Calculate your monthly EMI for home loan, car loan or personal loan. See full amortization schedule and total interest payable.
| Period | EMI | Principal | Interest | Balance |
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EMI = P × r × (1+r)^n / ((1+r)^n − 1) where r = monthly rate, n = months
EMI stands for Equated Monthly Instalment. It is the fixed monthly amount you pay to your bank to repay a loan over a set period. Each EMI covers both principal repayment and interest charges.
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P = principal loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), and n = number of monthly instalments. This calculator applies this formula instantly.
Financial experts recommend keeping your total EMIs below 40–50% of your net monthly income. For home loans specifically, most banks cap eligibility at 40% of monthly income to ensure you can manage repayments comfortably.
Paying extra EMI (prepayment) directly reduces your outstanding principal. This reduces the total interest you pay and can shorten your loan tenure significantly. Most banks allow part-prepayment without penalty after a lock-in period.
In reducing balance interest (used by most Indian banks), interest is calculated on the outstanding principal each month — so EMI stays fixed but the interest portion decreases over time. Flat rate means interest is always on the original principal, making it effectively more expensive.