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EMI Calculator

Use this EMI calculator (loan EMI / loan payment calculator) to estimate monthly installments, total interest, and a year-by-year amortization schedule for home, car, and personal loans.

This tool is part of our broader calculator collection. You may also find our SIP calculator and income tax calculator useful, or explore all tools in our financial calculators hub.

Calculate your monthly EMI

Loan details

₹10K ₹10Cr
0%30%
1 Month30 Years

Payment breakdown

Monthly installment (EMI) ₹0
Principal
Interest
Monthly EMI
₹0
Total principal
₹0
Total interest
₹0
Formula: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1)
Assumption: Fixed rate, monthly compounding, end-of-month payments

Payment distribution (principal vs interest)

Principal vs interest over time

Year-by-year amortization schedule

Year Opening Balance EMI Paid Principal Paid Interest Paid Closing Balance

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EMI calculator snapshot

EMI calculator
Calculate EMI, total interest, and repayment schedule in seconds.

Check current home loan interest rates

Interest rates change frequently. Always verify current rates on official bank websites before applying.

State Bank of India (SBI)Official rate page → HDFC BankOfficial rate page → ICICI BankOfficial rate page → Axis BankOfficial rate page → Bank of BarodaOfficial rate page → CFPB (USA)Mortgage guide →

How to use this EMI calculator

  • Loan Amount: The total principal you are borrowing from the bank or lender.
  • Interest Rate: The annual interest rate (APR) offered by your lender.
  • Loan Tenure: The total time you have to repay the loan, entered in months or years.

The calculator generates three key outputs: Monthly EMI, Total Interest, and the repayment breakdown (via charts and the amortization schedule).

If you’re also investing monthly, estimate potential returns using our SIP investment calculator.

Real-world scenarios

Scenario 1 (Home Loan — India): A homebuyer takes a loan of ₹75 Lakh for 20 years at a fixed 8.7% interest rate.

  • Calculated EMI: ₹66,039
  • Total Interest Payable: ₹83,49,428

Scenario 2 (Car Loan — USA): A buyer finances a vehicle for $35,000 over 5 years (60 months) at a 7.5% interest rate.

  • Calculated Monthly Payment: $701.33
  • Total Interest Payable: $7,080.03

Expert tip

Even a small prepayment each year can save significant interest and shorten your loan tenure. Making just one extra EMI payment per year applied directly to your principal can shave years off a long mortgage and save lakhs in interest. Use this calculator to lower your tenure input and see the interest difference when you “pay the loan off faster.”

India vs USA — key differences

  • Terminology: In India, the monthly obligation is called an EMI. In the USA, it’s commonly called a monthly payment.
  • PITI vs pure EMI: US mortgage tools often show PITI (Principal, Interest, Taxes, Insurance). In India, EMI typically refers to only principal + interest; property tax and insurance are handled separately.

About this calculator

CalcTypes Editorial Team
Our calculators are built and verified by professionals with backgrounds in computer science and finance. Editorial Policy · Methodology

Planning your finances beyond EMIs? You can also project long-term investing with our SIP returns calculator and estimate annual liability using the Income Tax Calculator India.

Questions people ask

What is the formula for calculating EMI?
The standard EMI calculation formula for a fixed-rate amortizing loan is: EMI = P × r × (1 + r)^n / ((1 + r)^n − 1). Here, P is your loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments (tenure in months). This equation comes from the math of an annuity: it finds a constant monthly payment that fully repays the loan by the end of the tenure. A practical way to understand it is to remember that interest is charged on the outstanding balance each month. So early in the loan, the balance is high and a larger share of your EMI goes toward interest; later, as the balance falls, more of each EMI goes toward principal. That’s why two loans with the same EMI can still “feel different” over time when you look at the amortization schedule.

How does loan tenure affect my EMI and total interest?
Tenure is the biggest lever for changing your monthly EMI. When you increase the tenure, you spread the same principal across more months, so the EMI typically goes down. The trade-off is that you usually pay more total interest, because interest continues to accrue for a longer period. For example, stretching a home loan from 15 years to 25 years may reduce EMI enough to improve affordability, but it can add a large amount of total interest over the life of the loan. A good decision method is to compare 2–3 tenure options in this EMI calculator and focus on both monthly EMI and total interest (not EMI alone). Many borrowers choose a longer tenure for safety and then use prepayments to reduce the effective tenure later.

What is an amortization schedule?
An amortization schedule is a repayment table that shows how each payment is split between interest and principal, and what your remaining balance is after each period. It matters because the “equal” in Equated Monthly Installment refers to the total payment amount, not the interest/principal split. Early payments are interest-heavy; later payments are principal-heavy. This schedule is also the best way to understand why early prepayments are so powerful: reducing principal early lowers the base on which interest is computed for many future months. In this tool, the amortization is computed month-by-month and summarized year-by-year to keep it readable while still reflecting reducing-balance math.

Can I use this for a car loan and a home loan?
Yes. For a standard fixed-rate loan with monthly payments, the underlying math is the same whether it’s a home loan, car loan, or personal loan: it’s an amortized (reducing-balance) loan. What changes in real life is usually the interest rate range, fees, insurance requirements, and penalties. If your lender uses a different structure (for example, flat-rate interest, balloon payments, or floating rates that reset periodically), your exact EMI may differ from this estimate. Still, for comparing affordability and getting a baseline monthly payment estimate, an amortized-loan EMI calculator is the right starting point across loan types.

Does a lower EMI always mean a better loan?
No. A lower EMI is often achieved by extending the tenure, which reduces the monthly burden but increases total interest paid. A “better” loan depends on your objective: if your priority is monthly cash flow stability, a lower EMI can reduce stress and lower default risk. But if your priority is minimizing the total cost of borrowing, you generally want a shorter tenure and/or lower interest rate—even if the EMI is higher. A useful habit is to compare loans using (1) EMI, (2) total interest, and (3) the amortization schedule. This prevents you from choosing a long loan that looks cheap monthly but costs much more overall.
Methodology & assumptions

This EMI calculator uses the standard amortizing loan formula to compute a fixed monthly installment that reduces the outstanding balance to zero by the end of the tenure.

  • Interest Rate: Fixed for the entire duration of the loan.
  • Compounding: Monthly compounding against outstanding principal.
  • Payment Timing: End-of-month payments (ordinary annuity).

See our full methodology page for site-wide calculation standards.

Limitations & disclaimer
  • Variable/Floating Interest Rates: This tool assumes a fixed rate; floating-rate resets can change EMI or tenure.
  • Fees & Charges: Excludes origination/processing fees, prepayment penalties, PMI/insurance, and lender-specific charges.
  • Taxes: Does not include property taxes (common in US “PITI” monthly payment views).
  • Prepayments: Assumes only the required payment each month—no extra principal payments.

Disclaimer: This calculator provides estimates based on a fixed interest rate with monthly compounding. Actual EMI may vary due to fees, insurance, taxes, and lender-specific policies. This is not financial advice. Consult your bank or a qualified financial advisor before taking a loan.

Sources

Investopedia – Amortization: Definition and How It Works
CFPB – Owning a Home (mortgage basics)
Reserve Bank of India – FAQs on Banking