EMI Calculator
Work out the monthly EMI, total interest and total payment for any loan — home, car or personal.
How to use this EMI calculator
Pick your currency, then enter the loan amount you want to borrow, the annual interest rate your lender is quoting, and the loan tenure in months. The result updates instantly: your fixed monthly EMI at the top, with the total interest, the total amount you will repay, and the tenure shown below. Drag the sliders to see how a bigger down payment, a lower rate or a longer term changes the numbers.
How this is calculated
EMI stands for Equated Monthly Instalment — a fixed payment that covers both interest and principal on a reducing-balance loan. We use the standard formula: the EMI equals the loan amount multiplied by the monthly rate and by (one plus the monthly rate) raised to the number of months, all divided by ((one plus the monthly rate) raised to the number of months, minus one). The monthly rate is the annual rate divided by twelve and by one hundred. Total payment is the EMI times the number of months, and total interest is the total payment minus the loan amount.
A worked example
Say you borrow ₹10,00,000 at 9% a year for 60 months (5 years). The monthly rate is 9 ÷ 12 ÷ 100 = 0.0075. Plugging that into the formula gives an EMI of roughly ₹20,758. Over the full 60 months you repay about ₹12,45,500, of which around ₹2,45,500 is interest. In the early months most of each EMI goes toward interest; as the outstanding balance shrinks, more of every payment chips away at the principal.
Tips to lower your EMI and interest
- Negotiate the rate — even a half-percent reduction trims both the EMI and the total interest over a long tenure.
- Choose a sensible tenure — a longer term lowers the monthly EMI but raises the total interest you pay; a shorter term does the opposite.
- Make a larger down payment — borrowing less directly cuts both the EMI and the interest.
- Prepay when you can — part-prepayments reduce the outstanding principal, so future interest falls.
- Compare lenders — processing fees and rate spreads vary, so shop around before signing.
Picking the right tenure
Stretching a loan over more months makes each EMI more affordable, but you pay interest for longer, so the total cost climbs. A shorter tenure means a heavier monthly outgo yet far less interest overall. The right balance keeps the EMI comfortable against your income — many lenders prefer your total EMIs to stay under about 40% of your take-home pay — without dragging the loan out longer than you need. For a property loan, the dedicated home loan EMI calculator adds property-specific options, and the general loan calculator helps you compare different borrowing scenarios side by side.
Educational estimate, not financial advice — see our disclaimer.