How is an EMI calculated?

P × r × (1+r)^n ÷ ((1+r)^n − 1), where r is the monthly rate and n the number of months. The instalment is constant; what changes is how much of it is interest.

Should I choose a shorter or longer tenure?

The shortest instalment you can comfortably sustain. A longer tenure buys monthly breathing room at a total cost that is usually far larger than people expect.

Does a floating rate change my EMI?

Usually lenders keep the instalment and extend the tenure instead, so a rate rise can add years without changing the monthly figure. It is worth asking which your lender does.

Is prepayment worth it?

Early on, considerably. Compare the interest saved against the return you would get on the same money elsewhere — and check for a prepayment charge, which is not permitted on floating-rate home loans to individuals.

EMI Calculator

Works out the monthly instalment on a loan, the total interest across its life, and how the split between interest and principal changes over time.

Runs in your browser — nothing is uploaded

Loan details

Loan amount

Interest rate% per year

Tenuremonths

20.0 years

Add a monthly prepaymentSee how much interest and time it saves

Your repayment

Monthly EMI

₹8,678

Total interest

₹10,82,776

Total payable

₹20,82,776

Total₹20,82,776

Principal — ₹10,00,000
Interest — ₹10,82,776

Need this as an API?

Why use it

Built to be genuinely useful

Shows the total interest

The monthly figure is what people compare; the total is what the loan costs. On a long tenure the second is often more than the amount borrowed.

The amortisation, not just the EMI

Early instalments are almost entirely interest. Seeing that is what makes the effect of a prepayment obvious.

Nothing is uploaded

The arithmetic runs in your browser. Salary, marks and tax figures are nobody else's business, and none of it is sent anywhere.

Free, no sign-up

No account, no limit on how many times you run it, and no result held back.

How it works

Three steps

1
Enter the amount, the annual rate and the tenure.
2
Read the monthly instalment and the total interest.
3
Adjust the tenure to see the trade.

Why a longer tenure is more expensive than it looks

Extending a loan lowers the instalment and raises the cost, and the second effect is much larger than the first. ₹30 lakh at 9% over twenty years costs about ₹34.8 lakh in total; over thirty years the instalment falls by roughly ₹2,700 a month and the total rises to about ₹57 lakh.

That is over ₹22 lakh of additional interest for a monthly saving that a few years of income growth would cover. The instalment is the number that decides whether a loan is affordable now; the total is the number that decides what it costs, and the two point in opposite directions.

Where a prepayment does the most good

Each instalment is split between interest on the outstanding balance and repayment of principal. Because the balance is largest at the start, early instalments are mostly interest — in the first year of a twenty-year loan, typically over 80% of each payment.

A prepayment reduces the principal directly, so every future interest calculation is on a smaller balance. The same amount paid in year two saves several times what it saves in year twelve, which is why the timing matters as much as the amount.

FAQ

Questions people ask

API access

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