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EMI Calculator

Estimate your monthly loan repayment, total interest and full amortization schedule. [edited via admin]

Inputs

The total amount you borrow.

% p.a.
% p.a.

Annual interest rate.

years
years

Loan duration in years.

Saved Scenarios

— select 2+ to compare

Monthly EMI

₹8,678

Total Interest

₹10,82,776

Total Payment

₹20,82,776

Spark says

Principal vs Interest

Outstanding balance over time

Formula

EMI=P⋅r⋅(1+r)n(1+r)n−1EMI = \dfrac{P \cdot r \cdot (1+r)^n}{(1+r)^n - 1}
P
— Principal (loan amount)
r
— Monthly interest rate
n
— Number of monthly instalments

What is the EMI Calculator?

EMI (Equated Monthly Installment) is the fixed amount you repay each month on a loan, covering both principal and interest on a reducing balance.

Use this before taking any loan to check monthly affordability and total interest cost.

How to use it

  1. 1 Enter your loan amount.
  2. 2 Set the annual interest rate.
  3. 3 Choose the tenure in years.

Worked examples

₹10,00,000 home loan at 8.5% for 20 years

The monthly EMI is about ₹8,678, with roughly ₹10.8L paid as interest over the full term.

Try it

Advantages

  • •Fixed, predictable monthly payments
  • •Makes budgeting easy

Limitations

  • •Assumes a constant interest rate
  • •Ignores processing fees and insurance

Common mistakes

  • ⚠️ Entering an annual rate where a monthly rate is expected

Tips

  • 💡 Prepaying early in the tenure saves the most interest.

Frequently asked questions

Is EMI calculated on a reducing balance?

Yes. This calculator uses the reducing-balance method, where interest is charged only on the outstanding principal each month.

What happens to EMI if the interest rate is 0%?

With a 0% rate the EMI is simply the principal divided by the number of months.