Pocketools

EMI Calculator

Monthly EMI, total interest and a yearly repayment schedule for any loan.

Loans Runs in your browser
Loan details

Home loans are usually 8–10%, car loans 9–12%, personal loans 10–24%.

Labels the schedule by calendar year.

Your EMI

Enter your loan details

Your monthly EMI, total interest and a year-by-year repayment schedule appear here.

Runs entirely in your browser. Your data isn't uploaded — this page makes no network request with anything you type or upload, which you can verify in your browser's network tab. How this works.

What is the EMI Calculator?

An EMI calculator tells you what a loan will really cost you every month. Enter the amount you want to borrow, the interest rate the bank has quoted and how many years you will take to repay, and it shows the equated monthly instalment, the total interest over the life of the loan and the full amount you will pay back.

It uses the reducing-balance method with monthly rests, which is how Indian banks and NBFCs calculate EMIs on home loans, car loans, education loans and personal loans. A year-by-year schedule shows how each year’s payments split between principal and interest, and how much you still owe at the end of it — useful when you are deciding on a tenure or planning a prepayment. Everything is calculated in your browser.

How to use it

  1. Enter the loan amount, or pick one of the quick amounts.
  2. Enter the annual interest rate quoted by your lender.
  3. Enter the tenure in years or months.
  4. Optionally choose the month of your first EMI to label the schedule by calendar year.
  5. Read your EMI, total interest and the repayment schedule; press Copy for a summary.

Example

A ₹25 lakh home loan at 8.5% for 20 years.

Loan
Amount:   ₹25,00,000
Rate:     8.5% a year
Tenure:   20 years
Result
Monthly EMI:     ₹21,696
Total interest:  ₹27,06,939
Total payment:   ₹52,06,939

Features

  • Updates instantly as you change any figure
  • Reducing-balance EMI, the method Indian banks use
  • Total interest and total payment, in rupees and in lakh/crore
  • Principal versus interest split at a glance
  • Year-by-year repayment schedule with the outstanding balance
  • Works for home, car, education, two-wheeler and personal loans
  • Nothing is uploaded — your figures stay in your browser

Frequently asked questions

How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (the annual rate divided by 12 and by 100) and n is the number of monthly instalments. For ₹10 lakh at 8.5% for 20 years that works out to ₹8,678 a month.
Why is most of my early EMI interest?
Interest is charged on the balance you still owe. At the start the balance is at its highest, so most of each EMI goes to interest and only a little reduces the principal. As the balance falls, the interest part shrinks and the principal part grows, even though the EMI stays the same.
Does a shorter tenure save money?
Yes. A shorter tenure means a higher EMI but far less total interest, because you owe the money for less time. Try changing a 20-year loan to 15 years to see the difference. Prepaying part of the principal early has a similar effect.
Will my bank’s EMI match exactly?
It should be within a rupee or two for a fixed rate. Banks may differ slightly because of processing fees, insurance added to the loan, broken-period interest for the first month, or a floating rate that changes during the loan.
Esc

Loading the catalog…

↑↓ navigate ↵ open ⌥F favourite