Work out the monthly instalment for any home, car, education or personal loan, and see how much of it goes to interest each year.
₹
%
years
Monthly EMI
₹21,696
Total interest
₹27,06,939
Total payment
₹52,06,939
Year-by-year repayment schedule
Year
Principal paid
Interest paid
Balance
1
₹49,756
₹2,10,591
₹24,50,244
2
₹54,154
₹2,06,193
₹23,96,091
3
₹58,940
₹2,01,407
₹23,37,150
4
₹64,150
₹1,96,197
₹22,73,000
5
₹69,820
₹1,90,527
₹22,03,180
6
₹75,992
₹1,84,355
₹21,27,188
7
₹82,709
₹1,77,638
₹20,44,479
8
₹90,020
₹1,70,327
₹19,54,459
9
₹97,977
₹1,62,370
₹18,56,482
10
₹1,06,637
₹1,53,710
₹17,49,846
11
₹1,16,063
₹1,44,284
₹16,33,783
12
₹1,26,321
₹1,34,026
₹15,07,462
13
₹1,37,487
₹1,22,860
₹13,69,974
14
₹1,49,640
₹1,10,707
₹12,20,335
15
₹1,62,866
₹97,480
₹10,57,468
16
₹1,77,262
₹83,085
₹8,80,206
17
₹1,92,931
₹67,416
₹6,87,275
18
₹2,09,984
₹50,363
₹4,77,291
19
₹2,28,545
₹31,802
₹2,48,746
20
₹2,48,746
₹11,601
₹0
How to use the EMI calculator
Enter the loan amount you plan to borrow.
Enter the annual interest rate quoted by your bank or NBFC.
Enter the tenure in years or months.
Read your monthly EMI, total interest and total payment. Open the schedule to see the balance fall each year.
EMI formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
Example: a ₹10,00,000 loan at 8.5% for 20 years (240 months) has r = 8.5 ÷ 12 ÷ 100 ≈ 0.00708, which gives an EMI of about ₹8,678 and total interest of about ₹10.83 lakh over the full term.
Ways to reduce your total interest
Part-prepay early. Extra payments in the first few years cut the principal while interest is highest.
Choose the shortest tenure you can afford. A slightly higher EMI can save lakhs in interest.
Compare the rate and the fees. Processing fees and bundled insurance add to the real cost of a loan.
Frequently asked questions
How is EMI 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. Banks in India use this reducing-balance formula for most home, car and personal loans.
Why is most of my early EMI going towards interest?
Interest is charged on the outstanding balance. At the start the balance is highest, so the interest part is largest. As you repay, the interest part shrinks and more of each EMI reduces the principal. The yearly schedule above shows this shift.
Does a longer tenure save money?
A longer tenure lowers the monthly EMI but increases the total interest you pay. Try 15 vs 20 vs 30 years in the calculator to see the difference in total interest.
Will my actual EMI match this exactly?
It should be very close. Small differences can come from processing fees, insurance bundled into the loan, broken-period interest in the first month, or rounding by your lender. Floating-rate loans also change when the benchmark rate moves.