worldofcalcsLoan EMI Calculator 💰
Recent Calculations
About EMI Calculator
Calculate your Loan EMI, total interest, and repayment schedule instantly. Works for home loans, car loans, personal loans, and more.
Features
- Calculate EMI for any loan amount.
- See total interest payable over the loan term.
- Works for all loan types (home, car, personal).
Common Uses
- Home loan planning.
- Car loan calculations.
- Personal loan comparisons.
How to Use
- Enter the principal loan amount.
- Enter the annual interest rate.
- Enter the loan period in years.
- Check your monthly EMI and total interest.
EMI by home loan amount
What is an EMI?
An EMI (equated monthly instalment) is the fixed amount you pay every month to repay a loan. Each EMI covers that month's interest on the outstanding balance plus a part of the principal. Early in the loan most of the EMI is interest; as the balance falls, more of it goes to the principal. Home, car, personal and education loans in India all use this reducing-balance method.
How EMI is calculated
P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Interest is charged each month on the balance still outstanding, so a higher rate or a longer tenure raises the total interest you pay.
Things to know before you borrow
- A longer tenure lowers the EMI but costs far more interest. Choose the shortest tenure whose EMI you can comfortably afford, and prepay when you can.
- Most home loans are floating-rate and linked to the RBI repo rate, so your EMI or tenure changes when rates move. Banks usually extend the tenure rather than raise the EMI; ask them to raise the EMI instead.
- Banks can't charge a prepayment penalty on floating-rate home loans to individuals, so part-prepayments from a bonus are an easy way to cut interest.
- Lenders like all your EMIs to stay within 40–60% of take-home pay; most planners suggest keeping them under about 35–40%.
- In the old tax regime, home loan interest on a self-occupied house is deductible up to ₹2,00,000 a year and the principal counts towards 80C. The new regime doesn't allow either.
- Personal loans and credit card EMIs cost much more than home loans, often 11–24% a year, so pay them off first.
- Some lenders quote a 'flat' rate, charged on the original amount for the whole tenure. A flat rate costs far more than the same reducing-balance rate.
Worked example: ₹30 lakh home loan
- Loan of ₹30,00,000 at 8.5% a year for 20 years (240 monthly instalments)
- EMI = ₹26,035 a month
- Total repaid over 20 years: ₹62,48,327, of which ₹32,48,327 is interest
- Stretching the tenure to 30 years lowers the EMI to ₹23,067 but raises the interest to ₹53,04,266
- Paying one extra EMI a year clears the loan 41 months early and saves ₹6,53,620 in interest
EMI by loan amount and tenure
At an 8.5% annual interest rate.
| Loan amount | 15 years | 20 years | 30 years |
|---|---|---|---|
| ₹10,00,000 | ₹9,847 | ₹8,678 | ₹7,689 |
| ₹20,00,000 | ₹19,695 | ₹17,356 | ₹15,378 |
| ₹30,00,000 | ₹29,542 | ₹26,035 | ₹23,067 |
| ₹50,00,000 | ₹49,237 | ₹43,391 | ₹38,446 |
| ₹75,00,000 | ₹73,855 | ₹65,087 | ₹57,669 |
| ₹1,00,00,000 | ₹98,474 | ₹86,782 | ₹76,891 |
Rates depend on the lender and your credit score; enter yours above.