EMI Calculator — Loan EMI, Interest & Total Payment
Free EMI calculator for home, car and personal loans — get monthly EMI, total interest and total payment instantly with an amortisation summary.
Bar shows the principal share of your total payment; the rest is interest.
Runs entirely in your browser — nothing you enter is uploaded or stored.
How EMI is 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 amount, r the monthly interest rate (annual ÷ 12 ÷ 100) and n the number of monthly instalments. This is the same method banks and NBFCs use for home, car and personal loans.
Tips
- Even a 0.25% lower rate meaningfully cuts total interest on long tenures.
- Shorter tenure = higher EMI but much lower total interest.
Frequently asked questions
What is the EMI formula?
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount, r the monthly interest rate (annual rate ÷ 12 ÷ 100) and n the tenure in months. This calculator applies exactly that reducing-balance formula.
Will my bank's EMI match this calculator?
For standard reducing-balance loans, yes — to within a rupee or two of rounding. Banks may add processing fees, insurance or slightly different day-count conventions, which appear on the sanction letter rather than in the EMI itself.
Does prepayment reduce EMI or tenure?
Your choice, at the bank's discretion: keeping the EMI constant and shortening tenure usually saves far more interest than reducing the EMI over the same tenure.
Is this EMI calculator free?
Yes — free, no sign-up, and it runs entirely in your browser. Your loan details are never uploaded.