Free EMI Calculator
Work out the monthly EMI on any loan in seconds. See the total interest, how much of every payment is principal versus interest, and the full year by year repayment schedule. Home, car, personal or business, in your choice of currency.
For 60 months at 9% a year.
Interest is 20% of everything you pay back.
| Year | Principal | Interest | Balance | Paid |
|---|---|---|---|---|
| Year 1 | ₹1,65,830 | ₹83,270 | ₹8,34,170 | 17% |
| Year 2 | ₹1,81,386 | ₹67,714 | ₹6,52,784 | 35% |
| Year 3 | ₹1,98,401 | ₹50,699 | ₹4,54,383 | 55% |
| Year 4 | ₹2,17,013 | ₹32,088 | ₹2,37,370 | 76% |
| Year 5 | ₹2,37,370 | ₹11,730 | ₹0 | 100% |
An estimate to help you plan. Your lender may add fees, insurance or taxes, so confirm the final figures before you borrow.
Your EMI in four steps.
Enter the amount, rate and tenure, and the tool works out your monthly payment, the interest and the full schedule. Everything updates as you move the sliders.
Enter your loan
Put in the loan amount, the annual interest rate and how long you will take to repay. Drag the sliders or type exact figures.
See your EMI
The calculator works out your fixed monthly payment straight away, using the standard reducing balance EMI formula.
Check the split
See how much of the total is the amount you borrowed and how much is interest, shown as a clear donut.
Read the schedule
Open the year by year breakup to see how each payment chips away at the balance until the loan is clear.
Borrow with your eyes open.
An EMI is a commitment for years. Knowing the monthly cost, the total interest and how the loan unwinds helps you pick terms you will be glad you chose.
Know your monthly outgo
See exactly what a loan will cost each month before you sign, so the EMI fits comfortably within your budget.
See the true cost
The total interest shows what the loan really costs on top of the amount you borrow, so there are no surprises.
Compare your options
Change the amount, rate or tenure and watch the EMI and interest move, so you can find terms that actually work for you.
How the EMI formula works.
The formulas behind the tool, with a worked example. P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
The EMI formula
EMI = P × r × (1 + r)^n / ((1 + r)^n - 1)
Example: P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. A 10,00,000 loan at 9% over 5 years works out to an EMI of about 20,758.
Monthly interest rate
r = Annual rate / 12 / 100
Example: A 9% annual rate becomes a monthly rate of 9 / 12 / 100 = 0.0075, or 0.75% a month.
Total interest
Total paid = EMI × n
Total interest = Total paid - P
Example: That 20,758 EMI over 60 months adds up to about 12,45,506, so the interest is roughly 2,45,506 on top of the 10,00,000 borrowed.
How each EMI splits
Interest this month = Balance × r
Principal this month = EMI - Interest
Example: Early EMIs are mostly interest because the balance is high. As the balance falls, more of each EMI goes to principal.
Lending that runs end to end.
One EMI is easy to work out. Running a loan book is not. If you issue loans and need origination, EMI scheduling, amortization, collections and reporting that all reconcile, you want a lending platform built for it. That is the kind of fintech and business software we build at Techliphant, shaped around how your business actually works.
Planning for the long term? Try the NPS calculator.
Common EMI questions.
EMI stands for equated monthly installment. It is the fixed amount you pay a lender every month until a loan is fully repaid. Each EMI covers the interest for that month plus a part of the principal, so the payment stays the same while the balance falls over time.
EMI = P × r × (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the monthly interest rate (the annual rate divided by 12 and by 100), and n is the number of monthly payments. This is the standard reducing balance method that banks use.
Take a loan of 10,00,000 at 9% a year for 5 years. The monthly rate r is 0.0075 and n is 60 months. Putting these into the formula gives an EMI of about 20,758. Over 60 months that is roughly 12,45,506 in total, of which about 2,45,506 is interest.
It is a table that shows, for every payment, how much goes to interest, how much goes to principal, and what balance is left. This calculator groups it by year and lets you open any year to see the individual months, so you can watch the loan shrink over time.
Interest is charged on the outstanding balance, which is highest at the start. So in the early months a large part of the EMI is interest and only a little reduces the principal. As the balance falls, the interest portion shrinks and more of each EMI goes to clearing the loan.
A longer tenure spreads the loan over more months, so the EMI is lower, but you pay interest for longer and the total interest is higher. A shorter tenure means a higher EMI but less interest overall. The calculator lets you try different tenures and see the trade-off instantly.
A higher rate raises both the EMI and the total interest, and the effect grows with the loan size and tenure. Even a small change of half a percent can add up to a noticeable amount over a long loan, so it is worth comparing rates before you borrow.
With a flat rate, interest is charged on the full original amount for the whole tenure, which makes the real cost higher than it looks. With reducing balance, interest is charged only on the outstanding balance, which falls as you repay. This calculator uses reducing balance, the method genuine EMIs are based on.
No. It shows the pure EMI, made up of principal and interest only. Lenders may add one time charges like a processing fee, insurance or GST on the interest or fees. Ask your lender for the full cost so you can add those on top of the EMI shown here.
Yes. The EMI formula is the same for any loan that is repaid in equal monthly installments on a reducing balance, whether it is a home loan, car loan, personal loan or business loan. Just enter the amount, rate and tenure for your loan.
Prepayment is paying extra towards the principal, either as a lump sum or higher EMIs. Because interest is charged on the balance, cutting the balance early reduces the interest you pay over the rest of the loan and can shorten the tenure. Many lenders allow it, sometimes with conditions, so check your loan terms.
Yes on both. It is free, there is no sign-up, and it runs entirely in your browser. Nothing you type is sent anywhere or saved, so your figures stay on your own device.
It is great for planning a single loan or comparing offers. If you are a lender, NBFC or fintech managing loan books, EMIs, amortization and collections at scale, you want a lending system that handles it end to end. That is the kind of fintech and business software we build at Techliphant, shaped around how your business actually works.
Private by design: this calculator runs entirely in your browser, so nothing you type is uploaded or stored. It is provided free for quick estimates and educational use. It shows the pure EMI of principal and interest, so check your lender's fees, insurance and taxes before you commit.
Ready when you are
Let's build something exceptional.
Tell us about your business, your stack, and the problem you are trying to solve. We respond with a clear next step usually a 30-minute discovery call, no fluff.