The formula
EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1]
- P
- the loan amount
- r
- yearly rate ÷ 12 ÷ 100
- n
- tenure in months
EMI calculator
Work out the monthly EMI on a home, car, personal or education loan, and see how much of every year’s payments goes to interest.
- Free, no sign-up
- Runs in your browser
- Full repayment schedule
Loan type
₹
₹10,000₹2,00,00,000
% a year
1%24%
years
1Y30Y
Preset rates are examples, not offers. Use the rate on your sanction letter.
Your monthly EMI
₹26,035
for 20 yearsInterest adds 108% to the loan
- Principal
- ₹30,00,000
- 48% of the total
- Total interest
- ₹32,48,326
- 52% of the total
Total you pay the bank₹62,48,326 · ₹62.48 lakh
Where each year’s EMIs go
Early EMIs are mostly interest; the principal share grows every year.
PrincipalInterest
Paying this EMI? Finnri shows it before it’s due each month, and you mark it paid in a tap.
See FinnriProjections are estimates based only on the assumptions provided; they are informational, not forecasts or financial advice. Assumes a fixed rate and no prepayments; your lender’s schedule may differ by a few rupees.
How it works
What your EMI is made of.
The EMI stays the same every month, but what it pays for changes. Here’s the standard formula and a real example.
A worked example
A ₹30 lakh home loan at 8.5% for 20 years:
₹26,035 /month
Over 240 EMIs you repay ₹62.48 lakh, of which ₹32.48 lakh is interest.
The first EMI
Of that loan’s first ₹26,035:
Interest₹21,250
Loan paid down₹4,785
FAQ
EMI calculator questions
What is an EMI?
An EMI (equated monthly instalment) is the fixed amount you pay a lender every month until a loan is repaid. Each EMI covers that month's interest first; the rest pays down the loan itself.
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ [(1 + r)^n − 1], where P is the loan amount, r the monthly rate (yearly rate ÷ 12 ÷ 100) and n the number of months. A ₹30 lakh home loan at 8.5% for 20 years works out to ₹26,035 a month.
Does a longer tenure lower my EMI?
Yes, but you pay more interest. Stretching that ₹30 lakh loan from 20 to 30 years cuts the EMI from ₹26,035 to ₹23,067, while total interest rises from ₹32.48 lakh to ₹53.04 lakh.
Why is most of my early EMI interest?
Interest is charged on what you still owe, and early on you owe almost all of it. In the first month of the example loan, ₹21,250 of the ₹26,035 EMI is interest and only ₹4,785 reduces the loan. The month-by-month schedule above shows the shift.
What happens if I prepay?
A prepayment reduces what you owe, so less interest builds up afterwards. Lenders then either lower your EMI or shorten the tenure. This calculator assumes no prepayments and a fixed rate, so use it as the baseline to compare against.
Is the EMI shown exact?
It is calculated to the paisa with the standard formula, but lenders round differently and may add fees or a broken-period charge, so your schedule can differ slightly. Projections are estimates based only on the assumptions provided; they are informational, not forecasts or financial advice.
From Finnri
Know every EMI before it’s due.
Finnri shows your EMIs, SIPs and bills before they’re due, and tracks everyday spending by voice or text, without a bank login.