EMI Calculator
Calculate your monthly loan EMI, total interest and total payment, with a year-wise amortization table.
Monthly EMI
Year-wise amortization schedule
| Year | Principal paid | Interest paid | Total paid | Balance |
|---|---|---|---|---|
| 1 | ₹16,547 | ₹99,255 | ₹1,15,803 | ₹9,83,453 |
| 2 | ₹18,280 | ₹97,522 | ₹1,15,803 | ₹9,65,173 |
| 3 | ₹20,194 | ₹95,608 | ₹1,15,803 | ₹9,44,978 |
| 4 | ₹22,309 | ₹93,494 | ₹1,15,803 | ₹9,22,669 |
| 5 | ₹24,645 | ₹91,158 | ₹1,15,803 | ₹8,98,024 |
| 6 | ₹27,226 | ₹88,577 | ₹1,15,803 | ₹8,70,799 |
| 7 | ₹30,076 | ₹85,726 | ₹1,15,803 | ₹8,40,722 |
| 8 | ₹33,226 | ₹82,577 | ₹1,15,803 | ₹8,07,497 |
| 9 | ₹36,705 | ₹79,098 | ₹1,15,803 | ₹7,70,792 |
| 10 | ₹40,548 | ₹75,254 | ₹1,15,803 | ₹7,30,243 |
| 11 | ₹44,794 | ₹71,008 | ₹1,15,803 | ₹6,85,449 |
| 12 | ₹49,485 | ₹66,318 | ₹1,15,803 | ₹6,35,964 |
| 13 | ₹54,667 | ₹61,136 | ₹1,15,803 | ₹5,81,297 |
| 14 | ₹60,391 | ₹55,412 | ₹1,15,803 | ₹5,20,906 |
| 15 | ₹66,715 | ₹49,088 | ₹1,15,803 | ₹4,54,191 |
| 16 | ₹73,701 | ₹42,102 | ₹1,15,803 | ₹3,80,490 |
| 17 | ₹81,418 | ₹34,384 | ₹1,15,803 | ₹2,99,072 |
| 18 | ₹89,944 | ₹25,859 | ₹1,15,803 | ₹2,09,128 |
| 19 | ₹99,362 | ₹16,441 | ₹1,15,803 | ₹1,09,766 |
| 20 | ₹1,09,766 | ₹6,036 | ₹1,15,803 | ₹0 |
Years are counted from your first EMI, not calendar or financial years.
How it works
EMI on a reducing-balance loan is calculated with this formula:
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- P = loan amount (principal)
- r = monthly interest rate = annual rate ÷ 12 ÷ 100
- n = tenure in months
Each month, interest is charged on the outstanding balance (balance × r). The rest of the EMI repays principal, so the balance falls and the interest share of each EMI keeps shrinking. If the interest rate is 0%, the EMI is simply P ÷ n. Results are shown rounded to the nearest rupee.
Worked example
You borrow ₹5,00,000 (5 lakh) at 9% a year for 5 years (60 months).
- Monthly rate r = 9 ÷ 12 ÷ 100 = 0.0075
- (1 + r)60 = 1.565681
- EMI = 5,00,000 × 0.0075 × 1.565681 ÷ (1.565681 − 1) = ₹10,379.18
- Total payment = ₹10,379.18 × 60 = ₹6,22,751
- Total interest = ₹6,22,751 − ₹5,00,000 = ₹1,22,751
Frequently asked questions
What is an EMI?
An EMI (equated monthly instalment) is the fixed amount you pay your lender every month until the loan is repaid. Each EMI is part interest and part principal.
Why is most of my EMI interest in the early years?
Interest is charged on the outstanding balance. At the start the balance is highest, so the interest part is largest. As you repay principal, the interest part shrinks and more of each EMI goes towards principal. The amortization table above shows this year by year.
What happens to my EMI if my floating interest rate changes?
When a floating rate is reset, the lender can change your EMI, your tenure, or both. Under RBI rules for EMI-based personal loans, the lender must tell you about the change and offer you options such as a higher EMI, a longer tenure, or prepaying. Re-run this calculator with the new rate to see the effect.
Does this EMI include processing fees, insurance or GST?
No. The calculator covers only principal and interest. Processing fees, insurance premiums and taxes are extra. Your lender's Key Facts Statement lists all charges and the Annual Percentage Rate (APR), which includes them.
Why is my bank's EMI slightly different from this result?
Banks may round the EMI, calculate interest daily instead of monthly, charge broken-period interest for the first month, or add fees. Small differences of a few rupees are normal. For your exact figure, check the repayment schedule in your loan documents.
Can I use this for home, car and personal loans?
Yes. Any loan repaid in equal monthly instalments on a reducing balance uses the same formula: home loans, car loans, personal loans and education loans in the repayment phase.
How can I reduce my EMI?
You can choose a longer tenure (which lowers the EMI but raises the total interest), make a larger down payment to borrow less, or negotiate a lower interest rate. Part-prepayments reduce the outstanding balance, which lowers either your EMI or your tenure.