EMI Calculator
Monthly EMI, total interest and full amortization schedule.
Quick start
Your inputs
Live result
Monthly EMI
INR 17,995
Total interest
INR 23,18,685
- Total payment
- INR 43,18,685
Detailed breakdown
| Principal | INR 20,00,000 |
| Total interest | INR 23,18,685 |
| Total payment | INR 43,18,685 |
Illustrative only — nothing you type is stored or sent anywhere. Confirm figures with the relevant authority before you rely on them.
When this applies
- You are comparing loan offers and want to see the monthly commitment.
- You want to see the total interest over the tenure, not just the EMI.
- You are deciding between tenures and want to see the trade-off.
- You want the amortization schedule for a loan you already hold.
INR 20,00,000 at 9% over 240 months
- 1Loan INR 20,00,000, annual rate 9%, tenure 240 months.
- 2Monthly rate = 9 / 1200 = 0.0075.
- 3EMI = 20,00,000 x 0.0075 x (1.0075)^240 / ((1.0075)^240 - 1).
- 4EMI = about INR 17,995 a month.
- 5Total paid over 240 months = about INR 43,18,685.
- 6Total interest = 43,18,685 - 20,00,000 = about INR 23,18,685.
An EMI of about INR 17,995, with total interest of about INR 23,18,685 over the tenure.
What this calculator does
Compute the equated monthly instalment on a loan, see the total interest you will pay, and open the month-by-month amortization schedule showing how each payment splits between principal and interest.
How this is calculated
The EMI is the fixed monthly payment that repays both principal and interest over the tenure: EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan, r is the monthly rate (the annual rate divided by 1200) and n is the number of months. Each instalment pays that month's interest first, and the rest reduces the principal. Early instalments are mostly interest and later ones mostly principal, which is what the schedule shows.
The formula
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), r = annual rate ÷ 1200Common mistakes to avoid
Comparing EMIs and ignoring total interest
A lower EMI from a longer tenure usually means more total interest. Compare both figures, not just the monthly one.
Forgetting the processing fee and insurance
These are added to the cost of the loan but are not part of the EMI. Include them when comparing offers.
Assuming a floating rate never moves
The EMI here is at the rate you enter. On a floating loan the instalment or the tenure changes as the rate changes.
Frequently asked
- What is an EMI?
- An equated monthly instalment - a fixed payment each month that repays the principal and the interest over the loan's tenure. The split between the two changes each month even though the payment does not.
- How is the EMI calculated?
- EMI = P x r x (1+r)^n / ((1+r)^n - 1), where r is the annual rate divided by 1200 and n is the number of monthly instalments. It is the payment that clears the loan exactly at the end of the tenure.
- Why is most of my early EMI interest?
- Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest portion falls and the principal portion rises. The schedule shows this shift month by month.
- Does a longer tenure lower the EMI?
- Yes, but it raises the total interest, because interest is charged for longer. A shorter tenure means a higher instalment and a lower total interest.
- What about prepayment?
- A prepayment reduces the outstanding principal and therefore the interest that follows. This calculator models the scheduled payments only, not a prepayment.