require lenders to show an APR (annual percentage rate), which folds certain fees into a single yearly rate and is usually higher than the interest rate used to calculate the payment. Enter the interest rate, not the APR, to reproduce a lender’s payment. Some lenders also quote a flat rate, which is not comparable at all — our guide to APR, interest rates and flat rates works through one loan quoted all three ways.
- How interest is compounded. This calculator applies the annual rate monthly. Some loans compound on a different basis — Canadian fixed-rate mortgages, for example, are commonly quoted with semi-annual compounding — which changes the payment slightly. Your loan agreement states the method.
- What is included in the payment. Fees, insurance and taxes are not part of this calculation. In some markets a monthly mortgage payment also collects property tax and insurance; those amounts are separate from the loan repayment worked out here.
- Loan structures this calculator does not model, such as interest-only loans, balloon payments and variable rates that reset during the term.
Interest rates, fees and lending rules vary by country and by lender, so use the result to compare options and check the figure against the lender’s own written quote.
EMI questions, answered
What is EMI?
EMI (Equated Monthly Instalment) is the fixed amount you pay your lender every month until a loan is repaid. Each instalment covers that month's interest on the balance you still owe and repays part of the principal, so the balance falls to zero by the end of the tenure.
How is EMI calculated?
With the standard formula EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r the monthly interest rate (annual rate ÷ 12 ÷ 100) and n the number of monthly instalments. For example, ₹10,00,000 at 8.5% for 20 years gives an EMI of ₹8,678.23. At a 0% rate the EMI is simply P ÷ n.
What is the difference between EMI and total repayment?
The EMI is what you pay each month; the total repayment is everything you pay over the whole loan — the EMI multiplied by the number of instalments. The total repayment minus the amount borrowed is the total interest. On ₹10,00,000 at 8.5% for 20 years, an EMI of ₹8,678.23 adds up to ₹20,82,775.76, of which ₹10,82,775.76 is interest.
Does a lower interest rate reduce total interest?
Yes, and by more than the monthly saving suggests, because the lower rate applies every month for the whole tenure. On ₹10,00,000 over 20 years, 7.5% instead of 8.5% lowers the EMI by ₹622.30 a month and the total interest by ₹1,49,352.10.
Can I use this calculator for different types of loans?
Yes, for any loan repaid in equal monthly instalments at a fixed interest rate — home, car, personal, education or two-wheeler loans. Enter the amount actually borrowed. For a vehicle loan where you want to start from the price and subtract a down payment or trade-in, the Car Loan Calculator does that for you. Interest-only loans, balloon payments and floating rates that reset during the term are not modelled.
Is the EMI from this calculator exactly what my bank will charge?
Treat it as a close estimate rather than a quote. It uses the standard EMI formula with a fixed rate held for the whole term, which is how most lenders compute the instalment itself. Your actual first payment can still differ because of processing or documentation fees, insurance premiums bundled into the loan, taxes, the lender's rounding policy, or interest charged for a part-month before your first full instalment. Always confirm the figure in your lender's sanction letter.
What happens if my loan has a floating interest rate?
This calculator assumes the rate stays fixed for the whole term. On a floating-rate loan the rate is reset periodically against a benchmark, so your EMI or your tenure will change over time. A useful approach is to run the calculation two or three times — at your current rate, and at a rate one or two percentage points higher — to see how much headroom your budget would need if rates rise.
Can I enter a 0% interest rate?
Yes. The calculator detects a 0% rate and switches to a simple division, spreading the amount borrowed evenly across the instalments. A ₹5,00,000 interest-free loan over 60 months gives an EMI of ₹8,333.33, with zero total interest. Genuinely interest-free offers often carry a processing fee or a higher purchase price instead, so it is worth checking the total cost either way.
Does a longer loan tenure reduce EMI?
Yes — it lowers the monthly payment, but it raises the total cost. A longer term means the outstanding balance shrinks more slowly, so interest accumulates for more months. The monthly saving is real and can matter for cash flow, but it is a trade against the total interest paid. Running both scenarios through the calculator and comparing the total payment line makes the size of that trade clear.
Which currency does the calculator use?
It opens in Indian rupees (₹) with Indian digit grouping, so five hundred thousand appears as ₹5,00,000. You can switch the display to US dollars, pounds sterling or euros with the currency selector.
The selector changes only how amounts are shown; no exchange rate is applied. The EMI formula itself has nothing to do with currency — it works identically for a loan in any currency.
Is my data sent anywhere?
The calculation runs entirely in your browser using JavaScript on this page; the figures you type are not sent to our server, stored, or saved between visits. Only if you choose to open the detailed report are the loan amount, interest rate, tenure and display currency sent to our server, so that the report can be calculated there. If you buy a report, payment is handled by Razorpay and those figures are kept with the order so you can open the report again. No name, email address or phone number is asked for.