EMI Calculator
Work out the monthly EMI, total interest, and total payment on a loan.
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Formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments.
Worked example
A ₹25,00,000 home loan at 8.5% annual interest over 20 years (240 months) works out to an EMI of roughly ₹21,700 a month, with total interest close to ₹27 lakh over the life of the loan — more than the principal itself, which surprises most first-time borrowers.
Where this can give the wrong answer
- A 0% interest rate is valid input and falls back to a straight-line EMI (principal ÷ tenure) rather than dividing by zero.
- Prepayments and rate resets aren't modelled — this gives the EMI for a fixed-rate loan with no part-payments, which is the figure a bank quotes at disbursal, not what you'll actually pay if you prepay.
- Floating-rate loans change the EMI or tenure whenever the bank's benchmark rate moves; re-run this with the new rate to see the effect.
FAQ
- Over long tenures (20+ years) at typical Indian home loan rates, interest compounds on a slowly-shrinking principal for a very long time. Shortening the tenure by even a few years, or making annual part-payments, cuts total interest far more than a small rate difference does.