EMI Calculator
Monthly instalment, total interest and a full repayment schedule.
Repayment schedule
Results are estimates for general information and planning, not financial advice. Banks and institutions may calculate differently (rounding, fees, rate changes). Confirm figures with your lender or a qualified adviser before deciding.
About the EMI Calculator
An EMI (equated monthly instalment) is the fixed amount you pay every month on a reducing-balance loan. Each payment covers that month's interest first; the rest reduces the principal. Early EMIs are mostly interest, later ones mostly principal.
Enter the loan amount, the annual interest rate and the tenure to see your EMI, how much interest you will pay in total, and a repayment schedule you can expand month by month.
How to use it
- Enter the loan amount (principal) in rupees.
- Enter the annual interest rate quoted by your lender, for example 8.5.
- Enter the tenure in years or months.
- Read the EMI, total interest and total payment. Scroll down for the yearly schedule, or switch to the monthly view.
Examples
EMI ₹43,391 · Total interest ₹54,13,879 · Total payment ₹1,04,13,879
EMI ₹16,801 · Total interest ₹2,08,089
The EMI formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
- P is the loan amount (principal)
- r is the monthly interest rate: annual rate ÷ 12 ÷ 100 (8.5% a year → 0.0070833)
- n is the number of monthly instalments (20 years → 240)
If the interest rate is 0%, the EMI is simply P ÷ n.
How to reduce the interest you pay
- Choose a shorter tenure if the EMI is affordable: the total interest falls sharply.
- Prepay when you can. Prepayments reduce the principal, so every later month accrues less interest. Check your lender's prepayment charges first.
- Compare the effective rate including processing fees, not only the headline rate.
Limitations
- Assumes a fixed interest rate for the whole tenure. Floating-rate loans change EMI or tenure when rates change.
- Does not include processing fees, insurance or taxes your lender may add.
- Lenders may round EMIs differently or compute interest daily, so figures can differ by a few rupees.
Privacy
Everything happens in your browser. What you enter or open here is not uploaded or stored by MySmartCoPilot.
Frequently asked questions
Is the EMI the same every month?
Yes for a fixed-rate loan. Only the split between interest and principal changes: the interest part shrinks each month as the outstanding balance falls.
Why is the total interest so high on long loans?
Interest is charged on the outstanding balance every month. Over a long tenure the balance stays high for longer, so interest adds up — a 30-year loan can cost more than double the amount borrowed.
Does this work for any currency?
The maths is the same for any currency. Amounts are shown with ₹ and Indian digit grouping (lakh, crore).