EMI Calculator
CalculatorsYour monthly EMI, total interest, full schedule — and what a prepayment would save you.
40 lakh
20.0 years
Monthly EMI
₹34,713
34.71 thousand every month
P × r × (1+r)^n ÷ ((1+r)^n − 1)
- Total interest
- ₹43,31,103
- 43.31 lakh
- total payment − principal
- Total payment
- ₹83,31,103
- 83.31 lakh
- every EMI in the schedule, added up
- Principal
- ₹40,00,000
- what you borrowed
- Interest as % of loan
- 108.28%
- total interest ÷ principal × 100
- Principal · ₹40,00,000
- Interest · ₹43,31,103
How this is calculated
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1) P = loan amount r = monthly interest rate = annual rate / 12 / 100 n = tenure in months
Read this before you rely on the number
This is a projection, not financial advice.
The schedule assumes the rate you entered holds for the whole term and every instalment arrives on time. A floating-rate loan will not follow it, and a missed payment changes everything after it. Use this to compare options before you sign; the figure that binds you is the one on your lender's sanction letter, not this one.
Report an error in this tool
How it works
An EMI is a fixed monthly payment that covers both interest and principal. The amount stays the same every month, but the split inside it does not: early instalments are mostly interest, and later ones are mostly principal. That is why paying off a loan early saves so much — you skip the expensive years at the end only if you shorten the tenure, and the cheap principal-heavy ones if you do not.
The formula prices the loan so that the present value of all your payments equals the amount borrowed. You can verify any EMI figure by discounting it back: P = EMI x (1 - (1 + r)^-n) / r should return your original loan amount. This calculator is tested against that identity.
At a zero interest rate the formula divides by zero, so that case is handled separately as a simple principal divided by tenure.
Worked example
A ₹40,00,000 home loan at 8.5% a year for 20 years
- r = 8.5 / 12 / 100 = 0.0070833
- n = 20 x 12 = 240 months
- (1 + r)^n = 1.0070833^240 = 5.44127
- EMI = 4000000 x 0.0070833 x 5.44127 / (5.44127 - 1)
- EMI = 154169.6 / 4.44127
EMI = ₹34,713 per month · total interest ₹43,31,103
How to use it
- Pick a preset, or set the loan amount, interest rate and tenure with the sliders. You can also type an exact figure into any of the number boxes.
- The summary shows your monthly EMI, the total interest, and what share of the loan the interest represents.
- Switch to Schedule to see the year-by-year breakdown of principal and interest.
- Switch to Prepayment and set an extra monthly amount to see how much interest you would save and how much sooner the loan would close.
What this tool does not do
- It assumes a fixed interest rate for the whole tenure. A floating-rate loan will change, so treat long projections as estimates.
- It does not include processing fees, insurance premiums, or prepayment penalties. Some lenders charge a fee on prepaying a fixed-rate loan.
- It assumes payments are made on time and in full. Missed payments change the balance and the interest that accrues on it.
Frequently asked questions
How is EMI calculated?
EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12 and by 100), and n is the tenure in months. The formula sets the payment so that the loan is exactly repaid over the tenure.
Does a longer tenure reduce my EMI?
Yes, but it increases the total interest, often substantially. Doubling a tenure from 10 to 20 years might cut the EMI by around a third while more than doubling the interest paid. Use the calculator to compare both before choosing.
Is it better to reduce the EMI or the tenure when prepaying?
Reducing the tenure saves far more interest, because you remove months of compounding entirely. Reducing the EMI improves monthly cash flow instead. Banks often default to reducing the EMI, so ask explicitly for tenure reduction if saving interest is your goal.
Why is most of my early EMI going to interest?
Interest each month is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest portion falls and the principal portion rises. The payment stays the same; only the split changes.
Does this calculator include processing fees or insurance?
No. It calculates the EMI on the loan amount you enter. Processing fees, documentation charges and loan insurance are usually charged separately or added to the principal — if they are added to the principal, include them in the loan amount to see their true effect.
What interest rate should I use for a home loan?
Use the rate your lender has actually quoted. The preset here is indicative only. Also check whether the rate is fixed or floating — a floating rate will change over the life of the loan, so treat any long-term projection as an estimate.
Can I use this for a car or personal loan?
Yes. The EMI formula is the same for any reducing-balance loan. Use the presets to start from typical car, personal or education loan terms, then adjust.
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Last updated 3 September 2026.