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EMI Calculator
Work out your monthly instalment, the total interest you will pay, and how the balance falls year by year.
Monthly EMI
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- Principal vs total
- ■ principal
- Total interest
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- Total payment
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- Tenure
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Repayment schedule by year
| Year | Principal paid | Interest paid | Balance left |
|---|
Questions
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of months.
Does a part-payment reduce my EMI or tenure?
Either, depending on your bank. Most banks keep the EMI the same and shorten the tenure, which saves more interest. Ask your bank before paying.
Why does most of my early EMI go to interest?
Interest is charged on the balance still owed. At the start the balance is highest, so the interest part is largest and the principal part grows every month.
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Results are estimates for planning. Banks may round differently or add fees; check the final figures with your bank.