About this tool
Enter the loan amount, interest rate and tenure to see your monthly EMI and how much of what you repay is interest. The schedule shows the outstanding balance at the end of every year, which helps when you are deciding whether to prepay.
Reading your EMI result the right way
Most people look at the EMI first and stop there, but the more useful number is the total interest. Take a ₹10 lakh loan at 9% for five years. The EMI comes to about ₹20,758, which feels manageable, yet over the full term you hand back roughly ₹2.46 lakh on top of the amount you borrowed. Seeing both figures side by side makes it easier to judge whether the loan is worth taking at all, or whether a smaller amount would do.
Tenure is the lever that changes the picture most. Stretching a loan lowers the monthly payment, but every extra year adds a full year of interest on whatever balance is still outstanding. Try the same loan at three, five and seven years and compare the interest line rather than the EMI. Many borrowers find that a slightly higher EMI they can comfortably afford saves a surprising amount.
The year-by-year schedule is worth a slow read. In the early years a large share of each EMI goes towards interest, and the principal falls slowly. Later, the balance drops faster because there is less left to charge interest on. This is why a prepayment made in year two or three cuts far more interest than the same payment made near the end. If your lender uses a floating rate, run the calculation again whenever the rate changes, since banks usually adjust the tenure first and leave the EMI as it is. A quick recalculation shows you how much longer the loan will now run, so the change never catches you by surprise at the end.
How to use it
- Enter your numbers in the boxes, or drag the sliders.
- Read the result on the right. It updates as you type.
- Open the year-by-year table, if shown, to see how the numbers change over time.
- Use 'Copy link with these values' to save the calculation or send it to someone.
Questions
How is EMI calculated?
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
Does a longer tenure reduce the total cost?
No. A longer tenure lowers each EMI but increases the total interest you pay, because the balance stays outstanding for longer.
Is the EMI the same every month?
For a fixed-rate loan, yes. For a floating-rate loan the bank usually keeps the EMI fixed and changes the tenure when rates move.
Last reviewed 16 October 2026. Results are estimates for planning. Check important figures with your bank, employer or a qualified adviser.