EMI Calculator
Monthly instalment for any loan. Calculate the EMI, total interest and full repayment schedule for any reducing-balance loan.
About the EMI Calculator
An Equated Monthly Instalment keeps your payment constant while the composition changes underneath it. Early instalments are mostly interest; later ones are mostly principal. That is why the total interest on a loan depends far more on tenure than most borrowers expect. This calculator gives the EMI, the total interest and a month-by-month schedule for any loan type.
EMI formula
EMI = [P x r x (1 + r)^n] / [(1 + r)^n - 1]
- P
- Principal loan amount
- r
- Monthly interest rate (annual rate / 12 / 100)
- n
- Loan tenure in months
This is a reducing-balance loan: the EMI stays constant, but the interest share falls and the principal share rises with every instalment.
Using this calculator
- Enter the loan amount you need.
- Set the interest rate offered by the lender.
- Choose the tenure in years.
- Read the EMI, then open the schedule to see interest against principal.
EMI Calculator FAQs
How is EMI calculated?
EMI = [P x r x (1+r)^n] / [(1+r)^n - 1], where P is the principal, r the monthly interest rate and n the tenure in months. The instalment stays fixed while the split between interest and principal shifts over time.
Does a longer tenure reduce the cost of a loan?
No. A longer tenure lowers the monthly EMI but raises total interest substantially, because the outstanding principal is reduced more slowly. The amortisation table below shows exactly how much extra interest a longer term costs.
How does prepayment help?
A prepayment reduces the outstanding principal directly, so every future interest calculation works on a smaller base. Prepaying early in the tenure saves far more than the same amount prepaid near the end.
What is the difference between flat and reducing balance interest?
Flat rate charges interest on the original principal for the whole tenure. Reducing balance charges only on the outstanding amount, which falls each month. A 10% flat rate costs roughly the same as an 18% reducing rate.
What EMI can I comfortably afford?
Lenders commonly cap total EMI obligations at about 40-50% of net monthly income. Staying well below that leaves room for rate increases on floating loans and for expenses that are not in your current budget.
Related calculators
-
Home Loan EMI Calculator
Calculate your home loan EMI, total interest across the tenure and the year-by-year amortisation.
Open calculator -
Car Loan EMI Calculator
Calculate your car loan EMI, total interest and repayment schedule before you sign at the dealership.
Open calculator -
Personal Loan EMI Calculator
Calculate personal loan EMI and total interest, including the effect of processing fees.
Open calculator -
Simple Interest Calculator
Calculate simple interest and the total repayable amount for any principal, rate and period.
Open calculator -
Compound Interest Calculator
Calculate compound interest at any frequency, and see how much compounding adds over simple interest.
Open calculator -
Income Tax Calculator
Compare your tax liability under both regimes and see which one leaves more in hand.
Open calculator
Important: this calculator provides general information and arithmetic only. It is not personal financial, tax or investment advice. Projected returns are illustrations based on the rate you enter, not guarantees, and market-linked investments can fall in value. Verify current tax rates and scheme terms before acting, and consult a qualified adviser where the decision matters.