Home, car or personal loan. See your monthly EMI and the total interest you'll pay.
Monthly EMI
| When | Principal paid | Interest paid | Loan left |
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An EMI (Equated Monthly Instalment) is the fixed amount you pay your lender every month until a loan is repaid. Each EMI covers that month's interest, and the rest reduces your loan. It's used for home loans, car loans, personal loans and education loans.
Enter the loan amount, the yearly interest rate and the tenure in years and months. The calculator shows your monthly EMI, the total interest over the loan, the total you'll pay, and a year-by-year schedule of how much goes to principal and interest.
P is the loan amount, r is the monthly interest rate (yearly rate ÷ 12) and n is the number of monthly EMIs.
A ₹30,00,000 loan at 8.5% a year for 20 years:
In the first year, about 81% of what you pay goes to interest. By the last year, almost all of it goes to the loan itself.
The same ₹30 lakh loan at 8.5%:
A longer tenure lowers the EMI a little but raises the total interest a lot. Going from 20 to 30 years saves about ₹3,000 a month but costs over ₹20 lakh more in interest.
Choose a shorter tenure if you can afford the EMI, and make prepayments when you have spare money, especially in the early years when most of the EMI is interest. Even a small rate cut matters: the same ₹30 lakh loan at 9% instead of 8.5% costs about ₹2.3 lakh more over 20 years.
Interest is charged on the loan left. At the start the loan is largest, so the interest part is biggest. As you repay, the interest part shrinks and more of each EMI reduces the loan.
No. It shows the EMI and interest only. Processing fees, insurance and other charges add to the real cost of the loan, so ask your lender for the full breakdown.
Yes. The EMI formula is the same for any loan with fixed monthly payments. For example, a ₹5 lakh car loan at 10.5% for 5 years has an EMI of about ₹10,747.