The default loan
₹10,00,000 at 8.5% for 20 years — note interest exceeding the principal.
Input
Loan ₹10,00,000 · 8.5% p.a. · 20 yearsOutput
EMI ≈ ₹8,678 · total interest ≈ ₹10.83 lakh · total payable ≈ ₹20.83 lakhEMI Calculator
Calculate loan EMI, total interest, and a year-by-year amortization schedule — with a prepayment simulator showing interest and time saved.
- Free public tool
- No sign-up for this tool
- Processing clearly labeled
- Instant results
Content last reviewed
₹
The principal — the amount you borrow before interest.%
The rate your lender quoted. Even 0.25% changes a long loan's cost noticeably.yrs
Loan duration in years. Longer tenure lowers the EMI but raises total interest.₹
Prepay this much extra principal every month to see how much interest and time you save.How it works
EMI = P × r × (1+r)n ÷ ((1+r)n − 1), where P is the principal, r the monthly rate (annual ÷ 12 ÷ 100), and n the number of months. A 0% rate falls back to simple principal ÷ months.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 2026 | ₹19,902 | ₹84,236 | ₹9,80,098 |
| 2027 | ₹21,661 | ₹82,477 | ₹9,58,436 |
| 2028 | ₹23,576 | ₹80,563 | ₹9,34,860 |
| 2029 | ₹25,660 | ₹78,479 | ₹9,09,200 |
| 2030 | ₹27,928 | ₹76,211 | ₹8,81,272 |
| 2031 | ₹30,397 | ₹73,742 | ₹8,50,875 |
| 2032 | ₹33,084 | ₹71,055 | ₹8,17,791 |
| 2033 | ₹36,008 | ₹68,131 | ₹7,81,784 |
| 2034 | ₹39,191 | ₹64,948 | ₹7,42,593 |
| 2035 | ₹42,655 | ₹61,484 | ₹6,99,938 |
| 2036 | ₹46,425 | ₹57,714 | ₹6,53,513 |
| 2037 | ₹50,529 | ₹53,610 | ₹6,02,985 |
| 2038 | ₹54,995 | ₹49,144 | ₹5,47,990 |
| 2039 | ₹59,856 | ₹44,283 | ₹4,88,134 |
| 2040 | ₹65,147 | ₹38,992 | ₹4,22,987 |
| 2041 | ₹70,905 | ₹33,234 | ₹3,52,082 |
| 2042 | ₹77,172 | ₹26,966 | ₹2,74,910 |
| 2043 | ₹83,994 | ₹20,145 | ₹1,90,916 |
| 2044 | ₹91,418 | ₹12,721 | ₹99,498 |
| 2045 | ₹99,498 | ₹4,640 | ₹0 |
Quick Start
Enter the loan details
Loan amount, annual interest rate, and tenure in years — pick your currency first.
Read the three key numbers
Monthly EMI, total interest, and total payable update instantly with a principal-vs-interest chart.
Try a prepayment
Add an optional extra monthly payment and see exactly how much interest and time it saves.
Examples
The same loan with prepayment
An extra ₹5,000 a month, simulated month by month.
Input
Same loan · extra payment ₹5,000/monthOutput
Loan closes in about 8 years 8 months instead of 20 — roughly ₹6.69 lakh of interest savedAbout the EMI Calculator
An EMI — equated monthly installment — is the fixed amount you repay each month on a home, car, or personal loan. This calculator runs the standard reducing-balance formula banks use and surfaces the three numbers every borrower should see before signing: the monthly EMI, the total interest over the loan's life, and the total amount repaid — with a donut chart making the principal-to-interest split impossible to miss.
The total-interest figure is the eye-opener. Stretch a tenure and the EMI falls while the lifetime interest balloons; the sliders make these trade-offs visible instantly, and a year-by-year amortization table shows how each year's payments split between principal and interest and what balance remains. Early years are interest-heavy — interest is charged on the outstanding balance, largest at the start — which is precisely why early prepayments save the most.
That insight gets its own feature: an optional extra-payment-per-month field runs a full month-by-month simulation and reports the interest saved and the years and months shaved off the loan. On the default ₹10 lakh, 8.5%, 20-year loan, an extra ₹5,000 a month cuts roughly ₹6.7 lakh of interest and finishes over 11 years early. The calculator works in nine currencies (INR, USD, EUR, GBP, AED, AUD, CAD, SGD, JPY), handles 0% promotional loans by falling back to principal ÷ months, and includes copy-summary and reset actions. As its disclaimer notes, results are estimates — lender fees and floating rates can shift real-world figures.
How to Use EMI Calculator
Pick your currency, then enter the loan amount (principal).
Enter the annual interest rate exactly as quoted — decimals included, since 8.5% versus 8.75% changes a long loan's cost materially — and the tenure in years. The EMI, total interest, and total payable update in the sidebar as you type.
Optionally add an extra payment per month. The prepayment panel then shows the interest saved, how much sooner the loan ends, and the new payoff time.
Scroll to the amortization schedule for the year-by-year principal/interest split and remaining balance (reflecting your extra payment if set).
Compare scenarios by nudging one input at a time — a two-year-shorter tenure against total interest is the classic check. Use Copy for a text summary of the result.
Key Features
Standard bank formula
EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1) on the reducing balance — the same math lenders quote from, with 0% falling back to principal ÷ months.
Prepayment simulator
An extra monthly payment runs a month-by-month simulation showing interest saved, time saved, and the new payoff date.
Year-by-year amortization
Principal paid, interest paid, and remaining balance for every year of the loan — including under prepayment.
Principal vs. interest chart
A donut visualizes how much of the total cost is the loan itself versus interest.
Nine currencies
INR, USD, EUR, GBP, AED, AUD, CAD, SGD, and JPY, with locale-correct formatting.
Copy and reset
Export the scenario as a text summary, or restore the defaults in one click.
When to Use EMI Calculator
Sizing a home loan
Compare EMIs and lifetime interest across tenures before committing to one.
Car and personal loans
Check the real monthly cost and total repayment for a quoted rate.
Prepayment decisions
Quantify what an extra monthly payment actually saves before setting it up.
Rate comparisons
See what a 0.25% rate difference between lenders costs over the full term.
How It Works
The EMI comes from the standard formula: `EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1)`, with P the principal, r the monthly rate (annual ÷ 12 ÷ 100), and n the tenure in months. At 0% the formula degenerates safely to principal ÷ months.
Everything beyond the headline number comes from a month-by-month simulation: each month's interest is the outstanding balance times the monthly rate, the rest of the EMI (plus any extra payment) reduces principal, and the loop runs until the balance clears. That simulation produces the yearly amortization rows, and running it twice — with and without the extra payment — yields the interest-saved and months-saved figures. It also catches the pathological case where an EMI cannot even cover interest.
Supported Formats and Options
Options
Currency
Nine currencies with locale formatting (including Indian lakh/crore grouping for INR).
Loan amount, rate, tenure
Sliders plus direct entry; rate in steps of 0.05%, tenure from 6 months to 40 years.
Extra payment per month
Optional prepayment amount added to every month's principal in the simulation.
Copy / Reset
Copy a text summary of the full scenario, or restore defaults.
Common Errors and Troubleshooting
Common errors
"Enter a positive loan amount…"
The principal, rate, or tenure is missing or out of range — principal must be positive, rate zero or more, tenure above zero.
Result differs slightly from the bank's quote
Usually processing fees folded into the disbursal, a different first-EMI date, or day-count conventions. The formula itself matches lender math; the paperwork adds the rest.
The prepayment panel doesn't appear
It shows only when the extra payment is above zero and actually saves interest — check the extra-payment field.
Troubleshooting guide
Reading the numbers like a borrower
- EMI looks affordable but the total shocks: that is the point of showing both — a longer tenure trades a lower EMI for much more lifetime interest. Compare total payable across tenures, not just the monthly figure.
- Floating-rate loan repriced: re-run with the new rate. Lenders typically hold the EMI and stretch the tenure when rates rise; the schedule here shows the payoff timeline for the current rate.
- Deciding prepay vs. invest: the interest-saved figure is a guaranteed, tax-free "return" at your loan rate — the honest benchmark to weigh alternatives against.
- "No-cost EMI" retail offers: enter 0% and the EMI is principal ÷ months; remember such offers usually recover interest through forgone discounts or fees, so compare total payable.
Limitations and Important Notes
The calculator models a fixed-rate, monthly-rest loan: floating-rate resets, processing fees, insurance bundles, moratoriums, and irregular prepayments are outside the model (the extra payment is a constant monthly amount). The schedule anchors years to the current calendar year for readability. As the built-in disclaimer says, results are informational estimates — the sanctioned terms and the lender's statement govern the real loan.
Privacy and Data Processing
All calculation and simulation run in your browser — loan amounts and scenarios are never uploaded, logged, or stored. The Copy button writes only to your clipboard.
Tips and Best Practices
Practical tips
Compare total payable across tenures, not just the EMI — the same EMI can hide very different lifetime costs.
Prepay early if you prepay at all; interest-heavy early years are where extra payments bite hardest.
Use the exact quoted rate with decimals — small rate differences compound over long tenures.
Check the amortization table before choosing tenure, so the early interest share is a known, not a surprise.
Confirm prepayment rules and charges with the lender before relying on simulated savings.
Best practices
Choosing loan terms deliberately
Work backwards from a safe EMI — a figure that survives a bad month, not just an average one — and then pick the shortest tenure that stays under it. The table view makes the cost of each extra year explicit, which is the honest way to weigh comfort against lifetime interest.
If cash flow forces a long tenure, plan the prepayment habit from day one: the simulator shows that even modest fixed extras, started early, remove years. A common pattern is taking the longer tenure for safety and directing every increment or bonus at principal.
And re-run the numbers at every rate reset or windfall — a loan is a living scenario, and five minutes with current figures beats assumptions carried from sanction day.
Technical Details
Client-side throughout. The headline EMI uses the closed-form reducing-balance formula (0% handled as principal ÷ months); the amortization and prepayment figures come from a month-by-month simulation (interest = balance × monthly rate; principal = EMI − interest + extra), capped at 100 years and guarded against EMIs that cannot cover interest. Yearly rows aggregate the simulation. Currency formatting uses locale-aware grouping per currency, including lakh/crore for INR.
Who Is This For?
Home, car, and personal-loan borrowers comparing offers or tenures; existing borrowers weighing prepayment; and anyone who wants the total-cost picture a monthly-EMI quote leaves out. For property-specific extras like taxes, insurance, and one-time prepayments, the Mortgage & Home Loan Calculator is the fuller sibling.
Evidence and boundaries
Assumptions, applicability, and sources
Assumptions
- • Entered rates, terms, contributions, taxes, and fees remain constant unless the calculator explicitly models a change.
- • Outputs are mathematical estimates; rounding, compounding conventions, lender rules, taxes, inflation, and market returns can change real outcomes.
- • No result represents an offer, guarantee, forecast, tax determination, or recommendation to buy or sell a financial product.
Regional applicability
Currency is a display choice unless stated otherwise. Lending, tax, disclosure, and investment rules vary by jurisdiction and provider.
Professional-use disclaimer. For general education and planning only; not financial, investment, tax, accounting, or legal advice. Verify figures with the relevant provider or a qualified professional before acting.
Sources and review basis
Evidence standard reviewed .
Frequently Asked Questions
How is EMI calculated?
With the standard reducing-balance formula: EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is principal, r the monthly rate (annual ÷ 12 ÷ 100), and n the months. Major lenders use the same formula, so results match quotes to within paperwork effects like fees and disbursal dates.
Should I pick a longer tenure for a lower EMI?
Only if monthly cash flow genuinely requires it — the total-payable figure shows what each extra year costs in interest. A common middle path is taking the longer tenure for safety and using the extra-payment field's strategy in real life: prepay steadily from the start.
Why does so little principal reduce in the early years?
Interest is charged on the outstanding balance, which is largest at the start, so early EMIs are mostly interest. The amortization table shows the crossover for your exact loan — and explains why early prepayments save disproportionately.
How does the extra-payment simulation work?
The loan is simulated month by month twice — with and without the extra amount going straight to principal — and the difference in total interest and months is reported. On long loans the savings are typically startling.
Does it work for 0% or no-cost EMI offers?
Yes — at 0% the EMI is simply principal ÷ months. Note that retail no-cost-EMI offers usually recover interest via forgone discounts or processing fees, so compare the total payable, not the EMI.
Is the EMI fixed for the whole tenure?
For fixed-rate loans, yes. Floating-rate loans reprice with the benchmark; lenders usually hold the EMI steady and stretch the tenure instead. Re-run the calculator with the new rate after a reset to see the updated payoff picture.