How is EMI calculated?

EMI = P � r � (1 + r)^n / ((1 + r)^n - 1), where P is principal, r is monthly interest rate (annual rate/12/100), and n is number of months.

What if my interest rate is 0%?

If r = 0, EMI = P / n (principal divided by number of months).

Does the calculator store my data?

No. All calculations run in your browser. Nothing is uploaded.

Can I add a prepayment?

Yes. Add an optional one-time prepayment month and amount. The tool recomputes the schedule and payoff time.

EMI Calculator

Compute monthly EMI, total interest, and amortization. Add prepayment, compare two loans, export CSV, and share a permalink.

Loan Amount (?)

Annual Interest (%)

Tenure

Optional Prepayment

Adds a one-time prepayment in the chosen month; schedule shortens if possible.

Compare with Another Loan

Leave blank if not comparing.

Monthly EMI-

Total Interest-

Total Payment-

Payoff Months-

About this EMI Calculator

This EMI calculator uses the standard reducing-balance formula to compute your monthly payment. Results are instant and calculated in your browser. Nothing is stored or uploaded.

📘 How to use

Enter loan amount (₹), annual interest (%), and tenure (months or years).
Click Calculate to see EMI, total interest, and total payment.
Optionally enter a prepayment month and amount to reduce total interest.
Use Compare fields to evaluate a second loan offer.
Export the full schedule as CSV or share a permalink.

❓ Formula

EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1], where:

P = Loan principal
r = Monthly rate = (annual% ÷ 12 ÷ 100)
n = Number of months

If r = 0, EMI = P ÷ n.

How this EMI calculator works

EMI is computed using the standard formula: EMI = P � r � (1 + r)^n / ((1 + r)^n - 1), where P is principal, r is monthly rate (annual rate/12/100), and n is number of months. The tool also computes total interest, total payment and an amortization schedule.

Example

?10,00,000 at 9% p.a. for 240 months . r = 0.09/12 = 0.0075. EMI � ?8,997; total interest � ?11,59,280; total � ?21,59,280.

Adding a one-time prepayment reduces principal at that month and the schedule is recomputed thereafter.

FAQs

What�s a good loan tenure?

Shorter tenures reduce total interest but increase EMI. Pick an EMI that fits your budget with some buffer for rate hikes.

Fixed vs floating rates?

Floating rates can change over time, altering EMI or tenure. This tool assumes a constant rate for simplicity.

Related tools: FD Calculator � SIP Calculator � Currency Converter

Examples & FAQs

Example: ?7,50,000 at 10% p.a. for 60 months . r = 0.10/12; EMI � ?15,937; total interest � ?2,56,220; total � ?10,06,220. A prepayment of ?1,00,000 in month 12 reduces principal and shortens the schedule.

Which is better: shorter or longer tenure?

Shorter tenure lowers total interest but raises EMI. Choose an EMI with headroom for emergencies and rate changes.

Can I compare two loans?

Yes. Fill the �Compare� fields to estimate EMI and total interest for a second loan side-by-side.