Loan EMI Calculator: Monthly Instalment, Interest and Schedule
Work out the monthly EMI, total interest and yearly repayment schedule for a home, car or personal loan.
Optional: add extra payments
See how paying more than your EMI shortens the loan and saves interest. Your EMI stays the same; the loan simply ends sooner. Add as many rows as you like.
With your extra payments
You would pay — in extra payments (part of the amount you borrowed), and — in total, including your EMIs.
Year-by-year repayment schedule
| Year | Principal paid | Extra paid | Interest paid | Balance |
|---|
How the EMI is calculated
An EMI (equated monthly instalment) is the fixed amount you pay your bank every month until a loan is repaid. It has two parts, interest on the balance you still owe, and repayment of the principal. The formula is:
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- P is the loan amount.
- r is the monthly interest rate, which is the yearly rate divided by 12 and by 100.
- n is the number of monthly instalments.
Interest is charged on the outstanding balance (a "reducing balance"), so in the early years most of each EMI is interest and the share going to principal grows over time. The year-by-year schedule above shows this.
Worked example
For a loan of ₹10,00,000 at 8.5% a year over 20 years (240 months), the EMI is about ₹8,678. You pay about ₹20.83 lakh in total, of which about ₹10.83 lakh is interest. That is more than the amount you borrowed.
What extra payments do
Because interest is charged on what you still owe, every rupee you pay above your EMI goes straight to the principal, so future interest falls and the loan ends earlier. Use "Add an extra payment" above to try a monthly amount, a one-time lump sum, or a yearly top-up. For a step-by-step explanation, read our guide on extra payments and how to repay a loan faster.
How to lower your EMI or your total interest
- Choose a shorter tenure if you can afford it. The EMI rises, but the total interest falls sharply. Try changing 20 years to 15 above to see the difference.
- Make a bigger down payment so you borrow less.
- Prepay when you have spare money. Part-prepayments cut the outstanding principal, and with it the interest. Check your loan terms for any prepayment charges.
- Compare rates across banks and ask whether your rate is fixed or floating.
Common questions
Does this include processing fees and insurance?
No. The calculator covers principal and interest only. Processing fees, insurance premiums and other charges are extra and are set by your bank.
What if my interest rate changes?
On a floating-rate loan the bank may change your rate, and either your EMI or your tenure changes with it. Enter the new rate and remaining balance and tenure to see the effect.
Is a lower EMI always better?
Not necessarily. A lower EMI usually means a longer tenure, which costs more in total interest. Choose the EMI you can pay comfortably that still keeps the tenure as short as possible.
More tools
- Fixed Deposit (FD) Calculator: Maturity Amount and Interest
- Recurring Deposit (RD) Calculator: Maturity Amount and Interest
- Find IFSC Code
This calculator gives an estimate for information only and is not financial advice. Banks may calculate interest differently (for example rounding, compounding conventions, fees and taxes), so the amount your bank quotes can vary. Please confirm the exact figures with your bank.