EMI Calculator

An EMI calculator tells you the fixed monthly payment on a loan from three numbers: the amount you borrow, the yearly interest rate, and how many months you'll repay over. It uses the standard reducing-balance method that banks and lenders use worldwide, so the figure you see is close to what a lender would quote. It also plans prepayments — extra every month, a lump sum in a year you choose, or the same lump sum repeated every year — and shows what each choice saves. Everything runs in your browser; nothing you type is sent anywhere.

How to use it

1. Enter the loan amount, the yearly interest rate, and the tenure in months.
2. Your monthly EMI, total interest, and total payment appear instantly as you type.
3. Optionally add a prepayment: an extra amount every month, or a lump sum in a chosen year — and set whether you repeat it yearly, every two years, or just once.
4. Read the two outcomes side by side: keep the same EMI and finish early, or keep the same end date and pay a smaller EMI.
5. Scroll to the year-by-year schedule, which follows the loan you actually described — each prepayment shows in the year it lands, and the table ends on the month the loan really ends.

Examples

• ₹1,00,000 at 12% for 12 months → EMI ₹8,884.88 (total interest ₹6,618.55).
• ₹25,00,000 home loan at 8.5% for 20 years → EMI ₹21,695.58.
• ₹30,00,000 at 8.5% for 20 years, with ₹5,00,000 paid in year 1 → 73 months saved and ₹14,13,746 of interest avoided.
• The same ₹5,00,000 paid in year 10 instead saves only 39 months and ₹5,16,555 — timing matters more than the amount.
• ₹2,00,000 every year from year 1 beats a single ₹5,00,000: 8 prepayments totalling ₹16,00,000 clear the loan 137 months early and save ₹19,92,719.

Frequently asked questions

How is EMI calculated?

EMI uses the formula P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly rate (yearly rate ÷ 12 ÷ 100), and n is the number of months. It's the reducing-balance method: each payment first covers that month's interest on the outstanding balance, and the rest reduces what you owe.

What happens to my EMI if interest rates change?

On a fixed-rate loan the EMI stays the same for the whole tenure. On a floating-rate loan, most lenders keep the EMI steady and adjust the tenure instead — or revise the EMI at reset dates. Re-run the numbers with the new rate to see the effect.

Is it better to reduce EMI or tenure when prepaying?

Reducing the tenure usually saves far more interest, because you cut months off the most interest-heavy part of the loan. Reducing the EMI eases monthly cash flow but you pay for longer. Enter a prepayment and the calculator shows both outcomes at once — months and interest saved if you keep paying the same EMI, and the smaller EMI you could pay instead if you keep the original end date.

Can I plan a prepayment I make every year?

Yes. Set the lump sum, the year it starts, and how often you repeat it — every year, every two years, every three, or just once. Rhythm usually beats size: on a ₹30 lakh loan at 8.5% over 20 years, ₹2 lakh paid every year saves far more than a single ₹5 lakh payment, because each one removes principal that would otherwise have been charged interest for the rest of the loan. The final repeat is capped at whatever is still owed, so you never prepay more than the balance.

Does this match my bank's EMI exactly?

It matches the standard reducing-balance EMI to the rupee. Small differences can come from processing fees, insurance added to the loan, a different day-count convention, or rounding. Prepayment results assume the lender applies the money to principal on the month you make it and charges no prepayment fee — floating-rate retail loans in India generally cannot be charged one, but fixed-rate loans can. Always confirm the final figure with your lender.