What factors affect my EMI?
Three things: the loan amount (higher = higher EMI), the interest rate (higher = higher EMI), and the tenure (longer = lower EMI but more total interest paid).
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Free EMI Calculator — Home, Car & Personal Loan EMI
Calculate your monthly loan EMI in seconds. Adjust the loan amount, interest rate, and tenure to instantly see your monthly payment, total interest, and total repayment amount for any loan.
🔒 Nothing is stored or shared
✅ 100% free, no sign-up
💻 Runs entirely in your browser
Loan Amount
₹20,00,000
Annual Interest Rate
8.5%
Loan Tenure
20 Years
Monthly EMI
₹0
Principal Amount
₹0
Total Interest Payable
₹0
Total Amount Payable
₹0
Principal vs Interest
Take It Further
See how your loan fits into your overall financial picture
An EMI reduces your monthly surplus and adds to your liabilities. Add all your loans to the Net Worth Calculator to see how they impact your current net worth and your projected financial position over the next 10–20 years.
How to Calculate Your Loan EMI — Step by Step
1
Enter the loan amount
This is the principal — the total amount you want to borrow. For a home loan, enter the loan amount after your down payment. Use the slider or type directly in the field.
2
Enter the annual interest rate
Use the rate quoted in your loan offer letter. For floating-rate loans (like most home loans in India), use the current rate as a starting point and re-run the calculator if the rate changes.
3
Enter the loan tenure
Choose the repayment period in years or months. A longer tenure lowers your EMI but increases total interest paid. Toggle between Years and Months to compare.
4
Read the results
The calculator instantly shows your monthly EMI, total interest payable, and total repayment amount. The principal vs interest bar shows what fraction of your total payment is interest.
Loan: ₹50,00,000 | Rate: 8.5% p.a. | Tenure: 20 years
Principal (Loan Amount)₹50,00,000
Monthly EMI₹43,391
Total Interest Payable₹54,13,840
Total Amount Payable₹1,04,13,840
What is an EMI?
An Equated Monthly Instalment (EMI) is the fixed amount you pay your lender every month until the loan is fully repaid. Each payment covers a portion of the principal and the interest accrued during that month. Early payments are mostly interest; later payments are mostly principal — this is called loan amortisation.
How is EMI Calculated?
The standard EMI formula is:
EMI = P × r × (1 + r)⊃n / ((1 + r)⊃n − 1)
Where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly instalments.
How to Lower Your EMI
- Make a larger down payment — a smaller principal directly reduces the EMI.
- Negotiate a lower rate — even a 0.5% reduction meaningfully cuts both EMI and total interest.
- Increase the tenure — lower EMI, but more total interest over the loan life.
- Make prepayments — lump-sum payments reduce outstanding principal and can shorten the tenure.
Frequently Asked Questions
Does a longer tenure always mean a lower EMI?
Yes, but you pay significantly more total interest. Use the calculator to compare the EMI vs total interest trade-off across different tenures before deciding.
Does this work for all loan types?
Yes — the formula applies to home loans, car loans, personal loans, and any fixed-rate instalment loan. Floating-rate loans will see their EMI change when the base rate is revised.
Is my data saved anywhere?
No. All calculations happen in your browser. Nothing is sent to any server or stored.