EMI calculator.
Your monthly EMI, the total interest and the full repayment schedule, for any home, car or personal loan.
How the EMI is worked out
Lenders use one standard formula for reducing-balance loans: EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1). P is the loan amount, r is the yearly rate ÷ 12 ÷ 100, and n is the number of months. This calculator uses the same formula, so its answer matches your lender's to the rupee, before any rounding the lender does.
What else it shows
- Total interest over the loan, and the year-by-year or month-by-month schedule.
- Under More options: raise your EMI a little every year, add a yearly extra payment, or include fees to see the true yearly cost.
Tips
- Type amounts the way you say them: 42 lakh, 1.2 crore, 75,000.
- Early EMIs are mostly interest. That is why a small rate cut or an early prepayment saves so much.
Questions.
Is the EMI the same every month?
For a fixed EMI loan, yes, until the rate changes. On a floating-rate loan your lender may change the EMI or the tenure when the rate resets.
Why is so much of my EMI interest?
Interest is charged on the amount still owed. In the early years that amount is large, so most of each EMI goes to interest and only a little to the loan itself.
Does this include processing fees?
Only if you add them under More options. Fees do not change the EMI, but they raise what the loan really costs you.
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