EMI Calculator for Home, Car & Personal Loans
Monthly EMI, total interest and a full amortization schedule for any loan. Calculated instantly in your browser.
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Monthly EMI
₹13,215
- Total interest
- ₹5,85,809
- Total payment
- ₹15,85,809
- Principal
- ₹10,00,000
Year-by-year amortization schedule
| Year | Principal paid | Interest paid | Closing balance |
|---|---|---|---|
| 1 | ₹61,342 | ₹97,239 | ₹9,38,658 |
| 2 | ₹67,765 | ₹90,816 | ₹8,70,893 |
| 3 | ₹74,861 | ₹83,720 | ₹7,96,032 |
| 4 | ₹82,700 | ₹75,881 | ₹7,13,332 |
| 5 | ₹91,360 | ₹67,221 | ₹6,21,972 |
| 6 | ₹1,00,926 | ₹57,655 | ₹5,21,046 |
| 7 | ₹1,11,495 | ₹47,086 | ₹4,09,551 |
| 8 | ₹1,23,170 | ₹35,411 | ₹2,86,382 |
| 9 | ₹1,36,067 | ₹22,514 | ₹1,50,315 |
| 10 | ₹1,50,315 | ₹8,266 | ₹0 |
How it's calculated
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
r = annual rate ÷ 12 ÷ 100, n = tenure in months
Each month the interest is charged on the outstanding balance: interest = balance × r. The rest of the EMI repays principal, reducing the balance for the next month. The schedule above is built by repeating this for every month and summing by year.
Assumptions
- Interest compounds monthly on the reducing balance.
- EMI is paid at the end of every month; no moratorium, fees or rate changes.
How to use this calculator
- Choose loan type. Pick home, car or personal loan to load typical defaults.
- Enter loan amount. Set the principal using the slider or type the amount.
- Set interest rate and tenure. Enter the annual interest rate and the loan tenure in years.
- Review results. Read the EMI, total interest and the amortization schedule.
Frequently asked questions
What is EMI and how is it calculated?
EMI (Equated Monthly Instalment) is the fixed amount you pay every month towards a loan. It is calculated as EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
Why is most of my early EMI interest?
Banks charge interest on the outstanding balance. At the start the balance is highest, so the interest portion is large and the principal portion small. As the balance falls, the interest share shrinks and more of each EMI repays principal.
How can I reduce my total interest outgo?
Choose a shorter tenure, make part-prepayments (see the loan prepayment calculator), negotiate a lower rate or transfer the loan to a cheaper lender. Even a 0.5% lower rate on a long home loan saves a significant amount.
Is a lower EMI always better?
No. A longer tenure lowers the EMI but increases total interest paid, often substantially. Pick the shortest tenure whose EMI you can comfortably afford, usually keeping total EMIs under about 40% of take-home income.
Does this include processing fees and insurance?
No. The calculator covers principal and interest only. Processing fees, GST, insurance premiums and prepayment charges are lender-specific and should be added separately.
Are floating-rate loans calculated the same way?
For a fixed rate, yes. On floating-rate loans the rate changes with the benchmark, so lenders typically adjust the tenure (or EMI) when it resets. Use this calculator with the current rate for an estimate and re-run it whenever the rate changes.
Why might my bank's EMI differ by a few rupees?
Banks round EMIs to the nearest rupee, may compute the first instalment on actual days, and may start repayment after a moratorium. These produce small differences from the textbook formula.
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Results from FinanceChacha are estimates for planning and education, not financial, tax or legal advice.