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Total Interest
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Calculate EMI for Home Loan, Car Loan and Personal Loan
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| Year | Principal (A) | Interest (B) | Total Payment (A+B) | Balance | Loan Paid % |
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An EMI Calculator is an online financial tool that helps borrowers calculate their monthly loan payments easily. EMI stands for Equated Monthly Installment. It is the fixed amount paid every month to repay a loan. The EMI includes both the principal amount and the interest charged by the lender.
Our EMI calculator helps you calculate EMI for different types of loans such as home loan, car loan, personal loan, education loan and business loan. It provides an instant breakdown of your monthly payment, total interest payable and total repayment amount.
Equated Monthly Installment (EMI) is the amount payable every month to a bank or financial institution until the loan amount is fully repaid. EMI consists of two components:
The total loan amount along with interest is divided across the loan tenure (number of months). Initially, the interest component of EMI is higher and gradually decreases with time while the principal repayment portion increases.
EMI is calculated using the following formula:
EMI = P × r × (1+r)n / ((1+r)n − 1)
Where:
Suppose you borrow ₹10,00,000 from a bank at an annual interest rate of 10.5% for 10 years (120 months).
Monthly interest rate (r) = 10.5 / 12 / 100 = 0.00875
Using the EMI formula:
EMI = ₹10,00,000 × 0.00875 × (1+0.00875)120 / ((1+0.00875)120 − 1)
Monthly EMI = ₹13,493
Total payment over 120 months = ₹13,493 × 120 = ₹16,19,220
Total interest payable = ₹6,19,220
Manually calculating EMI for different combinations of loan amount, interest rate and tenure can be time consuming and error-prone. Our EMI calculator automates this calculation instantly and displays visual charts showing the payment schedule and interest breakdown.
Using our EMI calculator is simple and intuitive. Follow these steps:
The calculator instantly displays:
Each EMI payment includes both principal repayment and interest. In the initial months of the loan, a larger portion of the EMI goes toward interest. As the loan progresses, a larger portion goes toward repaying the principal amount.
The EMI calculator also shows a detailed repayment schedule table that displays:
If your loan has a floating interest rate, the EMI may change depending on interest rate fluctuations. Banks usually adjust EMI when RBI policies change.
It is recommended to consider two scenarios:
These scenarios help you understand the possible EMI impact in the future and plan your finances better.
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