Loan / EMI Calculator
Estimate the monthly EMI, total interest, and full repayment amount for a fixed-rate loan before you sign anything. Enter the principal, the annual interest rate, and the term, and see exactly how much the loan costs over its life.
Loan / Mortgage EMI Calculator
Estimate monthly EMI, total interest, and payoff duration for home, auto, or personal loans.
EMI formula: P × r × (1+r)^n ÷ ((1+r)^n − 1), where r is monthly rate and n is months.
Assumes fixed rate and equal monthly installments. Check lender fees for exact payoff.
How an EMI is actually calculated
An EMI (Equated Monthly Installment) keeps your payment the same every month while the split between interest and principal shifts over time. Early on, most of each payment is interest because the outstanding balance is large; later, more goes to principal. The formula is EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly rate (annual rate divided by 12, as a decimal), and n is the number of months.
The number that surprises most borrowers is total interest. On a long loan, the interest can rival or exceed the amount borrowed, which is why the term matters as much as the rate.
Use it to compare real choices
The calculator is most useful for side-by-side comparisons, not just a single number.
- Shorten the term: a 15-year loan has a higher EMI than a 20-year one but can save a large amount in total interest.
- Test a rate change: even half a percent moves the lifetime cost noticeably on a big loan.
- Check affordability: lenders often suggest your total EMIs stay under about 40% of your monthly income.
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FAQs
Does this include processing fees or insurance?▼
No. It calculates the pure principal-and-interest EMI. Banks may add processing fees, insurance, or GST on charges, so your real outflow can be slightly higher. Use this as a planning baseline and confirm the final figure with your lender's sanction letter.
Is the rate I enter monthly or yearly?▼
Enter the annual interest rate. The tool converts it to a monthly rate internally. Entering a monthly rate by mistake will massively overstate the EMI.
What is the difference between reducing-balance and flat interest?▼
This tool uses reducing-balance interest, the standard for most home and personal loans, where interest is charged only on the outstanding balance. Flat-rate loans charge interest on the full principal for the whole term and are effectively more expensive for the same quoted rate.
Can I see how prepayment helps?▼
This version calculates a standard schedule without prepayment. As a rule, any prepayment early in the term reduces total interest far more than the same amount paid near the end, because it cuts the balance that interest is charged on for longer.
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