Support: EMI Calculator

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Common questions

What is EMI?

Equated monthly instalment: the same amount paid every month until a loan is repaid. Each EMI covers that month's interest and repays part of the loan.

How is EMI calculated?

With the reducing-balance formula EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n the number of months.

What is the EMI on a ₹25 lakh home loan?

At 8.5% a year for 20 years it is about ₹21,696 a month, with about ₹27.07 lakh of interest over the term. Change the rate and term to see your own figures.

Why is so much of my early EMI interest?

Interest is charged on the balance still owed, which is largest at the start. As the balance falls, more of each EMI goes to repaying the loan.

Does a shorter term save money?

Yes. The EMI goes up, but the total interest falls a lot, because you owe the money for fewer months. Compare terms here to see the difference.

Does it include processing fees or insurance?

No. Add those separately; this calculator covers the loan repayment only.

Can I use it for a US loan?

Yes. Switch the currency to dollars. The monthly payment on a fixed-rate car or personal loan uses the same formula.

Is it free?

Yes, completely free, with no sign-up.