EMI Calculator
Find your monthly EMI, total interest, and full amortisation schedule for any loan.
Inputs
₹10.00 Lakh
Monthly EMI
Breakdown
Amortisation by year
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹18,727 | ₹89,240 | ₹9,81,273 |
| 2 | ₹20,484 | ₹87,483 | ₹9,60,789 |
| 3 | ₹22,405 | ₹85,562 | ₹9,38,384 |
| 4 | ₹24,507 | ₹83,460 | ₹9,13,877 |
| 5 | ₹26,806 | ₹81,161 | ₹8,87,070 |
| 6 | ₹29,321 | ₹78,646 | ₹8,57,750 |
| 7 | ₹32,071 | ₹75,896 | ₹8,25,679 |
| 8 | ₹35,080 | ₹72,887 | ₹7,90,599 |
| 9 | ₹38,370 | ₹69,597 | ₹7,52,229 |
| 10 | ₹41,970 | ₹65,997 | ₹7,10,259 |
| 11 | ₹45,907 | ₹62,060 | ₹6,64,352 |
| 12 | ₹50,213 | ₹57,754 | ₹6,14,139 |
| 13 | ₹54,924 | ₹53,044 | ₹5,59,215 |
| 14 | ₹60,076 | ₹47,891 | ₹4,99,140 |
| 15 | ₹65,711 | ₹42,256 | ₹4,33,428 |
| 16 | ₹71,875 | ₹36,092 | ₹3,61,553 |
| 17 | ₹78,618 | ₹29,349 | ₹2,82,935 |
| 18 | ₹85,993 | ₹21,974 | ₹1,96,942 |
| 19 | ₹94,059 | ₹13,908 | ₹1,02,883 |
| 20 | ₹1,02,883 | ₹5,084 | ₹0 |
An EMI, or Equated Monthly Instalment, is the fixed payment a borrower makes to a bank or NBFC every month until a loan is fully repaid. Each EMI has two parts, a portion that goes towards the principal and a portion that pays interest on the outstanding balance. In the early months, most of your EMI services interest. As the loan ages, more of each payment chips away at the principal.
How EMI is calculated
Lenders use the standard reducing balance method. The formula takes three inputs, the loan amount, the monthly interest rate, and the total number of monthly instalments.
EMI equals P times r times (1 plus r) raised to n, divided by ((1 plus r) raised to n minus 1). Here, P is the principal, r is the monthly interest rate, and n is the number of months.
Worked example
Suppose you borrow ₹10,00,000 at 9 percent annual interest for 20 years. Your monthly rate is 0.0075 and the tenure is 240 months. The EMI works out to roughly ₹8,997. Over the full tenure you pay about ₹11,59,254 in interest, taking the total outflow to around ₹21,59,254.
Common use cases
EMI calculators are useful before you sign a home loan, switch lenders, plan a balance transfer, take a car loan, fund higher education, or take a personal loan for a wedding or renovation. Comparing EMIs across tenures helps you understand the trade off between a lower monthly outflow and a higher total interest cost.
Frequently asked questions
No, a longer tenure reduces the monthly EMI but increases the total interest you pay over the life of the loan. A shorter tenure has a higher EMI but lower total interest.
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