Loan / EMI Calculator
Calculate monthly EMI, total interest and full amortization schedule for any loan — instantly, 100% in your browser.
Monthly EMI
₹10,258.27
Principal
₹5.00 L
Total Interest
₹1.15 L
Total Payment
₹6.15 L
What is an EMI Calculator?
An EMI (Equated Monthly Instalment) calculator tells you exactly how much you will pay each month for a loan, along with the total interest you will end up paying over the entire tenure. Whether you are comparing home loan offers from different banks, planning a car purchase, or working out whether a personal loan fits your monthly budget, getting the EMI figure right before signing anything is essential.
This calculator uses the standard reducing-balance method — the same formula used by all major Indian banks. Enter your loan amount, the annual interest rate quoted by your lender, and the tenure in months, and the result updates instantly as you move the sliders.
How the EMI Formula Works
The formula is: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1)
- P — the loan principal (the amount you are borrowing).
- r — the monthly interest rate, which is the annual rate divided by 12 and then by 100 (so 10% p.a. becomes 0.00833 per month).
- n — the total number of monthly instalments (loan tenure in months).
On a ₹10 lakh loan at 8.5% for 120 months, for example, the EMI works out to roughly ₹12,399. You will pay ₹4,87,861 in total interest — nearly half the principal again. Extending that to 180 months drops the EMI to ₹9,847 but pushes total interest up to ₹7,72,533. The calculator makes these trade-offs visible in seconds.
Reading the Amortization Schedule
Click Show Amortization Schedule to see a full month-by-month table. Early rows will show a large interest component and a small principal component — this is the natural shape of any reducing-balance loan. As the outstanding principal falls, the interest charge each month shrinks, and more of your fixed EMI goes toward paying down the loan. By the final few months, almost the entire EMI is principal.
This table is useful for planning prepayments. If you make a lump-sum prepayment in month 6, you are effectively skipping ahead in the schedule — and because the principal falls faster, every subsequent month's interest charge is lower too.
Common Use Cases
- Home loan comparison: Plug in quotes from two banks with different rates and see the total interest difference over 20 years.
- Car loan affordability: Adjust the tenure until the EMI fits comfortably within your monthly budget without over-stretching.
- Personal loan planning: Personal loans typically carry higher rates (12–24%). This calculator makes the real cost visible before you commit.
- Prepayment impact: Compare a 10-year loan vs. a 7-year loan to see how much interest you save by choosing the shorter tenure.
Privacy
All calculations run entirely in your browser. No loan figures, no personal data, and no results are ever transmitted to any server. You can safely use real numbers from your bank's sanction letter or your current loan statement.
Frequently Asked Questions
How is EMI calculated?↓
EMI (Equated Monthly Instalment) uses the standard reducing-balance formula: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the tenure in months. Each month a portion of the EMI goes toward interest on the outstanding balance, and the rest reduces the principal.
What is an amortization schedule?↓
An amortization schedule is a month-by-month breakdown of each EMI payment showing how much goes toward interest, how much reduces the principal, and what the remaining balance is after each payment. In the early months of a loan, most of the EMI is interest; by the final months, most of it is principal repayment.
Does a higher interest rate always mean I pay more overall?↓
Yes — a higher interest rate increases both your monthly EMI and the total interest paid over the loan tenure. Extending the tenure lowers the EMI but increases total interest. You can use this calculator to compare scenarios by adjusting the rate and tenure sliders together.
Is this calculator accurate for home loans and car loans?↓
Yes. The reducing-balance EMI formula used here is the standard method employed by Indian banks (SBI, HDFC, ICICI, etc.) for home loans, car loans, and personal loans. The only variable that can differ is whether the bank uses monthly or daily reducing balance — this tool uses monthly, which matches the majority of retail loan products.
Does my data leave my device?↓
No. All calculations happen entirely in your browser using JavaScript. Nothing is sent to any server, logged, or stored anywhere. You can safely use this with real loan figures.