EMI Calculator
Work out monthly EMI, total interest, and how principal vs interest splits over your loan tenure.
Inputs
Results
Monthly EMI
- Principal 0%
- Interest 0%
Year-wise amortization (summary)
| Year | Principal paid | Interest paid | Balance |
|---|
How EMI is calculated
EMI uses the standard reducing-balance formula: EMI = [P ร r ร (1+r)n] / [(1+r)n โ 1], where P is loan principal, r is the monthly interest rate (annual rate รท 12 รท 100), and n is the number of monthly installments. Each payment covers interest on the outstanding balance first; the rest reduces principal, so interest component falls over time.
Example: A โน10 lakh loan at 9% for 5 years produces a fixed monthly outgo; over the tenure you pay more than โน10 lakh because of interest โ the pie chart shows that split. Banks may add processing fees, insurance, or floating rates; this calculator assumes a fixed rate for the full tenure unless you change inputs.
Use year-wise totals to see how much interest is front-loaded in early years โ useful if you are considering partial prepayment. Always confirm numbers with your lenderโs official schedule.
For unsecured personal loans (often shorter tenure and higher rates), use the Personal Loan EMI calculator. For US-style mortgages with property tax, insurance, and PMI, see the Mortgage calculator โ Indian home buyers may prefer the Home Loan calculator with prepayment options.
FAQ
Is EMI the same as pre-EMI?
No โ pre-EMI is interest-only before full disbursement; this tool is for full EMI.
Does it handle floating rates?
It assumes a constant rate; for floating loans, re-run when your rate resets.