What is an EMI calculator?
EMI (equated monthly instalment) = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of months. Early EMIs are mostly interest; later ones are mostly principal.
Features
- Home, car, bike, education and personal loans
- Tenure in years or months
- Principal vs interest split
- Year-by-year amortisation schedule
How to use the EMI calculator
- Enter the loan amount.
- Enter the yearly interest rate from your offer.
- Enter the tenure in years or months.
- Read the EMI and open the schedule to see each year's split.
Worked example
A ₹10,00,000 loan at 9.5% a year for 5 years (60 months): r = 9.5 ÷ 12 ÷ 100 = 0.0079167. The EMI comes to about ₹21,002, the total paid is about ₹12,60,100 and the interest is about ₹2,60,100.
Three ways to pay less interest
- Shorter tenure: a higher EMI, but far less total interest.
- Part-prepayment: extra payments early in the loan cut the most interest. Check your lender's prepayment charges; floating-rate home loans to individuals generally have none.
- Compare the APR, not just the rate: processing fees and insurance add to the cost.
Frequently asked questions
Is this EMI exact?
It uses the standard reducing-balance formula banks use. Your lender's figure may differ by a few rupees because of rounding, the first EMI date or broken-period interest.
Does it include processing fees or insurance?
No. Add those separately to judge the full cost of the loan.
Does a flat-rate loan work the same?
No. Flat-rate loans charge interest on the original amount for the whole tenure, which costs much more. This calculator assumes a reducing balance.
Last updated 15 November 2026. Made by Criza Labs. Spotted a mistake? Tell us.
