EMI Calculator
Enter your loan amount, rate and tenure to see your EMI, total interest and the exact date you will be debt free. Then try a prepayment to see how much time and interest you can save.
What kind of loan?
Loan amount (original)
Interest rate / year
Check your statement — it's usually higher than what you were quoted.
Total tenure
6 mo
30 yr
EMIs you've paid so far
0
240
Standard amortization arithmetic on the figures you entered. Actual EMIs, rates and schedules depend on your loan agreement — some have floating rates or prepayment charges that change these numbers. Not financial or tax advice. Nothing is stored.
What is an EMI calculator
An EMI calculator tells you the fixed monthly amount you will pay for a loan and when you will be free of it. Enter loan amount, yearly interest rate and tenure. It shows monthly EMI, total interest, total paid and the exact freedom date. That helps you plan monthly budget and see the real cost before you borrow.
The best EMI calculators also show what happens if you pay a little extra each month. That is the prepayment view this calculator adds, which many basic tools miss.
How EMI is calculated
EMI uses a standard formula that balances interest on reducing balance.
Formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
- P is loan amount. r is monthly rate, which is yearly rate divided by 12 and by 100. n is months.
- Example: ₹10 lakh at 8.5% for 5 years, r is 0.708% per month, n is 60, EMI is about ₹20,520.
- Earlier EMIs contain more interest; later EMIs reduce more principal.
This is before processing fees and insurance, which vary by lender.
How to use this calculator
- Enter loan amount with the slider, from ₹1 lakh to ₹10 crore.
- Set the yearly interest rate, total tenure and how many EMIs you have already paid.
- Drag the extra per month slider to see how much faster you become free and how much interest you save.
- See the estimated current balance and how payments so far split between interest and principal.
How much you pay at different loan sizes
These examples at 8.5% show how tenure changes monthly payment and total interest.
| Loan amount | Tenure | Monthly EMI | Total interest | Total paid |
|---|---|---|---|---|
| ₹10 lakh | 5 years | ₹20,520 | ₹2.31 lakh | ₹12.31 lakh |
| ₹30 lakh | 10 years | ₹37,200 | ₹14.64 lakh | ₹44.64 lakh |
| ₹30 lakh | 20 years | ₹26,035 | ₹32.48 lakh | ₹62.48 lakh |
| ₹50 lakh | 20 years | ₹43,391 | ₹54.14 lakh | ₹104.14 lakh |
At 8.5% fixed. Actual offer depends on lender, fees and profile. Past table is for illustration.
How a small prepayment moves your freedom date
Paying even a little extra each month cuts tenure and total interest because you reduce principal sooner. This is why this calculator lets you drag an extra amount and watch the freedom date move.
For example, on a new ₹30 lakh loan at 8.5% for 20 years, adding ₹3,000 a month reduces the calculated term from 240 to 187 months: about 53 months earlier and ₹8.34 lakh less interest. If 12 EMIs have already been paid, the same extra amount saves about 49 remaining months and ₹7.39 lakh from that point.
- Extra reduces principal directly, so less interest builds next month.
- Choosing to shorten tenure saves more than lowering EMI.
- Start prepayment early for the biggest saving. Later prepayments save less.
What to check before you take a loan
- Ask if rate is fixed or floating and when it can reset. Floating can rise or fall.
- Check processing fee, prepayment charge and insurance bundled with the loan.
- Compare total cost, not just EMI. A lower EMI with longer tenure can cost more overall.
- Keep EMI plus other loans below 40% of monthly in-hand income.
FAQs
What is EMI and how is it calculated?
EMI is the fixed monthly amount you pay to repay a loan. It covers both principal and interest. EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is loan amount, r is monthly interest rate and n is months. Earlier EMIs have more interest, later ones have more principal.
How much EMI will I pay for a home loan?
It depends on amount, rate and tenure. For example, ₹40 lakh at 8.5% for 20 years is about ₹34,700 a month. Total paid is about ₹83.3 lakh, so interest is about ₹43.3 lakh. Other loan amounts and tenures produce different results.
What happens if I prepay a small amount every month?
An extra monthly payment reduces the outstanding balance faster. This calculator applies the extra amount from the current balance after the EMIs you say you have already paid, then shows the resulting freedom date and interest saved while keeping the regular EMI unchanged.
Should I reduce tenure or reduce EMI when I prepay?
Reducing tenure saves more interest because you close the loan faster. Reducing EMI keeps tenure same but lowers monthly stress. If you can afford it, choose tenure reduction. This tool shows savings for tenure reduction first.
What if my interest rate changes during the loan?
If rate falls, your EMI usually stays the same and tenure shortens, so you benefit. If rate rises, lender may raise EMI or extend tenure. Check your agreement. Use the calculator to retest with a higher rate and see the impact.
What happens if I miss an EMI?
You may pay a late fee, your credit score can drop and you may face follow ups. Missing many can lead to legal action. Set an auto debit and keep a one month buffer in your account.
Is it better to prepay or invest the extra money?
Compare the loan rate with expected investment return. If your loan is at 8.5% and you expect 12% from funds, investing may grow more, but paying debt is risk free. Many users prepay high rate personal loans above 11% and invest surplus when loan is a home loan at 8 to 9%.
Are there charges for prepayment?
For floating rate home loans, most lenders allow prepayment with no charge. Fixed rate loans and some personal loans may have a fee, often 1 to 2%. Check your loan agreement before you prepay.
How does tenure affect total interest?
Longer tenure lowers monthly EMI but increases total interest. A ₹30 lakh loan at 8.5% costs about ₹14.63 lakh in interest over 10 years and about ₹32.48 lakh over 20 years. The corresponding EMIs are about ₹37,196 and ₹26,035.
What does paid so far change?
The calculator amortizes the original loan through the number of EMIs you enter. It uses that estimated current balance to split payments already made into principal and interest and to calculate future prepayment savings.
Do I need a different calculator for home, car or personal loan?
The EMI formula is the same. Rate and tenure differ. Home loans have lower rates and long tenures, car loans are shorter, personal loans have higher rates. This calculator works for all, just enter the correct rate and tenure.
How do I keep my debt to income ratio safe?
Keep total EMIs below 35 to 40% of monthly in-hand income. Above 50% most lenders see you as stretched and approval chances fall. The in-hand salary calculator can help you check this before you apply.
This calculator shows an estimate before fees and taxes. Actual EMI, charges and prepayment rules depend on the lender agreement. Read the loan documents carefully. For personal advice, speak to a financial adviser. Illustration only.