EMI Calculator
Calculate monthly EMI, total interest, and full repayment schedule for any loan.
How to Use
- Enter the principal loan amount.
- Enter the annual interest rate (e.g. 8.5 for 8.5%).
- Set the loan tenure in months or years.
- Monthly EMI, total interest, and total payment update instantly.
- Scroll down for the year-by-year amortisation breakdown.
When to Use This
- Comparing two loan offers with different tenures, where the total interest line shows what a lower monthly payment actually costs over the full term.
- Sanity-checking an instalment a bank or dealer has quoted, to see whether it matches a plain reducing-balance calculation on the same three inputs.
- Planning a budget around borrowing you have not committed to yet, using the monthly figure to see the payment you would be taking on.
- Understanding why early payments barely dent the balance, by switching the schedule to monthly and reading the interest column against the principal column.
Frequently Asked Questions
About This Calculator
An equated monthly instalment stays constant, but what it buys changes every month. Interest for a month is the outstanding balance times the monthly rate, so as the balance falls, more of the same payment goes to principal. Solving for the payment that clears the balance in exactly n months gives EMI = P x r x (1+r)^n / ((1+r)^n - 1), where r is the annual rate divided by 12 and by 100.
Enter principal, annual rate, and tenure in months or years; a tenure in years is converted by rounding to the nearest whole month. The tool reports the instalment, total payable as instalment times months, total interest as the remainder, and the principal and interest shares to one decimal. The schedule below is built by applying the unrounded instalment against a reducing balance, and can be read by year or month to two decimals.
Notes & Limits
- This is an estimate, not a lender's figure. It assumes one fixed rate for the whole tenure and ignores processing fees, insurance, GST on charges and rate resets.
- The schedule applies the unrounded instalment against the balance, while lenders round each instalment and adjust the last one, so individual rows can differ slightly.
- Rate and tenure must both be above zero; a zero-interest loan produces no output, and a tenure given in years is rounded to the nearest whole month.
- Prepayments, part-payments, moratorium periods and step-up schedules are not modeled, so a loan with any of those will not follow the table shown.