EMI Calculator
Free EMI calculator for home, car and personal loans. Get your monthly EMI, total interest and a year-by-year amortization schedule instantly — with rupee formatting.
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| Year | Principal paid | Interest paid | Total paid | Balance |
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🔒 Calculated entirely in your browser. Figures are estimates — your bank’s EMI may differ slightly due to rounding, processing fees or the day-count method used.
Free EMI Calculator
This free online EMI calculator works out the monthly instalment (EMI) on any loan — home loan, car loan, personal loan or business loan. Enter the loan amount, interest rate and tenure to instantly see your monthly EMI, the total interest you’ll pay, and a full year-by-year repayment schedule. It’s free, instant and runs entirely in your browser.
How to use the EMI calculator
- Enter the loan amount (principal) using the box or the slider.
- Set the annual interest rate offered by your bank.
- Choose the loan tenure in years or months.
- Your monthly EMI, total interest and total amount update instantly, with a breakdown chart.
- Scroll the amortization schedule to see how much principal and interest you pay each year.
How is EMI calculated?
EMI stands for Equated Monthly Instalment — the fixed amount you pay your lender every
month until the loan is repaid. It is calculated with the formula
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.
In the early years most of each EMI goes towards interest, and only a small part reduces the principal. As the loan progresses, that flips — more of each payment chips away at the principal. The amortization schedule above shows this clearly. A longer tenure lowers your monthly EMI but increases the total interest you pay, while a shorter tenure does the opposite, so it’s worth comparing a few options.