Loan EMI Calculator
Calculate your monthly EMI, total interest and total repayment instantly. View a complete amortization schedule (month-wise breakup) to understand how much principal and interest you pay each month for a home loan, personal loan, car loan or any fixed-rate loan.
✅ EMI + Interest breakup ✅ Amortization schedule ✅ Mobile friendly
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Tip: Try changing tenure to see how EMI reduces but total interest increases.
EMI: —
Breakdown
What is EMI?
EMI (Equated Monthly Installment) is the fixed amount you pay every month to repay a loan. Each EMI consists of two parts: principal (the original loan amount) and interest (the cost charged by the lender). In the early months, a larger part of EMI goes toward interest. Over time, the interest portion reduces and the principal repayment increases.
This Loan EMI Calculator helps you estimate monthly EMI for a home loan, personal loan, car loan, education loan and more. It also shows a month-wise amortization schedule so you can understand how your loan balance decreases every month.
How to calculate Loan EMI
EMI depends on three key values: Loan Amount (P), Interest Rate (annual), and Loan Tenure. The interest rate is converted to a monthly rate and applied over the total number of monthly installments. When you increase tenure, EMI usually decreases, but total interest paid increases.
EMI = P × r × (1+r)^n / ((1+r)^n − 1)
Where P = principal, r = monthly interest rate, n = number of months.
Example EMI calculation
Suppose you take a loan of ₹5,00,000 at 10.5% annual interest for 5 years. Enter these values above to see the monthly EMI, total interest and total repayment. The amortization schedule will show month-wise breakup of interest and principal, and how the outstanding balance reduces.
- Lower EMI: Increase tenure (but total interest rises).
- Lower interest: Reduce rate or do prepayment.
- Faster closure: Pay extra principal early (reduces future interest).
Loan EMI Calculator FAQs
Is this EMI accurate?
This is a close estimate for fixed-rate loans. For floating rate loans, EMI can change when rates change.
Does prepayment reduce EMI?
Prepayment reduces outstanding principal. Banks may reduce tenure or EMI depending on policy. Either way, total interest reduces.
Why does interest look higher at the start?
Interest is calculated on outstanding balance. Early on, balance is high, so interest portion is higher.