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Free tool
EMI calculator for every loan
Pick a loan type, set the amount, rate and tenure, and see the EMI, interest cost and year wise repayment schedule instantly.
| Period | Principal paid | Interest paid | Balance |
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How EMI is calculated
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Early EMIs are mostly interest; later EMIs are mostly principal, which is why prepaying in the first years saves the most.
Three things the calculator will show you
- Tenure is expensive. A ₹30 lakh home loan at 8.6 percent costs about ₹22 lakh in interest over 20 years, but about ₹33 lakh over 30 years, for an EMI that is only ₹3,000 lower.
- Rate matters more on long loans. Half a percent on a personal loan of 3 years changes the EMI by a few hundred rupees. On a 20 year home loan it changes total interest by over a lakh.
- Prepayment helps early. Look at the schedule: the balance barely moves in the first years. A lump sum then knocks out far more interest than the same amount paid later.
Results are for planning. The lender's exact EMI may differ slightly because of the disbursal date, pre EMI interest and rounding.