EMI calculator with amortisation table
Work out your monthly instalment, the total interest you will pay, and how every payment splits between principal and interest.
Runs entirely in your browser. Your loan figures are never sent anywhere.
How to use the EMI calculator
- Enter your loan amount, either by typing it or dragging the slider. Both stay in sync.
- Set the annual interest rate exactly as your lender quotes it. The calculator converts it to a monthly rate internally, which is how EMI is actually computed.
- Choose your tenure in years. Watch what happens to the total interest figure as you move it — this is the number most borrowers never see before signing.
- Read the amortisation schedule. It defaults to a yearly summary; switch to month by month for the full detail, or download it as a CSV to work with in a spreadsheet.
What you can use it for
Comparing two loan offers properly requires this. Lender A at 8.4% over 20 years and Lender B at 8.7% over 18 years cannot be compared by looking at the rate alone. Run both and compare total interest — the answer is frequently the opposite of what the headline rate suggests.
Deciding on a tenure is where the schedule earns its keep. On a 25 lakh home loan at 8.5%, stretching from 15 years to 20 lowers the EMI by a manageable amount but adds several lakh in interest. Seeing both numbers together makes that a decision rather than a default.
Checking a lender's figure is worth doing before you sign anything. The EMI formula is standardised, so your calculation should match theirs to the rupee. A discrepancy usually means processing fees or insurance have been folded into the principal, and that is a question worth asking.
Planning a prepayment becomes concrete once you can see the split. In the early years of a long loan, the overwhelming majority of each EMI is interest — the schedule shows exactly how much, which is why a prepayment made in year three is worth so much more than the same amount in year fifteen.
How EMI is calculated
The formula is EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the principal, r is the monthly interest rate (the annual rate divided by twelve, then by a hundred) and n is the number of months. Every bank in India uses this same reducing-balance formula for standard loans.
The EMI stays constant but its composition does not. Early payments are mostly interest, because interest is charged on the outstanding balance and that balance is at its highest. As the balance falls, the interest portion shrinks and the principal portion grows. This is why the schedule matters more than the single EMI figure.
Floating rate loans, which most Indian home loans are, do not keep this schedule. When the repo rate moves, banks typically hold the EMI constant and change the tenure instead. That means a rate rise quietly extends your loan rather than raising your payment, and many borrowers never notice until they check.
This calculation covers principal and interest only. Processing fees, documentation charges, legal and valuation fees, GST on those fees, and any bundled insurance are all extra. Ask for the annual percentage rate, which includes them, if you want the true cost of the loan.
Frequently asked questions
Using the reducing balance formula, where interest each month is charged on the remaining principal rather than the original amount. The EMI is fixed so that the loan closes exactly at the end of the tenure. The formula is standard across lenders, which is why your figure should match theirs.
It costs less in total interest, sometimes dramatically less, but it demands a higher EMI. The right tenure is the shortest one whose EMI you can pay comfortably even in a bad month. Most lenders also want your total EMIs below about 50% of net monthly income, which caps the choice anyway.
A great deal, if it is early. Because early instalments are mostly interest, a lump sum in the first few years removes principal that would otherwise have accrued interest for the entire remaining tenure. Under RBI rules, floating rate home loans to individuals carry no prepayment penalty.
No. It calculates principal and interest only. Processing fees typically run 0.25 to 1% of the loan, and lenders often add property insurance or a credit life policy. Ask for a full amortisation statement including all charges before signing.
No. Everything is calculated in your browser and nothing is transmitted or stored. Closing the tab discards it all. Note that these figures are estimates for planning and are not financial advice — confirm with your lender before making a decision.