Monthly loan EMI with total interest and an instalment schedule.
Quick answer
The EMI is ₹20,758 per month. After 60 instalments you will have paid ₹12,45,501, of which ₹2,45,501 is interest.
| Interest rate (per year) | EMI per month | Total interest |
|---|---|---|
| 8% | ₹20,276 | ₹2,16,584 |
| 9% | ₹20,758 | ₹2,45,501 |
| 10% | ₹21,247 | ₹2,74,823 |
| 11% | ₹21,742 | ₹3,04,545 |
| 12% | ₹22,244 | ₹3,34,667 |
These figures are computed with the same formulas as the EMI Calculator above. Change the inputs in the tool to see your own result. For a full table, see Loan payment chart and EMI per lakh chart.
The EMI Calculator works out the equated monthly instalment for a home, car, personal or education loan from the loan amount, interest rate and tenure. It shows the monthly EMI, the total interest and total payment, a chart of how much of what you pay is principal and how much is interest, and a full instalment schedule by year or month. Pick your currency symbol (₹, Rs, $, AED and more).
Made for everyone. Typical uses:
A loan of 10,00,000 at 9% for 5 years has an EMI of 20,758.36. Over the 60 instalments you pay 12,45,501 in total, of which 2,45,501 is interest. Stretching the same loan to 7 years lowers the EMI but raises the total interest.
The calculator uses the standard reducing-balance formula. Banks may add processing fees, insurance or a slightly different day-count, and floating-rate loans change as the rate changes, so your actual EMI can differ a little.
Accuracy: Formulas follow standard published methods and are checked against worked reference examples. Results are estimates based on the values you enter and do not replace advice from a qualified professional.
Expert Tip
Check how a lower EMI is achieved. Lengthening the tenure reduces the monthly amount but usually costs much more interest overall, so pick the shortest tenure your budget comfortably allows.
EMI stands for equated monthly instalment. It is the fixed amount you pay every month until a loan, such as a home, car, personal or education loan, is fully repaid. "Equated" means every instalment is the same size even though its make-up changes: in the early months most of the EMI is interest, and later most of it is principal.
The formula is EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (the yearly rate divided by 12 and by 100) and n is the number of instalments. This is the reducing-balance method: interest is charged each month on the balance that remains.
Take a loan of 10,00,000 (one million) at 9 percent for five years. The EMI is 20,758.36. Over 60 months you pay 12,45,501 in total, of which 2,45,501 is interest. Now change only the tenure. At three years the EMI is 31,799.73 and the interest 1,44,790. At seven years the EMI falls to 16,089.08 but the interest grows to 3,51,483. At ten years the EMI is just 12,667.58, yet you pay 5,20,109 in interest, more than half the amount you borrowed.
A lower EMI is attractive, but it usually means paying much more overall. The right tenure is the shortest one whose EMI you can pay without strain. If your budget is tight, choose a longer tenure now and prepay when your income rises.
Some lenders and dealers quote a flat rate. A flat rate applies the interest to the full original amount for the whole tenure, even though you keep repaying the principal. 9 percent flat on 10,00,000 for five years means 4,50,000 of interest, an EMI of 24,167. The same headline rate on the reducing-balance method gives an EMI of 20,758. The effective reducing-balance rate of a 9 percent flat loan is close to 16 percent.
Always ask which method a quote uses. If it is flat, convert it or ask for the APR to compare it fairly with reducing-balance offers. This calculator uses the reducing-balance method, which is standard for bank home loans and most personal loans.
On 10,00,000 over five years, an interest rate of 8 percent gives an EMI of 20,276.39, 9 percent gives 20,758.36 and 10 percent gives 21,247.04. One percentage point changes the EMI by about 480 a month, or roughly 29,000 over five years. On a long home loan the difference is far larger: 25,00,000 at 8.5 percent over 20 years has an EMI of 21,695.58 and costs 27,06,939 in interest, more than the amount borrowed.
Prepayment is the most effective tool. Paying a lump sum, or adding a small extra amount each month, reduces the outstanding principal so less interest accrues. Ask whether your lender charges a prepayment fee, since floating-rate home loans often do not, and whether the prepayment shortens the tenure or reduces the EMI. Shortening the tenure saves more interest.
Keep the tenure only as long as you need, borrow only what you need, and avoid rolling insurance, processing fees and other add-ons into the loan amount, because you pay interest on them too.
The Loan Calculator adds an extra-payment comparison, and the Mortgage Calculator includes property tax, insurance and PMI for home loans. To see how a fixed rate compares with interest that does not compound, try the Simple Interest Calculator. The article EMI explained and how to lower it gives a step-by-step plan.
The calculator supports any currency symbol, including the rupee, dirham, riyal and dollar, and nothing you enter leaves your browser. Use the yearly and monthly schedules to check how the split between principal and interest changes over time.
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Reference table with CSV download.
Reference table with CSV download.
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