EMI Calculator
Enter the loan amount, interest rate and tenure to see the monthly EMI, the total interest and a year-by-year table.
Result
- Number of EMIs
- 60
- Total interest
- ₹2,45,501.31
- Total payment
- ₹12,45,501.31
- Interest is worked out monthly on the reducing balance. Processing fees, insurance and taxes are not included, and a lender's own figure may differ slightly.
| Year | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| 1 | ₹1,65,830.02 | ₹83,270.24 | ₹8,34,169.98 |
| 2 | ₹1,81,386.02 | ₹67,714.24 | ₹6,52,783.95 |
| 3 | ₹1,98,401.28 | ₹50,698.98 | ₹4,54,382.67 |
| 4 | ₹2,17,012.69 | ₹32,087.57 | ₹2,37,369.98 |
| 5 | ₹2,37,369.98 | ₹11,730.28 | ₹0.00 |
How to use EMI Calculator
- Enter the loan amount in rupees.
- Enter the yearly interest rate.
- Enter the tenure and choose years or months.
- Read the monthly EMI, total interest and the table.
About this tool
EMI stands for equated monthly instalment: the fixed amount you pay every month until the loan is cleared. Each EMI is part interest and part principal. Early on most of it is interest, and later most of it is principal.
Interest each month is charged on the balance still owed (the reducing balance method). A longer tenure lowers the EMI but raises the total interest, so the cheapest loan is usually the shortest one you can comfortably afford.
How it is calculated
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly rate (yearly rate ÷ 12 ÷ 100) and n is the number of months.
Worked examples
- ₹10,00,000 at 9% for 5 years: EMI ₹20,758.36, total interest ₹2,45,501.31.
- The same loan over 10 years: EMI ₹12,667.58, total interest ₹5,20,109.29.
Tips for better results
- Compare the total interest, not just the EMI, when choosing a tenure.
- Prepaying part of the loan early cuts the interest the most.
- Add processing fees and insurance separately; they are not in this figure.
Frequently asked questions
How is EMI calculated?
With the formula EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where r is the monthly interest rate and n the number of monthly instalments.
Does a longer tenure lower the EMI?
Yes, but you pay more interest overall.
Does this work for home, car and personal loans?
Yes. Any loan repaid in equal monthly instalments on a reducing balance uses the same formula.
Is this the figure my bank will give me?
It is an estimate from the numbers you enter. Banks may use slightly different rounding, day counts, fees and taxes, so check the final figure with your bank. This is not financial advice.
Are my numbers saved or sent anywhere?
No. The calculation runs in your browser on your own device. Nothing you type is sent to Paul Digital or any other server.
Related tools
- Loan Calculator
- Amortization Calculator (with Extra Payments)
- FD Calculator (Fixed Deposit)
- PPF Calculator (Public Provident Fund)
- All web tools
Privacy
The calculation runs in your browser on your own device. The numbers you type are not sent to Paul Digital or any other server. Results are estimates from the numbers you enter and are not financial, tax or legal advice.