EMI calculator for home, car and personal loans

Calculate the monthly EMI, total interest and full repayment schedule before you take a loan. The same formula applies across loans, but the decision changes sharply by loan type.

Monthly EMI

₹13,215

13.21 thousand

For a loan of ₹10,00,000 at 10% for 10 years.

Total interest

₹5,85,809

5.86 lakh

Total payment

₹15,85,809

15.86 lakh

Year-by-year repayment

Year	Principal paid	Interest paid	Total paid	Balance left
1	₹61,342	₹97,239	₹1,58,581	₹9,38,658
2	₹67,765	₹90,816	₹1,58,581	₹8,70,893
3	₹74,861	₹83,720	₹1,58,581	₹7,96,032
4	₹82,700	₹75,881	₹1,58,581	₹7,13,332
5	₹91,360	₹67,221	₹1,58,581	₹6,21,972
6	₹1,00,926	₹57,655	₹1,58,581	₹5,21,046
7	₹1,11,495	₹47,086	₹1,58,581	₹4,09,551
8	₹1,23,170	₹35,411	₹1,58,581	₹2,86,382
9	₹1,36,067	₹22,514	₹1,58,581	₹1,50,315
10	₹1,50,315	₹8,266	₹1,58,581	₹0

How EMI is calculated

EMI is based on three inputs: loan amount, annual interest rate and tenure. The calculator converts the annual rate into a monthly rate and spreads repayment across the number of months in the loan.

EMI = P x r x (1 + r)^n / ((1 + r)^n - 1)

where:
  P = loan principal
  r = monthly interest rate
  n = number of monthly instalments

In the early years, a larger part of the EMI goes toward interest because the outstanding balance is still high. Later, more of the same EMI goes toward principal. That is why the amortisation table matters: it shows how slowly some long-tenure loans reduce at the start.

How loan types differ

Home loan EMI

Large amount, long tenure, secured by property. Small rate changes matter a lot.

Car loan EMI

Shorter tenure, depreciating asset, down payment matters.

Personal loan EMI

Unsecured, higher rate, should be stress-tested before borrowing.

FAQs

What is EMI? v

EMI stands for Equated Monthly Instalment. It is the fixed amount you pay every month to repay a loan. Each EMI has two parts: interest on the outstanding balance and principal repayment.

Why does total interest look so high on long loans? v

Interest is charged every month on the unpaid balance. With a long tenure, especially 15-30 years, the loan gets many more months to accumulate interest even if the EMI feels affordable.

Should I choose the lowest EMI? v

Not automatically. A lower EMI usually means a longer tenure, which often means much higher total interest. The right EMI is the highest amount you can comfortably sustain without disturbing emergency savings and essential goals.

Is the EMI formula the same for all loans? v

Yes, the core EMI formula is the same for home loans, car loans and personal loans. What differs is the loan amount, interest rate, tenure, collateral, tax context and risk of taking the loan.