Summary
An EMI calculator works out the fixed amount you pay each month to repay a loan with interest. To use this one free and privately, choose a Currency, type the Loan Amount and the Interest Rate (% per annum), and set the Loan Tenure in years or months. The Monthly EMI, Total Interest and Total Payment appear at once, with a Payment Breakdown chart, a Year-wise Breakdown and the full Amortization Schedule. Everything is calculated in your browser and nothing is uploaded.
The formula is EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where r is the annual rate ÷ 12 ÷ 100 and n is the number of months. At a 0% rate the EMI is simply P ÷ n. For ₹10,00,000 at 8.5% over 20 years the EMI is ₹8,678 and the total interest is ₹10,82,776. For a second loan with the same reducing-balance maths and its own CSV and PDF schedule, use the loan calculator, and for a home purchase with a down payment try the mortgage calculator.
Table of Use: Example Loans and EMIs
Each row was produced by the calculator’s own formula, in rupees unless stated. The rates are illustrations, not offers from any lender.
| Situation | What you enter | What it shows |
|---|---|---|
| Home loan | ₹10,00,000, 8.5%, 20 years | EMI ₹8,678; Total Interest ₹10,82,776; Total Payment ₹20,82,776 (48.0% principal, 52.0% interest) |
| Effect of a higher rate | ₹50,00,000, 20 years, at 8.5% and then 9% | EMI ₹43,391 rising to ₹44,986; interest ₹54,13,879 rising to ₹57,96,711 |
| Shorter or longer tenure | ₹30,00,000, 8.5%, 15 years and then 25 years | EMI ₹29,542 and ₹24,157; interest ₹23,17,594 and ₹42,47,044 |
| Car loan | ₹8,00,000, 9.5%, 5 years | EMI ₹16,801; Total Interest ₹2,08,089 |
| Personal loan in months | ₹2,00,000, 14%, Loan Tenure 36 with Months selected | EMI ₹6,836; Total Interest ₹46,079 |
| Dollar mortgage | Currency USD, $300,000, 6.5%, 30 years | EMI $1,896.20; Total Interest $382,633.47 |
| No-cost EMI | ₹5,00,000, 0%, 24 months | EMI ₹20,833; Total Interest ₹0 |
Features
- Reducing-balance EMI for rates from 0% to 100% and tenures from 1 month to 50 years.
- Years or Months: switch the tenure unit and the number converts. Years accept decimals, so 7.5 years is 90 months.
- Four headline figures: Monthly EMI, Principal, Total Interest and Total Payment, plus a Payment Breakdown chart of principal against interest.
- Year-wise Breakdown of principal, interest, total payment and closing balance, where Year 1 is the first 12 instalments, not a calendar year.
- Amortization Schedule with EMI, Principal, Interest and Balance for every month.
- Export CSV and Export PDF, made on your device and named like emi-INR-1000000-8.5pct-240m.
- Ten display currencies: INR, USD, EUR, GBP, AUD, CAD, SGD, AED, PKR and BDT. The choice changes the symbol and number format only.
Know the limits: the rate is fixed, prepayments, processing fees, insurance and moratorium periods are not modelled, and flat-rate loans work differently. Add GST to a processing fee with the GST calculator, or see the interest calculator for interest on a plain balance.
How to Use the EMI Calculator
- Choose the Currency. The default is INR.
- Type the Loan Amount.
- Enter the Interest Rate (% per annum). Enter 0 for a no-cost EMI.
- Press Years or Months first, then type the Loan Tenure. Switching the unit afterwards converts the number, so 20 years becomes 240 months.
- Read the Monthly EMI, Total Interest and Total Payment, then scroll the Year-wise Breakdown and the Amortization Schedule.
- Press Export CSV or Export PDF to keep the full schedule.
Figures update as you type and nothing is uploaded: the calculation runs in your browser, as the Network tab in DevTools will show.
Who Can Use It
Home buyers can compare tenures before signing, and car and personal-loan borrowers can check an offered EMI against the real maths. Anyone offered a no-cost EMI can test the total. Students of finance can follow the schedule to see why early instalments are mostly interest.
Once you know the EMI, see what share of your income it takes with the percentage calculator, weigh paying it down against saving with the compound interest calculator or the savings calculator, and estimate the income tax on your salary with the income tax calculator, which does not include home-loan deductions. Buying a car? Budget its running costs with the fuel cost calculator.
FAQs
What is EMI and how is it calculated?
EMI (equated monthly instalment) is the fixed amount you pay each month to repay a loan with interest. It is EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of months. For ₹10,00,000 at 8.5% over 20 years, the EMI is ₹8,678.
How can I reduce my EMI?
You can negotiate or refinance to a lower interest rate, borrow less with a bigger down payment, or choose a longer tenure. A longer tenure lowers the EMI but raises the total interest, so compare the Total Interest figure for each option, not only the monthly amount. Enter each combination in the calculator and compare.
Is a shorter or longer loan tenure better?
A shorter tenure means a higher EMI and much less interest. ₹30,00,000 at 8.5% costs ₹29,542 a month and ₹23,17,594 in interest over 15 years, but ₹24,157 a month and ₹42,47,044 in interest over 25 years. Choose the shortest tenure whose EMI you can pay comfortably.
What is an amortization schedule?
An amortization schedule lists every instalment with the interest, the principal repaid and the balance left. Interest is charged on the balance still owed, so early instalments are mostly interest. On ₹10,00,000 at 8.5% for 20 years, month 1 is ₹7,083 interest and ₹1,595 principal, and principal first exceeds interest in month 143.
Does the calculator work for a 0% or no-cost EMI?
Yes. Enter 0 as the Interest Rate and the EMI is the loan amount divided by the number of months, so ₹5,00,000 over 24 months is ₹20,833 with ₹0 interest. Some no-cost EMI offers recover the interest through a lost discount or a processing fee, so compare the total you actually pay.
Why is my lender’s EMI slightly different?
Lenders may round the EMI to a whole unit and adjust the final instalment, add processing fees or insurance, or reset a floating rate during the loan. This calculator uses one fixed rate on a reducing balance and rounds figures only for display, so expect small differences. Enter the rate and tenure printed in your sanction letter.
How do I calculate EMI after a prepayment?
The calculator does not model prepayments directly. After a part-payment, find the Balance after your last paid instalment in the schedule, subtract your part-payment, enter the result as the Loan Amount, and enter the months still remaining as the tenure with Months selected to see the new EMI. Check your lender’s prepayment charges and whether it shortens the tenure or the EMI.
Is my loan data sent anywhere?
No. The EMI, the schedule and the CSV and PDF files are all produced in your browser, and nothing you type is uploaded. You can check by opening the Network tab in DevTools and changing the loan amount: no request carries your figures. The PDF code may download once, without your data, when you first press Export PDF.