EMI Calculator

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

Inputs

Optional Prepayment
Adds a one-time prepayment in the chosen month; schedule shortens if possible.
Compare with Another Loan
Leave blank if not comparing.

Results

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.

๐Ÿ“˜ How to use
  • Enter loan amount (โ‚น), 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.
โ“ Formula

EMI = P ร— r ร— (1 + r)n รท [(1 + r)n โˆ’ 1], where:

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

If r = 0, EMI = P รท n.

Related: FD Calculator . SIP Calculator . Income Tax Calculator

Quick explainer ๐ŸŽฅ

Video: How EMI works โ€” principal, interest, and amortization explained.

Frequently Asked Questions

Is this tool free to use?

Yes. All UpTools calculators are completely free, with no sign-ups required.

Is my data private?

Yes. All calculations run locally in your browser. Nothing is uploaded to any server.

Does it work on mobile?

Yes. All tools are mobile-responsive and work on any device โ€” phone, tablet, or desktop.

Can I use this offline?

Most tools work offline after the initial page load. No internet needed for calculations.

๐Ÿ“ How This Tool Works

This tool computes results entirely in your browser using JavaScript. No data is sent to any server, ensuring your privacy.

Results update instantly as you type โ€” no waiting for server responses.

Also try: Calculator ยท Converter ยท Generator

โœ… Do's and โŒ Don'ts for Loan EMI Planning

โœ… Do's

  • โœ… Do keep total EMI under 40% of monthly take-home income.
  • โœ… Do use prepayment to reduce total interest โ€” even small amounts help.
  • โœ… Do compare at least 2-3 lenders before choosing a loan.
  • โœ… Do factor in processing fees and prepayment charges.
  • โœ… Do use the amortization schedule to plan finances month by month.
  • โœ… Do build an emergency fund covering 3-6 months of EMI before borrowing.

โŒ Don'ts

  • โŒ Don't choose tenure just for the lowest EMI โ€” it may cost more interest.
  • โŒ Don't ignore the impact of rate changes on floating-rate loans.
  • โŒ Don't prepay without checking for prepayment penalties.
  • โŒ Don't take on new debt before repaying existing EMIs.
  • โŒ Don't forget insurance and processing fees in total cost.
  • โŒ Don't share loan details with untrusted third-party apps.
๐Ÿ“ How This EMI Calculator Works

Formula: EMI = P ร— r ร— (1 + r)n รท [(1 + r)n โˆ’ 1]

  • P = Loan principal (amount borrowed)
  • r = Monthly interest rate = annual rate รท 12 รท 100
  • n = Total number of months

Worked Example

โ‚น10,00,000 at 9% p.a. for 240 months:

r = 0.09 รท 12 = 0.0075

EMI โ‰ˆ โ‚น8,997 | Total interest โ‰ˆ โ‚น11,59,280 | Total โ‰ˆ โ‚น21,59,280

Example with Prepayment

Prepay โ‚น2,00,000 in month 12 โ†’ remaining principal drops, tenure shortens, and total interest saved can be over โ‚น1,00,000.

Also try: FD Calculator ยท SIP Calculator ยท Income Tax Calculator

Frequently Asked Questions

What is a good loan tenure?

Shorter tenures reduce total interest but increase EMI. Pick an EMI that fits your budget.

Fixed vs floating rates?

Floating rates are usually lower but can change. Fixed rates offer certainty but are higher.

Can I compare two loans?

Yes. Fill in the Compare fields to see EMI and total interest side-by-side.

How does prepayment reduce interest?

Prepayment reduces outstanding principal, so less interest accrues for all remaining months.