EMI calculator

Enter the loan amount, interest rate and tenure to see your monthly EMI, the total interest you'll pay and how the balance falls year by year.

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Before you use it

Works well for

  • Home, car, personal and education loan EMIs
  • Comparing tenures and interest rates
  • Seeing interest vs. principal year by year

Not the right tool for

  • Fees, insurance and GST on charges
  • Loans with step-up EMIs or moratoriums
  • Exact bank quotes for floating-rate loans

The EMI formula

EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the number of months. A ₹25 lakh home loan at 8.5% for 20 years has an EMI of about ₹21,696, and you pay roughly ₹27 lakh in interest over the term.

Why the early EMIs are mostly interest

Interest is charged on the outstanding balance, which is highest at the start. In the first years most of each EMI goes to interest; later, most of it reduces the principal. That's why part-prepayments early in the loan save the most interest.

Tenure vs. EMI

A longer tenure lowers the EMI but raises the total interest sharply. Try 15, 20 and 25 years to see the trade-off before choosing.

Frequently asked questions

Does the EMI include processing fees or insurance?

No. Processing fees, insurance premiums and GST on fees are separate. Ask your lender for the full cost (APR).

What happens when a floating rate changes?

Banks usually keep the EMI the same and change the tenure, or change the EMI. Re-run the calculator with the new rate and the remaining balance.

Is EMI interest tax-deductible?

For home loans, some interest and principal may be deductible under the Income Tax Act depending on the tax regime you choose. Check the current rules or ask a tax advisor.