EMI Calculator
Enter your loan amount, interest rate, and tenure to see your exact monthly EMI, total interest payable, and a repayment schedule.
How it works
Every EMI is split into two parts: interest on the amount you still owe, and repayment of principal. Early in the loan most of the EMI goes toward interest because the outstanding balance is high. As the balance shrinks, more of each EMI goes toward principal, even though the EMI itself stays the same throughout the tenure.
Formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
Each month you pay a fixed installment covering that month's interest plus a growing share of the principal, so the loan is fully repaid by the end of the tenure.
| Symbol | Variable | Unit | Description |
|---|---|---|---|
| P | Principal | ₹ | The loan amount borrowed. |
| r | Monthly interest rate | fraction | Annual rate ÷ 12 ÷ 100. |
| n | Tenure | months | Number of monthly installments. |
Worked example
₹25 lakh home loan at 8.5% for 20 years
- Loan amount:
- ₹25,00,000
- Interest rate:
- 8.5%
- Tenure:
- 240 months
Monthly rate = 8.5 ÷ 12 ÷ 100 = 0.007083. EMI = 25,00,000 × 0.007083 × (1.007083)^240 ÷ ((1.007083)^240 − 1) ≈ ₹21,696. Over 20 years the total payment is about ₹52,06,939, of which roughly ₹27,06,939 is interest.
Limitations
Doesn't account for processing fees, prepayment charges, floating-rate resets, or insurance premiums bundled into some loans.
Frequently asked questions
Does a longer tenure always mean I pay more interest?
Yes — a longer tenure lowers your monthly EMI but increases the total interest paid, because you're borrowing the lender's money for longer.
What happens if I make a part-prepayment?
This calculator doesn't model prepayments. A prepayment reduces your outstanding principal, which either shortens the tenure or lowers future EMIs, depending on what your lender allows.
Is the interest rate always fixed?
No. Many home and personal loans use floating rates that change over the tenure. This calculator assumes a fixed rate for simplicity — recalculate with the new rate if yours changes.
Why does so much of my early EMI go to interest?
Interest is charged on the outstanding balance, which is highest at the start of the loan. As you repay principal, the balance — and the interest charged on it — falls.
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Last reviewed: 2026-08-22.