EMI Calculator Online Free

How to calculate your EMI

Enter the loan amount, the annual interest rate and the tenure. You get the monthly instalment, the total interest you will pay across the loan, and the total amount repaid.

The formula behind the number

EMI is calculated as P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the principal, n is the number of months, and r is the monthly interest rate, which is the annual rate divided by twelve, then by a hundred. Every instalment is the same size, but its composition changes: early payments are mostly interest, later ones mostly principal. That is why paying off a loan in its final year saves so little, and why prepaying in the first few years saves so much.

What tenure really costs

Lengthening the tenure lowers the instalment and raises the total dramatically. On ₹30 lakh at 9%, ten years costs about ₹15.6 lakh in interest; twenty years costs about ₹34.8 lakh. The monthly figure falls by roughly a third, and you pay more than twice the interest for the privilege. Borrow over the shortest term whose instalment you can comfortably sustain. Comfort matters here, because a missed payment costs more than the interest you saved.

What the calculator does not include

Lenders add processing fees, documentation charges and insurance, and floating-rate loans reprice when the benchmark moves, after which your bank will usually keep the instalment and extend the tenure instead. Ask for the annual percentage rate, which folds fees into a single comparable number, rather than comparing headline interest rates alone.

Frequently asked questions

Is this accurate for home and car loans?

The formula is the standard one that banks use, so the instalment should match a lender's quote for the same three inputs.

Does prepayment help?

Substantially, and the earlier the better. Check whether your loan carries a prepayment penalty. Floating-rate home loans to individuals in India generally cannot charge one.

Is my data sent anywhere?

No, the calculation runs in your browser.

Is this financial advice?

No. It is arithmetic. Decisions about borrowing should involve your own circumstances and, ideally, a qualified adviser.