EMI Calculator
Calculate your monthly EMI, total interest and total payment for home, car or personal loans.
The EMI formula
Equated Monthly Instalment (EMI) is calculated as:
EMI = P × r × (1 + r)n / ((1 + r)n − 1)
where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
Example
A ₹50 lakh home loan at 8.75% for 20 years has an EMI of about ₹44,186. Over 20 years you pay about ₹1.06 crore in total, more than half of it as interest.
How to lower your total interest
- Shorter tenure: Higher EMI, much lower total interest.
- Part-prepayment: Floating-rate home loans for individuals carry no prepayment penalty under RBI rules, so extra payments directly cut the principal.
- Compare rates: A 0.5% lower rate on a 20-year loan can save several lakh rupees.
- Check processing fees and whether your rate is linked to the repo rate.
Early EMIs are mostly interest
In the first years of a long loan, most of each EMI pays interest, not principal. That is why prepaying early saves the most.
Frequently asked questions
Is EMI paid at the start or end of the month?
Standard loan EMIs are paid at the end of each month's cycle, which is what this calculator assumes.
Does a floating rate change my EMI?
Your lender may change either the EMI or the tenure when the benchmark rate moves. This calculator assumes a fixed rate.
Does this include processing fees?
No. Fees and insurance are extra and are not part of the EMI.
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Last reviewed: October 2026. Results are estimates, not financial advice.