EMI calculator
Calculate the monthly EMI and total interest on a loan. Free EMI calculator. Enter the loan amount, interest rate and tenure to see the monthly EMI, total interest and total amount paid, with the formula explained.
Example with the starting values
- Loan amount: ₹10,00,000
- Rate of interest (p.a.): 9%
- Loan tenure: 5 years
Result:
- Monthly EMI: ₹20,758
- Principal amount: ₹10,00,000
- Total interest: ₹2,45,501
- Total amount: ₹12,45,501
How it is calculated
An EMI (equated monthly instalment) is the fixed amount paid every month on a loan. Early EMIs are mostly interest; later ones are mostly principal, because interest is charged on the loan that is still left.
Formula: EMI = P × i × (1 + i)n ÷ [(1 + i)n − 1], where P is the loan, i is the yearly rate ÷ 12 and n is the number of months.
Example: ₹10 lakh for 5 years at 9% is about ₹20,758 a month, with about ₹2.45 lakh of interest in total. Check the lender's processing fees and rate type.
Learn the idea behind it
For learning only. The rate is an assumption you choose, not a promise or prediction. Real returns change, investments can lose money, and tax, charges and inflation are not included. This is not investment advice.