| Year | Principal | Interest | EMI Paid | Balance |
|---|---|---|---|---|
| Year 1 | ₹59,707 | ₹2,52,709 | ₹3,12,416 | ₹29,40,293 |
| Year 2 | ₹64,984 | ₹2,47,432 | ₹3,12,416 | ₹28,75,309 |
| Year 3 | ₹70,728 | ₹2,41,688 | ₹3,12,416 | ₹28,04,580 |
| Year 4 | ₹76,980 | ₹2,35,436 | ₹3,12,416 | ₹27,27,600 |
| Year 5 | ₹83,785 | ₹2,28,632 | ₹3,12,416 | ₹26,43,815 |
| Year 6 | ₹91,190 | ₹2,21,226 | ₹3,12,416 | ₹25,52,625 |
| Year 7 | ₹99,251 | ₹2,13,166 | ₹3,12,416 | ₹24,53,374 |
| Year 8 | ₹1,08,024 | ₹2,04,393 | ₹3,12,416 | ₹23,45,351 |
| Year 9 | ₹1,17,572 | ₹1,94,844 | ₹3,12,416 | ₹22,27,779 |
| Year 10 | ₹1,27,964 | ₹1,84,452 | ₹3,12,416 | ₹20,99,815 |
| Year 11 | ₹1,39,275 | ₹1,73,141 | ₹3,12,416 | ₹19,60,540 |
| Year 12 | ₹1,51,586 | ₹1,60,831 | ₹3,12,416 | ₹18,08,954 |
| Year 13 | ₹1,64,985 | ₹1,47,432 | ₹3,12,416 | ₹16,43,969 |
| Year 14 | ₹1,79,568 | ₹1,32,849 | ₹3,12,416 | ₹14,64,402 |
| Year 15 | ₹1,95,440 | ₹1,16,977 | ₹3,12,416 | ₹12,68,962 |
| Year 16 | ₹2,12,715 | ₹99,701 | ₹3,12,416 | ₹10,56,247 |
| Year 17 | ₹2,31,517 | ₹80,899 | ₹3,12,416 | ₹8,24,730 |
| Year 18 | ₹2,51,981 | ₹60,435 | ₹3,12,416 | ₹5,72,749 |
| Year 19 | ₹2,74,254 | ₹38,163 | ₹3,12,416 | ₹2,98,495 |
| Year 20 | ₹2,98,495 | ₹13,921 | ₹3,12,416 | ₹0 |
EMI Calculator — Loan EMI, Total Interest & Amortization Schedule Online Free
About this tool
EMI Calculator — Calculate Home Loan, Car Loan & Personal Loan EMI Instantly
An EMI (Equated Monthly Instalment) is the fixed monthly amount you pay to a bank or lender until a loan is fully repaid. Every EMI consists of two components: a principal component that reduces your outstanding loan balance, and an interest component that is the lender's charge for lending you money. This calculator uses the standard reducing balance method — the same method used by every bank and NBFC in India — to compute your exact monthly EMI, total interest payable, and the full amortization schedule.
The EMI formula is: EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments. For example, a ₹30 lakh home loan at 8.5% for 20 years gives r = 0.7083% per month and n = 240 months. The monthly EMI works out to approximately ₹26,035, and the total interest paid over 20 years is ₹32.5 lakhs — more than the principal itself. This is why tenure selection is one of the most important decisions in taking a home loan.
Four loan type presets are included for quick starting points. Home Loan defaults to ₹30L at 8.5% for 20 years — typical for a salaried individual in India's tier-1 cities. Car Loan defaults to ₹7L at 9.5% for 5 years — matching most new car financing scenarios. Personal Loan defaults to ₹5L at 14% for 3 years — reflecting the higher unsecured loan rates. Education Loan defaults to ₹10L at 10% for 7 years. All defaults can be changed with the sliders or by typing directly into the input boxes.
The amortization schedule is one of the most useful outputs of this calculator, and one that most simple EMI calculators skip. In the early years of a loan, the majority of each EMI goes toward interest — not principal. For a 20-year home loan, in year 1, roughly 80–85% of each monthly payment is interest. By year 15, the split reverses. The year-wise table makes this clearly visible: you can see how the outstanding balance reduces slowly at first, then accelerates toward the end of the tenure. Switching to Monthly view shows the exact breakdown for every single payment.
Currency support covers INR (Indian Rupee), USD (US Dollar), EUR (Euro), and GBP (British Pound). Amounts are formatted using locale-appropriate number formatting — Indian lakh/crore notation for INR (₹5.5L, ₹1.2Cr), thousand/million notation for USD/EUR/GBP.
This tool runs fully in your browser — no data is uploaded, ensuring complete privacy for your financial details. Your loan amount, interest rate, and income details never leave your device. Unlike bank-specific EMI calculators, this tool has no hidden pre-fills, no marketing pop-ups, and no upsell offers — just a clean, fast EMI calculation with the full amortization detail most calculators omit.
Features
- Reducing balance EMI formula — the same method banks use; no flat-rate approximation
- Four loan type presets: Home Loan (8.5%, ₹30L, 20yr), Car Loan (9.5%, ₹7L, 5yr), Personal Loan (14%, ₹5L, 3yr), Education Loan (10%, ₹10L, 7yr)
- Loan amount slider (up to ₹1Cr for home loans) with direct input override for precise values
- Interest rate slider (1–30% p.a.) with 0.1% step precision and direct input
- Tenure in years or months with one-click toggle — no manual conversion needed
- Currency selector: INR (₹), USD ($), EUR (€), GBP (£) with locale-correct number formatting
- EMI hero card: monthly EMI in large text with tenure and rate summary
- Three stat cards: principal amount, total interest, and total payable with percentages
- SVG donut chart — principal vs interest as color-coded arcs with percentage labels and interest-to-principal ratio
- Year-wise amortization schedule: principal paid, interest paid, total EMI, and closing balance per year
- Month-wise amortization schedule: same breakdown for every individual monthly payment
- Indian bank rate reference card: typical 2025 rates for SBI, HDFC, ICICI for home/car/personal/education loans
- 100% browser-based — all calculations run in JavaScript, no data uploaded; runs fully in your browser — no data is uploaded
How to Use
- 1Select your loan typeClick one of the four loan type tabs — Home Loan, Car Loan, Personal Loan, or Education Loan. Each tab loads typical defaults: a representative loan amount, standard interest rate, and common tenure. You can change any value after selecting a preset.
- 2Set the loan amountDrag the Loan Amount slider or type a value directly in the input box below the slider. The slider range adapts to the selected loan type (up to ₹1Cr for home loans). Use the currency selector in the top-right to switch between INR, USD, EUR, and GBP.
- 3Enter the interest rateDrag the Annual Interest Rate slider or type the rate directly. For India, typical 2025 rates are: Home Loan 8.5–9.5%, Car Loan 9–10.5%, Personal Loan 11–24%, Education Loan 9.5–12%. A reference card at the bottom of the input panel shows current indicative rates from major Indian banks.
- 4Set the loan tenureDrag the Loan Tenure slider and switch between Years and Months using the Yr / Mo toggle. Home loans typically run 10–30 years, car loans 3–7 years, and personal loans 1–5 years. The calculator recalculates instantly as you adjust the tenure.
- 5Read your EMI and breakdownYour monthly EMI appears in the large green card on the right. Below it, three stat cards show: Principal Amount (what you borrow), Total Interest (the cost of borrowing), and Total Payable (principal + interest). The donut chart shows the principal vs interest split as percentages.
- 6Review the amortization scheduleScroll down to the Amortization Schedule table. Switch between Yearly view (one row per year — useful for long home loans) and Monthly view (one row per month — useful for short-tenure loans). Each row shows the principal paid, interest paid, total EMI, and outstanding balance for that period.
Common Use Cases
Frequently Asked Questions
EMI (Equated Monthly Instalment) is the fixed monthly payment for a loan, combining principal repayment and interest. Formula: EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P = principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = total months. This calculator uses the reducing balance method — interest is charged only on the outstanding principal each month, which is how all bank loans in India work.
Monthly EMI ≈ ₹26,035. Total payable ≈ ₹62.5 lakhs. Total interest ≈ ₹32.5 lakhs. Enter these values in the calculator to confirm, and use the amortization table to see year-by-year balance reduction.
Longer tenure = lower monthly EMI but much higher total interest. A ₹50L loan at 8.5%: 10-year EMI ≈ ₹61,993 (total interest ₹24.4L), 20-year EMI ≈ ₹43,391 (total interest ₹54.1L). The extra 10 years saves ₹18,602/month but costs ₹29.7L more in interest.
An amortization schedule shows the principal and interest breakdown of every EMI payment over the loan period. In the early years, most of each EMI is interest. The schedule reveals this precisely — critical for understanding when it makes sense to prepay (early prepayments save the most interest).
SBI: ~8.50% p.a., HDFC Bank: ~8.75% p.a., ICICI Bank: ~8.75% p.a. for salaried individuals with good CIBIL scores. Rates vary by lender, loan-to-value ratio, and borrower profile. Self-employed borrowers typically pay 0.25–0.50% more. Always get quotes from 2–3 lenders before deciding.
Reducing balance: interest charged on the outstanding principal each month (decreases over time). Flat rate: interest charged on the original principal throughout the tenure (you pay interest on amounts already repaid). Banks in India are required to use reducing balance. A "flat rate" of 7% is actually equivalent to about 13% reducing balance. This calculator uses reducing balance — the correct method.
Yes. Use the Car Loan preset (9.5% p.a., ₹7L, 5 years) or Personal Loan preset (14%, ₹5L, 3 years) and adjust from there. The underlying formula is the same for all loan types — only the typical rate and tenure differ.
No. All calculations run in your browser using JavaScript. Loan amounts, rates, and tenure values are processed locally and never transmitted anywhere. Closing the tab clears all values. No account required, no data stored. Runs fully in your browser — no data is uploaded.
Four ways: (1) Increase tenure — lowers monthly payment but increases total interest. (2) Make a larger down payment — smaller principal means smaller EMI. (3) Negotiate a lower rate — 0.5% less on ₹50L saves ₹1,600/month and ₹19L total. (4) Make regular prepayments — reduces outstanding principal and future interest. Model all these scenarios in the calculator.
Monthly EMI ≈ ₹76,891. Total payable ≈ ₹2.77 crores. Total interest ≈ ₹1.77 crores. At 30 years, you pay 1.77× the principal in interest. Reducing tenure to 20 years raises EMI to ₹86,782 but saves ₹69.7L in total interest. Enter these values in the calculator to see the full amortization breakdown.