Free Online Calculators
Monthly EMI, total interest and year-wise schedule for home, car and personal loans
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), with the monthly rate r and n months. A ₹25 lakh home loan at 8.5% for 20 years has an EMI of ₹21,696 and ₹27,06,939 of total interest. The calculator also shows a year-wise repayment schedule.
At 8.5% interest, every ₹1 lakh borrowed for 20 years costs an EMI of ₹868; a ₹25 lakh home loan therefore has an EMI of about ₹21,696. At 9% the EMI per lakh is ₹900 and at 10% ₹965. Formula: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1) with the monthly rate r and n months.
| Tenure | 8% | 8.5% | 9% | 10% | 12% |
|---|---|---|---|---|---|
| 1 year | ₹8,699 | ₹8,722 | ₹8,745 | ₹8,792 | ₹8,885 |
| 2 years | ₹4,523 | ₹4,546 | ₹4,568 | ₹4,614 | ₹4,707 |
| 3 years | ₹3,134 | ₹3,157 | ₹3,180 | ₹3,227 | ₹3,321 |
| 5 years | ₹2,028 | ₹2,052 | ₹2,076 | ₹2,125 | ₹2,224 |
| 7 years | ₹1,559 | ₹1,584 | ₹1,609 | ₹1,660 | ₹1,765 |
| 10 years | ₹1,213 | ₹1,240 | ₹1,267 | ₹1,322 | ₹1,435 |
| 15 years | ₹956 | ₹985 | ₹1,014 | ₹1,075 | ₹1,200 |
| 20 years | ₹836 | ₹868 | ₹900 | ₹965 | ₹1,101 |
| 25 years | ₹772 | ₹805 | ₹839 | ₹909 | ₹1,053 |
| 30 years | ₹734 | ₹769 | ₹805 | ₹878 | ₹1,029 |
With EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly interest rate and n the number of months. A ₹25 lakh loan at 8.5% for 20 years gives an EMI of ₹21,696.
At 8.5% interest, a ₹10 lakh loan costs about ₹8,680 a month over 20 years and about ₹12,400 over 10 years. At a higher rate or shorter tenure the EMI rises.
No. A longer tenure lowers the monthly EMI but increases the total interest, because the balance is repaid more slowly. A ₹25 lakh loan at 8.5% costs ₹27,06,939 of interest over 20 years.
A prepayment reduces the outstanding principal, so all later interest is charged on a smaller balance. Lenders usually let you either reduce the EMI or shorten the tenure; shortening the tenure saves more interest.
For a fixed-rate loan, yes. For a floating-rate loan the interest rate can change, and the lender then adjusts the EMI or the remaining tenure.
An EMI (equated monthly instalment) is the fixed amount you pay every month to repay a loan. Each EMI contains two parts: interest on the outstanding balance and a repayment of principal. At the start of the loan most of the EMI goes to interest; with every payment the balance falls, so the interest share shrinks and the principal share grows. Banks and NBFCs in India use this method, called the reducing balance method, for home loans, car loans, personal loans and education loans.
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). P is the loan amount, r the monthly interest rate (annual rate ÷ 12 ÷ 100) and n the number of monthly instalments. For a home loan of ₹25,00,000 at 8.5% for 20 years, r = 0.0070833 and n = 240, which gives an EMI of ₹21,696. Over 240 months you pay ₹52,06,939 in total, of which ₹27,06,939 is interest.
A longer tenure lowers the EMI but increases the total interest considerably. At 8.5%, every ₹1 lakh borrowed costs ₹2,052 a month over 5 years, ₹1,240 over 10 years and ₹868 over 20 years. The table on this page shows the EMI per lakh for common tenures and rates, so you can scale it to any loan amount: a ₹40 lakh loan over 20 years at 8.5% costs about 40 × ₹868.
The calculator lists, for every year, how much principal and interest you pay and what balance remains. This helps you see when a prepayment makes the most sense: extra payments early in the tenure save the most interest because they reduce the balance on which all later interest is charged.
For floating-rate loans, recalculate the EMI whenever your lender changes the rate. Lenders often keep the EMI the same and extend the tenure instead.
Many lenders look at your fixed obligations to income ratio and prefer total EMIs below about 40 to 50% of your net monthly income. Compare offers by the total interest over the full tenure, not only by the monthly EMI.