Free EMI Calculator Online
Calculate your loan EMI, total interest and full amortisation schedule for home, car, personal and education loans. Compare loans and see prepayment savings. Free.
Estimates only: your lender's EMI can differ with fees, rounding and how interest is applied. Calculated in your browser; nothing you enter is saved or sent.
About this tool
This EMI calculator works out the equated monthly instalment on any reducing-balance loan — home, car, personal, or education — and shows you exactly where the money goes. Move the sliders for loan amount, interest rate, and tenure and the instalment updates as you drag, alongside the total interest you will pay, the total repayment, and a donut chart splitting principal from interest. Below that sits the full amortisation schedule: every instalment from month one to the final payment, with the principal and interest portions of each and the closing balance, downloadable as CSV. A prepayment panel models what a lump sum actually buys you — either a shorter tenure or a smaller instalment — and a comparison panel puts two offers side by side so you can see what a half-percent difference costs over twenty years. Nothing is sent anywhere; the maths runs in your browser.
How to Calculate Your Loan EMI
- 1
Pick your loan type. Home, car, personal, and education loans each seed the calculator with a realistic amount, tenure, and the interest band Indian lenders typically quote for that product — a starting point you can then adjust.
- 2
Set the three numbers that determine an EMI: the loan amount, the annual interest rate, and the tenure. Drag the slider for a quick sweep or type an exact figure into the box beside it, and switch tenure between years and months to match how your lender quoted it.
- 3
Read the result and dig in. The instalment appears immediately, with total interest and total payable beneath it. Open the amortisation table to see every month's split, export it as CSV, add a prepayment to see the savings, or copy a shareable link that reopens the calculator with your exact figures.
Why Use This EMI Calculator
- The Full Schedule, Not Just a Number
- Most calculators stop at the monthly figure. This one shows all 240 or 360 rows — how little of an early home-loan instalment touches the principal is the single most useful thing a borrower can see before signing.
- Prepayment Modelled Both Ways
- A lump sum can shorten your tenure or shrink your instalment, and the two produce very different interest savings. Toggle between them and compare the actual rupee difference rather than guessing.
- Shareable and Exportable
- Copy a link that reopens the exact calculation for a co-applicant or advisor, and export the amortisation schedule to CSV for your own spreadsheet. No account, no watermark, no e-mail capture.
Things Worth Knowing Before You Borrow
- Compare offers on total interest, not the EMI. A longer tenure always shows a smaller instalment while quietly costing you far more overall.
- Prepay early. A lump sum in year three saves several times what the same amount saves in year fifteen, because early instalments are almost entirely interest.
- Lenders generally want your total EMIs to stay under 40-50% of net monthly income; run that ratio before you apply rather than after.
- Factor in processing fees, legal charges, and insurance premiums — they are not in the EMI but they are part of what the loan costs you.
- On a floating-rate loan, ask whether a rate cut reduces your EMI or your tenure. Lenders often default to shortening the tenure without telling you.
Frequently asked questions
How is EMI calculated?
An EMI is calculated on a reducing-balance basis: each month, interest is charged only on the outstanding principal, and whatever is left of your fixed instalment after that interest goes toward repaying the principal. Because the balance shrinks every month, the interest portion falls and the principal portion rises, even though the instalment itself stays constant. In the first year of a 20-year home loan, roughly 75-80% of each instalment is interest; by the final year, almost all of it is principal. This calculator runs that month-by-month simulation and shows you every row of it.
What is the formula for EMI?
The standard formula is EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the principal, n is the tenure in months, and r is the monthly interest rate — that is, the annual rate divided by 12 and then by 100. For a ₹50,00,000 loan at 8.5% over 20 years, r works out to 0.00708 and n to 240, giving an EMI of about ₹43,391. Note that r must be the monthly rate: using the annual figure directly is the most common mistake when people check this by hand in a spreadsheet.
How to reduce EMI on a home loan?
There are four practical levers. Extending the tenure lowers the instalment but increases total interest, sometimes substantially. Making a lump-sum prepayment and asking the lender to recalculate the EMI (rather than shorten the tenure) reduces the monthly outgo directly. Refinancing to a lender offering a lower rate helps if the spread covers the processing and legal costs of the transfer. Finally, if your loan is on a floating rate linked to an external benchmark, the EMI falls automatically when the repo rate is cut. Use the prepayment panel here to see the rupee effect of the second option before you approach your bank.
What happens if I miss an EMI?
A single missed instalment usually triggers a late-payment penalty and a bounce charge if the auto-debit failed, and the lender will report the delay to credit bureaus once it crosses 30 days past due — which lowers your credit score and stays on your report for years. Continued default beyond 90 days classifies the loan as a non-performing asset, at which point the lender can begin recovery proceedings against the secured collateral. If you anticipate a shortfall, contacting the lender before the due date to request a restructure or an EMI holiday is far less damaging than letting the payment fail.
Is this EMI calculator free?
Yes, entirely. Every feature works without an account: the amortisation schedule, the CSV export, the prepayment modelling, the loan comparison, and the shareable link. There is no usage cap and no premium tier holding back the useful parts. The calculation runs in your browser using JavaScript, so the loan figures you enter are never transmitted to or stored on our servers.