EMI Calculator
Work out the monthly instalment on a home, car, personal or gold loan.
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₹30.00 lakh
Monthly EMI
₹26,035
- Principal
- ₹30,00,000
- Total interest
- ₹32,48,327
- Total payable
- ₹62,48,327
Results update as you type.
Year-by-year breakdown
How each year’s payments split between interest and principal, and what is left owing.
| Year | Principal paid | Interest paid | Balance |
|---|
How EMI is calculated
An EMI is a single fixed payment that covers both the interest due that month and a slice of the outstanding principal. The amount is set so that the final instalment clears the balance exactly.
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
P = loan amount
r = annual rate / 12 / 100 (monthly rate)
n = tenure in months
The rate must be converted to a monthly figure and the tenure to months, which is the step most manual calculations get wrong. A 9% annual rate is 0.75% a month, and compounding that over 180 months is what makes the total interest on a long loan so much larger than people expect.
Although the instalment never changes, its composition does. Interest is charged on the balance still outstanding, so early payments are mostly interest and later ones mostly principal. On a 20-year home loan the crossover — the point where more of your payment goes to principal than to interest — typically falls around year eleven.
This is also why prepaying early saves so much more than prepaying late: money put in during the first years removes principal that would otherwise have accrued interest for the remaining term.
For a step-by-step worked example, the spreadsheet formula and how to check whether a lender’s quoted figure is right, seehow to calculate EMI manually.
Thinking about paying a lump sum off early? Whether the lender reduces your EMI or your tenure changes the saving dramatically — seeloan prepayment in India.
Frequently asked questions
What is EMI and how is it calculated?
EMI stands for Equated Monthly Instalment: a fixed amount paid every month covering both interest and principal. It is calculated as P x r x (1+r)^n divided by ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate and n is the number of months. The instalment stays the same each month, but the share going to interest falls over time.
Why does most of my early EMI go towards interest?
Interest is charged on the outstanding balance, which is at its highest at the start. In the first year of a 20-year home loan, roughly 80 per cent of each instalment is interest. As the balance falls, the interest portion shrinks and the principal portion grows. The year-by-year breakdown on this page shows the crossover point for your specific loan.
Does prepayment reduce my EMI or my tenure?
Either, but you usually have to choose, and most Indian lenders default to reducing the tenure. Reducing the tenure saves far more interest because the loan closes earlier. Reducing the EMI lowers your monthly outgo but keeps you paying for the original term. Ask your lender which they apply, as it is often not automatic.
Will my actual EMI match this figure exactly?
It will be very close, but small differences are normal. Lenders round differently, may charge interest on a daily rather than monthly basis, and often add processing fees, insurance or GST that a formula does not know about. Treat this as an accurate planning figure and confirm the exact amount in your sanction letter.
What happens to my EMI if interest rates change?
On a floating-rate loan the lender normally keeps your EMI the same and extends or shortens the tenure instead. If rates rise a great deal the tenure may not stretch far enough, and the EMI is increased. Fixed-rate loans are unaffected for the fixed period.
Is the loan information I enter sent anywhere?
No. The whole calculation runs in your browser. Your loan amount, rate and tenure are never transmitted, stored or logged, and no account is required.
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