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Free EMI Calculator: Monthly Payment and Yearly Schedule

Work out your loan EMI, total interest and a year-by-year schedule, with an optional processing fee.

Your loan

Monthly EMI
₹0
Total interest
Total of all EMIs

Assumes a fixed rate. Your bank’s schedule can differ a little, because of its dates, its rounding or a changing rate.

Year by year

YearPrincipal paidInterest paidBalance left

The EMI formula

EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan, r is the monthly rate (yearly rate ÷ 12 ÷ 100), and n is the number of months.

Example: ₹10,00,000 at 9% for 10 years: r = 0.0075 and n = 120, so the EMI is about ₹12,668. Over the 120 months you pay about ₹15,20,109, of which about ₹5,20,109 is interest.

Early EMIs are mostly interest, and later ones are mostly principal, as the table shows. Ask your lender about all charges, because they can raise the real cost.

Questions people ask

How is EMI calculated?
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan, r is the monthly interest rate and n is the number of months.
What is the EMI on a ₹10 lakh loan?
At 9% for 10 years, about ₹12,668 a month, with about ₹5.2 lakh of interest in total. Change the rate and tenure above to see your own figure.
Does a longer tenure save money?
It lowers the monthly EMI, but you pay more interest overall. Try both in the calculator to compare them.
Is this figure what my bank will charge?
It is close for a fixed rate. Banks can differ through their dates, rounding, fees and rate changes, so read the sanction letter.

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