Calculate your monthly loan EMI, total interest, and total repayment instantly, with a yearly principal-versus-interest breakdown.
| Year | Principal paid | Interest paid | Balance remaining |
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Show calculation steps
How to use the EMI calculator
- Enter the loan amount you're considering.
- Enter the annual interest rate quoted by the lender.
- Enter the loan tenure in years.
- Click Calculate EMI to see your monthly payment, total interest, and total repayment, plus a yearly breakdown.
How EMI is calculated
Every EMI uses the same reducing-balance formula: EMI = P × r × (1+r)n / ((1+r)n - 1), where P is the principal, r is the monthly interest rate (annual rate divided by 12 and by 100), and n is the total number of monthly installments. The EMI stays fixed for the whole tenure, but the split between principal and interest shifts every month as the outstanding balance shrinks.
Example
A loan of 2,000,000 at 8.5% annual interest over 20 years results in an EMI of roughly 17,357 per month, with total interest of about 2,165,680 over the life of the loan, more than the original principal.
Frequently asked questions
- What formula does this EMI calculator use?
- The standard reducing-balance formula: EMI = P x r x (1+r)^n / ((1+r)^n - 1).
- Why is more interest paid in the early years of a loan?
- Interest accrues on the outstanding balance, which is highest early on, so more of each EMI goes to interest at first.
- Does a lower EMI always mean a cheaper loan?
- No, a lower EMI from a longer tenure usually means paying more total interest overall.
- Does this tool store or send my loan details anywhere?
- No, all calculations happen locally in your browser.
Bookmark this page and compare a few rate and tenure combinations before signing a loan agreement, small rate differences add up significantly over long tenures.
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