EMI Calculator
Work out the equated monthly installment (EMI) on any fixed-rate loan. Enter the loan amount, annual interest rate and tenure to see your monthly payment, the total interest you will pay and a year-by-year breakdown.
How to use the EMI calculator
- Enter the loan amount you want to borrow.
- Set the annual interest rate and the tenure in years.
- Review the monthly EMI, total interest and the yearly schedule.
Examples
Home loan over 20 years
Loan 1,000,000 at 9% for 20 years
EMI about 8,997 per month; total interest about 1,159,335
Frequently asked questions
What is an EMI?
EMI stands for equated monthly installment. It is the fixed amount you pay the lender each month, covering both interest and a part of the principal, until the loan is fully repaid.
How is the EMI calculated?
It uses the reducing-balance formula 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 n is the number of months.
Does the EMI include taxes, insurance or fees?
No. This calculator covers only principal and interest. Processing fees, stamp duty, insurance and property taxes are charged separately and are not part of the EMI shown here.
Can I prepay the loan to reduce my EMI?
Yes. Prepaying lowers the outstanding principal, so future interest falls. Most lenders let you either reduce the EMI or shorten the tenure; check whether prepayment charges apply.
Why does most of my early EMI go to interest?
Interest is charged on the outstanding balance, which is largest at the start. Early installments are mostly interest, and the principal portion grows each month as the balance shrinks.
Will my EMI change over the loan term?
On a fixed-rate loan the EMI stays the same throughout. On a floating-rate loan the EMI or tenure can change when the benchmark rate moves.
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