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Loan EMI

EMI Calculator — Home, Car & Personal Loan EMI

Calculate your monthly loan EMI, total interest payable, and total repayment amount for any home, car, or personal loan. See exactly how much of your EMI goes to interest vs. principal.

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8.5%
Formula: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1)
Where P = loan amount, r = monthly rate, n = number of months

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Disclaimer: Results provided by this calculator are for educational and estimation purposes only. They do not constitute formal financial, investment, tax, or mortgage advice. Actual EMI, interest rate, and processing terms are set by your lender and may include fees not reflected here. Consult your bank or a financial advisor before taking a loan.

How EMI Is Calculated

The Formula: EMI (Equated Monthly Installment) is calculated so that a fixed payment fully amortizes the loan — principal plus interest — over the agreed tenure:

EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)

Where:

Step-by-Step Worked Example

Let's say you take a ₹50,00,000 home loan at 8.5% p.a. for 20 years (240 months).

  1. Step 1: Monthly rate = 8.5% ÷ 12 ÷ 100 = 0.007083
  2. Step 2: Total months = 20 × 12 = 240
  3. Step 3: (1 + 0.007083)240 = 5.8592
  4. Step 4: EMI = 50,00,000 × 0.007083 × 5.8592 ÷ (5.8592 − 1) = ₹43,391
  5. Result: Total repayment = ₹43,391 × 240 = ₹1,04,13,879; Total interest = ₹54,13,879 (about 108% of the principal)

In month 1, of that ₹43,391 EMI, ₹35,417 is interest and only ₹7,974 goes to principal — a ratio that gradually flips over the loan's life as the outstanding balance shrinks.

EMI Comparison by Loan Amount & Tenure (8.5% p.a.)

Loan AmountRateTenureMonthly EMITotal Interest
₹10,00,0008.5%15 years₹9,847₹7,72,531
₹25,00,0008.5%20 years₹21,696₹27,06,939
₹50,00,0008.5%20 years₹43,391₹54,13,879
₹50,00,0009.0%20 years₹44,986₹57,96,711
₹75,00,0008.5%25 years₹60,392₹1,06,17,609

Frequently Asked Questions

EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay a loan. It's calculated using EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan (principal) amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly installments (loan tenure in months).
Your EMI stays fixed, but the split between interest and principal changes every month. Interest for a month is calculated as Outstanding Balance × monthly rate — since your balance is highest at the start, the interest portion is highest then too. As the balance shrinks, the interest portion shrinks and the principal portion grows, so the back half of the loan repays principal much faster than the front half.
Yes — the EMI formula is identical for any amortizing loan (home, car, personal, education). Just enter the loan amount, the annual interest rate offered by your lender, and the tenure in years or months. For home loans specifically, you may also want to check prepayment or refinancing options using our dedicated Loan Prepayment & Refinance Calculator.
Yes, mainly two ways: making extra/prepayments toward principal (even one extra EMI per year meaningfully cuts tenure and interest), or refinancing to a lower interest rate if one becomes available and the switching cost is justified by the savings. Both scenarios can be modeled precisely with our Loan Prepayment & Refinance Calculator. For a full month-by-month schedule with CSV export, see our Mortgage Amortization Calculator.