Calculate your monthly EMI for any loan — home loan, car loan, or personal loan. See total interest, total payment, and a full year-by-year amortization schedule.
EMI (Equated Monthly Installment) is the fixed monthly amount you pay to repay a loan in equal installments over a set period. This calculator works for any loan type — home loan, car loan, personal loan, or education loan. Enter the principal, annual interest rate, and loan tenure to instantly see your EMI, total interest paid, and a full amortization schedule showing exactly how each payment is split between principal and interest.
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of months. For a $300,000 home loan at 6.5% for 30 years: monthly rate = 0.00542, months = 360, EMI = $1,896/month. Total paid = $682,560 — meaning $382,560 in interest over 30 years on a $300,000 loan.
The tenure (loan period) is the most overlooked factor in borrowing. Longer tenure = lower EMI but far more total interest. On a $200,000 loan at 7%: a 15-year loan has an EMI of $1,797 and costs $123,399 in interest. A 30-year loan drops EMI to $1,331 — but costs $279,016 in interest, more than double. The EMI savings of $466/month over 30 years costs an extra $155,617 in interest. Run this calculator at both tenure options before committing.
Making lump-sum prepayments or increasing your EMI by even 5–10% can dramatically reduce your loan tenure and interest burden. On a ₹50 lakh loan at 8.5% for 20 years: a single prepayment of ₹5 lakh in year 3 saves approximately ₹9–12 lakh in total interest and cuts the tenure by 3–4 years. Most Indian banks allow prepayment without penalty on floating-rate loans. Always confirm with your lender.
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