Calculate your monthly EMI, total interest, total payment, and view a complete amortization schedule for home loans, car loans, personal loans, education loans, and more.
Monthly EMI
₹8,678.23
₹10,00,000
Principal
₹10,82,776
Total Interest
₹20,82,776
Total Payment
108.3%
Interest / Principal
P = Principal loan amount
r = Monthly interest rate (annual / 12 / 100)
n = Total months (years × 12)
EMI (Equated Monthly Installment) is the fixed monthly amount a borrower pays to the lender on a specified date each month. Each EMI payment consists of two components: principal repayment and interest payment. In the early years of a loan, the interest component is larger; as the loan matures, the principal component grows.
The EMI formula is: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal loan amount, r is the monthly interest rate (annual rate / 12 / 100), and n is the total number of monthly payments (tenure in years × 12).
Several factors affect your EMI: Loan amount — higher principal means higher EMI. Interest rate — even a 0.5% difference can significantly impact total cost over long tenures. Loan tenure — longer tenure reduces monthly EMI but increases total interest paid. Prepayments — making extra payments reduces outstanding principal and total interest.
When comparing loan offers, look beyond just the EMI amount. Compare the total interest payable, processing fees, prepayment penalties, and whether the rate is fixed or floating. A lower EMI with a longer tenure may cost significantly more in total interest than a higher EMI with a shorter tenure.