EMI calculator
Work out the monthly EMI on a home, car or personal loan, with the total interest and total amount you will pay. Runs in your browser.
Runs in your browser. Nothing you enter is uploaded.
What it does
This calculator gives the equated monthly instalment (EMI) for a loan repaid in equal monthly payments, as most home, car and personal loans are. It also shows how much of what you pay is interest.
How to use it
- Enter the loan amount, without commas.
- Enter the yearly interest rate your lender quotes.
- Enter the loan period in years or months.
- Read the EMI, the total interest and the total payment. Change any figure to compare offers.
Worked example
A loan of ₹5,00,000 at 9% a year for 5 years (60 months) has an EMI of ₹10,379. Over the five years you pay ₹6,22,751 in all, of which ₹1,22,751 is interest.
How it works
The monthly rate is the yearly rate divided by 12. With loan amount P, monthly rate r and n monthly payments:
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
Each EMI first pays that month's interest on the balance still owed, and the rest reduces the balance. Early instalments are therefore mostly interest and later ones mostly principal. If the rate is 0%, the EMI is simply the loan divided by the number of months.
Questions
Why does my bank show a slightly different EMI?
Lenders may round the EMI, charge interest by the day, or add processing fees and insurance to the loan. Treat this figure as an estimate and use the lender’s schedule as final.
Does a longer period cost more?
Yes. A longer period lowers the EMI but increases the total interest, because the balance is owed for longer.
Does this work for floating-rate loans?
It shows the EMI at the rate you enter. When a floating rate changes, the lender changes either the EMI or the period, so recalculate with the new rate.
Is processing fee or GST on fees included?
No. Only principal and interest are included.