Calculate your loan EMI online
₹8,997
Monthly EMI
₹11,59,342
Total interest
₹21,59,342
Total payment
Whether you're planning a home loan, car loan, or personal loan, this calculator shows your monthly EMI (equated monthly installment), total interest paid over the loan term, and total repayment amount. Enter the loan amount, annual interest rate, and tenure in years — results update instantly using the standard reducing-balance EMI formula. Everything runs in your browser; no financial data is sent anywhere.
How the EMI formula works
EMI uses the reducing-balance method: interest each month is charged only on the outstanding principal, not the original loan amount. Because the balance falls with every payment, the interest portion of each instalment shrinks while the principal portion grows, even though the total payment stays constant. That is why the early years of a home loan repay very little principal — most of each payment is servicing interest on a balance that is still nearly the full amount.
Tenure affects total cost more than people expect
Extending a loan reduces the monthly payment but increases total interest substantially, because you are borrowing the money for longer. A twenty-year home loan can cost more in total interest than the property's principal. Running the same amount at fifteen and twenty-five years and comparing the total interest figure is worth doing before committing — the monthly difference often looks modest while the lifetime difference is enormous.
What this does not include
This calculates pure EMI from principal, rate, and tenure. Lenders typically add a processing fee, may require insurance, and often quote floating rates that change over the loan's life. Prepayment also changes everything — paying extra against principal early reduces total interest dramatically because it removes balance that would otherwise accrue interest for years. Treat the figure here as the baseline, not the final cost.
Frequently asked questions
- What formula does this calculator use?
- The standard reducing-balance EMI formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is the monthly interest rate, and n is the number of monthly installments.
- Does this include processing fees or insurance?
- No, this calculates pure EMI based on principal, rate, and tenure. Banks often add processing fees or insurance premiums separately.
- What if my interest rate is 0%?
- The calculator handles 0% interest correctly by simply dividing the principal evenly across the tenure.
- Is my loan data sent anywhere?
- No, all calculation happens locally in your browser using JavaScript. Nothing is transmitted or stored.
- Why is so little principal repaid in the early years?
- Interest is charged on the outstanding balance, which is at its highest early on. As the balance falls, more of each fixed payment goes to principal.
- Does prepaying save money?
- Substantially, and the earlier the better, because removing principal early eliminates all the interest it would have accrued over the remaining years.