Finance & Loans
EMI Calculator
Monthly EMI for home, car and personal loans with total interest, a year-wise schedule and part-prepayment savings.
Updated:
Result
Updates as you typeMonthly EMI
₹43,391
- Total interest
- ₹54,13,879
- Total payment
- ₹1,04,13,879
How it's calculated
Indian banks and NBFCs repay most loans in equated monthly instalments on a reducing balance: every month interest is charged on what you still owe, and the rest of the EMI repays principal. A part-prepayment goes straight to principal, so later interest falls; you can keep the EMI and finish sooner, or keep the end date and pay a smaller EMI.
Worked example
A home loan of ₹50,00,000 at 8.5% for 20 years (240 EMIs):
- r = 8.5 / 12 / 100 = 0.0070833
- EMI = ₹43,391
- Total paid ₹1,04,13,879, of which interest ₹54,13,879, more than the amount borrowed.
EMI tables and repayment schedule
EMI per ₹1 lakh borrowed
| Rate p.a. | 5 years | 10 years | 20 years |
|---|---|---|---|
| Rate p.a.: 8% | 5 years₹2,028 | 10 years₹1,213 | 20 years₹836 |
| Rate p.a.: 8.5% | 5 years₹2,052 | 10 years₹1,240 | 20 years₹868 |
| Rate p.a.: 9% | 5 years₹2,076 | 10 years₹1,267 | 20 years₹900 |
| Rate p.a.: 9.5% | 5 years₹2,100 | 10 years₹1,294 | 20 years₹932 |
| Rate p.a.: 10% | 5 years₹2,125 | 10 years₹1,322 | 20 years₹965 |
| Rate p.a.: 11% | 5 years₹2,174 | 10 years₹1,378 | 20 years₹1,032 |
| Rate p.a.: 12% | 5 years₹2,224 | 10 years₹1,435 | 20 years₹1,101 |
Year-wise schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year: 1 | Principal₹99,511 | Interest₹4,21,182 | Balance₹49,00,489 |
| Year: 2 | Principal₹1,08,307 | Interest₹4,12,387 | Balance₹47,92,181 |
| Year: 3 | Principal₹1,17,881 | Interest₹4,02,813 | Balance₹46,74,300 |
| Year: 4 | Principal₹1,28,300 | Interest₹3,92,394 | Balance₹45,46,000 |
| Year: 5 | Principal₹1,39,641 | Interest₹3,81,053 | Balance₹44,06,359 |
| Year: 6 | Principal₹1,51,984 | Interest₹3,68,710 | Balance₹42,54,375 |
| Year: 7 | Principal₹1,65,418 | Interest₹3,55,276 | Balance₹40,88,957 |
| Year: 8 | Principal₹1,80,039 | Interest₹3,40,655 | Balance₹39,08,918 |
| Year: 9 | Principal₹1,95,953 | Interest₹3,24,741 | Balance₹37,12,965 |
| Year: 10 | Principal₹2,13,274 | Interest₹3,07,420 | Balance₹34,99,691 |
| Year: 11 | Principal₹2,32,125 | Interest₹2,88,569 | Balance₹32,67,566 |
| Year: 12 | Principal₹2,52,643 | Interest₹2,68,051 | Balance₹30,14,923 |
| Year: 13 | Principal₹2,74,974 | Interest₹2,45,720 | Balance₹27,39,949 |
| Year: 14 | Principal₹2,99,279 | Interest₹2,21,415 | Balance₹24,40,670 |
| Year: 15 | Principal₹3,25,733 | Interest₹1,94,961 | Balance₹21,14,937 |
| Year: 16 | Principal₹3,54,525 | Interest₹1,66,169 | Balance₹17,60,412 |
| Year: 17 | Principal₹3,85,862 | Interest₹1,34,832 | Balance₹13,74,550 |
| Year: 18 | Principal₹4,19,968 | Interest₹1,00,726 | Balance₹9,54,582 |
| Year: 19 | Principal₹4,57,090 | Interest₹63,604 | Balance₹4,97,492 |
| Year: 20 | Principal₹4,97,492 | Interest₹23,202 | Balance₹0 |
Frequently asked questions
How is EMI calculated?
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of months. A loan of ₹10,00,000 at 9% for 10 years has an EMI of ₹12,668 and total interest of ₹5,20,109.
Why does most of the early EMI go towards interest?
Interest is charged each month on the outstanding balance, which is highest at the start. In the first month of the example, ₹7,500 of the ₹12,668 EMI is interest and only ₹5,168 repays principal. As the balance falls, the interest share shrinks and the principal share grows, while the EMI stays the same.
Should a part-prepayment reduce my tenure or my EMI?
Reducing the tenure saves more interest. Prepaying ₹2,00,000 after 2 years on the example loan and keeping the EMI cuts the loan to 91 months and saves ₹1,68,259 of interest; keeping the tenure lowers the EMI to ₹9,738 and saves ₹81,284. Ask your lender which option it applies and whether any prepayment charge is payable.
What is the difference between a fixed and a floating rate?
A fixed rate stays the same for the agreed period, so the EMI is known in advance. A floating rate is linked to a benchmark and changes when the benchmark moves, which changes either your EMI or your tenure; ask your lender which one it adjusts and whether you can choose. This calculator assumes the rate you enter stays the same for the whole loan.
Does the EMI include processing fees or insurance?
No. The EMI covers principal and interest only. Processing fees, insurance bundled with the loan and other charges add to the real cost, so compare lenders on the annual percentage rate (APR) shown in the key fact statement, not on the interest rate alone.
Sources
Assumes the same interest rate for the whole loan and EMIs paid on time. Processing fees, insurance, prepayment charges and rate resets are not included; your lender's repayment schedule is final. Results are for guidance only.