EMI Calculator
Compute your monthly loan EMI along with total interest and total amount payable.
About EMI Calculator
The EMI Calculator works out the equated monthly instalment on any loan — home, car, personal or education. Enter the loan amount, annual interest rate and tenure, and it returns the monthly payment, total interest and total repayment using the standard reducing-balance formula.
An EMI combines interest and principal into a regular payment. Early payments generally contain more interest, while later payments repay more principal; the optional amortisation schedule makes that shift visible month by month.
Calculations happen on your device, so you can enter real financial figures privately. The result is an estimate based on the supplied fixed rate and does not reproduce every lender rule, fee, insurance charge or rounding convention.
How EMI Calculator works in practice
- 1Enter the loan amount you want to borrow.
- 2Enter the annual interest rate as a percentage.
- 3Set the tenure in months or years.
- 4Read the monthly EMI, total interest and total amount payable — values update as you adjust inputs.
- 5Optionally view the month-by-month amortisation schedule.
Jobs this tool is built for
- Compare monthly payments for two home-loan rates or repayment periods.
- Check whether a proposed car or education loan fits a household budget.
- Estimate how much interest a shorter tenure could avoid despite a higher EMI.
- Review the principal and interest split before considering a loan prepayment.
What you can do here
- Instant EMI recalculation on every change
- Total interest vs principal breakdown
- Amortisation schedule (month-wise principal and interest)
- Works for home, car, education and personal loans in any currency
Limits and honest caveats
- The calculator assumes a fixed interest rate — for floating rates, recalculate after each reset date.
- Lender processing fees are not included; add them to the principal to model the true cost.
How the result is produced
The figure is the standard reducing-balance EMI. It is not a bank quote. Fees, moratoriums, and floating-rate resets are outside the formula.
- 1.Convert the annual rate to a monthly rate: r = (annual percent / 100) / 12.
- 2.Count the number of payments n. A 5-year loan is 60 months.
- 3.Apply EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1).
- 4.Total interest is (EMI × n) − P. The schedule splits each EMI into that month’s interest and the rest as principal.
Worked example: ₹10,00,000 at 9% for 20 years
P = 10,00,000, annual rate 9%, n = 240 months, so r = 0.09/12 = 0.0075. The formula gives an EMI of about ₹8,997. Over 240 months you repay about ₹21.59 lakh, of which about ₹11.59 lakh is interest. A lender’s schedule can differ by a few rupees because of rounding and the day-count they use.
Common questions about EMI Calculator
How is the EMI calculated?
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is principal, r the monthly rate and n the tenure in months.
What is total interest?
The sum of every month's interest component — what you pay above the principal over the life of the loan.
Why does a longer tenure lower EMI but raise total cost?
The principal is spread across more payments, reducing each instalment, but interest accrues for more months and therefore increases the total repayment.
Does the estimate include processing fees or insurance?
No. Add financed charges to the principal if appropriate, and compare the result with the lender's complete repayment schedule and annual percentage rate.
This page was written by the ToolSink team to explain how EMI Calculator works on this site — it is not syndicated, scraped, or spun from another publisher. How we write tool guides · Site updates · About ToolSink.
All Finance Calculators
Tap any tool to jump straight in — no signup, works on mobile.