Free EMI & Loan Calculator
Calculate your monthly instalment, total interest payable, and get a full year-by-year amortization schedule for any loan. Instant results, no signup.
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This free EMI calculator computes your monthly instalment using the standard reducing balance method. Select your loan type, enter principal, rate and tenure — get instant EMI, total interest, and a complete amortization breakdown.
Loan Type
₹
% p.a.
Years
Monthly EMI
₹—
per month
Total Interest
₹—
total cost of credit
Total Payment
₹—
principal + interest
Principal Amount
—
Loan Tenure
—
Interest Rate
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Interest-to-Principal Ratio
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| Year | Opening Balance | Principal Paid | Interest Paid | Closing Balance |
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What is EMI and How is it Calculated?
An Equated Monthly Instalment (EMI) is the fixed amount paid by a borrower to a lender on a specified date each month. EMIs are calculated using the reducing balance method — as you pay off principal, interest charges decrease over time.
The formula is: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1) where P = principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = total number of months.
For a ₹10,00,000 home loan at 8.5% for 20 years: monthly rate = 8.5/12/100 = 0.00708, n = 240. EMI = ₹8,678 approximately.