EMI Calculator
Calculate your monthly loan EMI, total interest payable and view the full year-by-year amortization schedule for any loan.
| Year | Principal Paid | Interest Paid | Outstanding | Remaining |
|---|---|---|---|---|
| Year 1 | ₹39,805 | ₹1,68,473 | ₹19,60,195 | |
| Year 2 | ₹43,323 | ₹1,64,955 | ₹19,16,872 | |
| Year 3 | ₹47,152 | ₹1,61,125 | ₹18,69,720 | |
| Year 4 | ₹51,320 | ₹1,56,957 | ₹18,18,400 | |
| Year 5 | ₹55,856 | ₹1,52,421 | ₹17,62,544 | |
| Year 6 | ₹60,794 | ₹1,47,484 | ₹17,01,750 | |
| Year 7 | ₹66,167 | ₹1,42,110 | ₹16,35,583 | |
| Year 8 | ₹72,016 | ₹1,36,262 | ₹15,63,567 | |
| Year 9 | ₹78,381 | ₹1,29,896 | ₹14,85,186 | |
| Year 10 | ₹85,309 | ₹1,22,968 | ₹13,99,876 | |
| Year 11 | ₹92,850 | ₹1,15,428 | ₹13,07,026 | |
| Year 12 | ₹1,01,057 | ₹1,07,220 | ₹12,05,969 | |
| Year 13 | ₹1,09,990 | ₹98,288 | ₹10,95,980 | |
| Year 14 | ₹1,19,712 | ₹88,566 | ₹9,76,268 | |
| Year 15 | ₹1,30,293 | ₹77,984 | ₹8,45,975 | |
| Year 16 | ₹1,41,810 | ₹66,468 | ₹7,04,165 | |
| Year 17 | ₹1,54,345 | ₹53,933 | ₹5,49,820 | |
| Year 18 | ₹1,67,987 | ₹40,290 | ₹3,81,833 | |
| Year 19 | ₹1,82,836 | ₹25,442 | ₹1,98,997 | |
| Year 20 | ₹1,98,997 | ₹9,281 | ✓ Paid Off |
÷ [(1+r)ⁿ – 1]
What is an EMI?
An Equated Monthly Instalment (EMI) is a fixed payment amount made by a borrower to a lender each month on a set date. EMIs are used to repay both the loan principal and the interest in equal instalments over the loan tenure. Each payment covers the interest charged for the month plus a portion of the principal — structured so that the loan is fully repaid at the end of the tenure. Use our financial calculators to plan your complete borrowing and investment strategy.
How is EMI Calculated?
The EMI formula is: EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ – 1], where P is the loan amount (principal), r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments (years × 12). In the early months of a loan, most of the EMI goes towards interest. As the loan matures, the principal component gradually increases — this is why prepaying a loan early saves significantly more interest. See our Compound Interest Calculator to understand how interest compounds on your outstanding balance.
Factors That Affect Your EMI
- Loan amount (principal): Higher principal = higher EMI, all else being equal.
- Interest rate: Even a 0.5% difference in rate can significantly change your EMI and total interest for large or long-tenure loans.
- Repayment tenure: Longer tenure = lower EMI but much higher total interest paid. Shorter tenure = higher EMI but lower total cost.
- Type of interest rate: Fixed rate stays the same throughout. Floating rate changes with market rates — your EMI may go up or down over time.
Tips to Save on Loan Interest
- Prepay whenever possible: Even one extra EMI per year can reduce a 20-year home loan tenure by 2–3 years.
- Compare rates before borrowing: A 0.5% lower rate on a ₹50 lakh home loan over 20 years saves over ₹6 lakh in interest.
- Choose shorter tenure if affordable: A 15-year home loan costs substantially less in total interest than a 20-year loan for the same amount.
- Maintain a good credit score: A CIBIL score above 750 typically qualifies you for lower interest rates from most lenders. Meanwhile, consider growing wealth in parallel with our SIP Calculator.
✓Verified by ToollyX Team · Last updated June 2026
Frequently Asked Questions
Disclaimer: EMI figures are indicative estimates based on the values entered. Actual EMI may vary based on your lender's processing fees, loan terms and interest rate type. Always confirm final EMI with your bank or NBFC before signing any loan agreement.