EMI Calculator for Loans

Work out the equated monthly instalment (EMI) on a loan and how much of what you repay is interest.

Monthly EMI
Total interest
Total repayment

Runs entirely in your browser. Nothing you enter is sent anywhere.

How it works

An EMI stays the same every month, but its make-up changes: early instalments are mostly interest and later ones mostly principal. The standard reducing-balance formula works out the fixed payment that clears the loan exactly by the final month.

The calculation assumes a fixed interest rate and no fees. Processing fees, insurance and floating-rate changes will change the real cost, so check the lender's key fact statement.

EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
r = annual rate / 12 / 100,  n = months

Worked example

A ₹10,00,000 equipment loan at 9% a year for 5 years (60 months) has a monthly rate of 0.75% and an EMI of ₹20,758. Over the term you repay ₹12,45,501, of which ₹2,45,501 is interest.

Frequently asked questions

How can I reduce my EMI?

A longer tenure lowers the EMI but increases the total interest. A lower rate or a larger down payment reduces both.

Do prepayments help?

Yes. A part-prepayment reduces the outstanding principal, so you pay less interest overall; the lender then shortens the tenure or lowers the EMI. Check for prepayment charges first.

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