What is an EMI calculator?
An EMI calculator shows the fixed monthly payment (EMI) for a loan, and the total interest you pay over the full term. Enter the loan amount, the yearly interest rate and the loan tenure.
How to use it
- Enter the loan amount.
- Enter the yearly interest rate your lender offers.
- Choose the loan tenure in years.
Formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
- P is the loan amount.
- r is the monthly interest rate (yearly rate ÷ 12 ÷ 100).
- n is the number of monthly payments.
Example
A home loan of ₹50 lakh at 8.5% for 20 years has an EMI of about ₹43,390. Over 20 years you pay about ₹54 lakh in interest.
Frequently asked questions
How can I reduce my EMI?
Choose a longer tenure, make a bigger down payment, or negotiate a lower rate. A longer tenure lowers the EMI but raises the total interest you pay.
Do prepayments help?
Yes. Part prepayments cut the outstanding loan, so you pay less interest overall. Most floating-rate home loans have no prepayment charge.
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Results are estimates for planning only and are not investment advice.