EMI Calculator — Monthly Payment, Total Interest & Schedule

How to use the EMI calculator (3 steps)

1. Enter the loan amount — the total you are borrowing, not the price of the asset (a home loan of 2.5M on a 3M property is the right input for 2.5M).
2. Enter the annual rate and tenure. The rate is the nominal yearly figure your lender quoted (11.5, not 0.958), and the tenure is in years — the calculator converts it to months internally.
3. Read the four numbers. The monthly EMI, the total interest you will pay over the life of the loan, the total payment, and the year-by-year table showing how much of each year's installments went to principal versus interest.

The formula, in plain words

The standard equated-installment formula is E = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal, r is the monthly rate (the annual rate divided by 1200) and n is the number of months. Every payment is the same size, but what it buys changes constantly: early months are mostly interest — the bank charges a month's rent on the full outstanding balance — and only later, once the balance has shrunk, does most of each payment start eating the principal. That is why the year-by-year table matters more than the EMI itself: two loans with identical EMIs can carry very different total interest, and the table is the only view that shows you the difference.

What to watch before you sign

• Rate vs. EMI trade-off — a longer tenure lowers the monthly number but raises total interest, sometimes dramatically. The calculator makes the trade explicit: run 15 and 20 years on the same amount and compare the total-interest row.
• The first-year ratio — if interest is consuming more than half of year one, that is the honest shape of the deal, and a prepayment (a lump sum against principal) is what changes it, because it shrinks the base the interest is charged on.
• Nominal vs. effective — lenders quote nominal annual rates; the true annual cost is slightly higher because interest accrues monthly. This calculator uses the same monthly convention as the lender's schedule, so your EMI will match the quote.

Privacy note

Loan amounts, rates and tenures are personal numbers, and this page handles them like the rest of the site: the arithmetic runs in your browser, nothing is transmitted, and closing the tab is the same as shredding the worksheet.