Quick answer. A loan of 10,00,000 at 12% a year for 5 years has an EMI of about 22,244 a month. You pay about 3,34,667 in interest, or 13,34,667 in total. Change any number to see your own loan.
How to use the EMI calculator
- Loan amount. The amount you borrow (the principal), after any down payment.
- Interest rate. The yearly rate your lender quotes. For a floating rate, use today’s rate and re-check when it changes.
- Tenure. How long you will repay, in years or months.
- Currency. The calculator picks one from your browser’s language settings (for example PKR in Pakistan, INR in India). Change it any time; the maths is the same in every currency.
- Extra payment (optional). Add a fixed amount to every month’s payment to see how much sooner you finish and how much interest you save.
The EMI formula, step by step
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
Take a 10,00,000 loan at 12% a year for 5 years. The monthly rate r is 12 ÷ 12 ÷ 100 = 0.01, and n = 60 months. (1.01)60 ≈ 1.8167. EMI = 10,00,000 × 0.01 × 1.8167 ÷ 0.8167 ≈ 22,244. Over 60 months you pay 13,34,667, so the interest is about 3,34,667. With a 0% loan, such as some “interest-free” instalment plans, the formula would divide by zero, so the calculator simply uses EMI = P ÷ n.
Reading the amortization schedule
Each row is one monthly payment. Interest is the outstanding balance × r. Principal is the rest of your payment, which reduces the balance. Early on most of the EMI is interest; towards the end almost all of it is principal. Switch to Yearly summary to see totals per year, which is useful for tax or budgeting, and download either view as a CSV file for Excel or Google Sheets.
Car loan, home loan and personal loan examples
| Loan | Amount, rate, tenure | Approx. EMI | Total interest |
|---|---|---|---|
| Car loan | 25,000 at 7% for 5 years | 495.03 | 4,701.80 |
| Home loan | 10,00,000 at 8.5% for 20 years | 8,678.23 | 10,82,775 |
| US mortgage | $200,000 at 6.5% for 30 years | $1,264.14 | $255,089 |
| Personal loan | 1,00,000 at 10% for 1 year | 8,791.59 | 5,499 |
How prepayment saves money
Because interest is charged on the remaining balance, every extra amount you pay early stops interest from building on it for the rest of the loan. On the 20-year home loan above, adding 2,000 a month finishes the loan 85 months (about 7 years) sooner and saves about 4,35,744 of the 10,82,776 interest. Try it with your own numbers. Some lenders charge a prepayment fee or only allow it on certain dates, so check your loan agreement.
This calculator uses a fixed rate and equal monthly instalments (the reducing-balance method used by most banks). Real loans can add processing fees, insurance, taxes or a different day-count, so your lender’s figure may differ slightly. Treat the result as an estimate, not financial advice.
Frequently asked questions
What is EMI?
EMI means equated monthly instalment: the fixed amount you pay every month so the loan and its interest are fully repaid by the end of the tenure.
How is EMI calculated?
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the yearly rate ÷ 12 ÷ 100 and n is the number of months.
Does it work for car loans and home loans?
Yes. Any fixed-rate loan repaid in equal monthly instalments works the same way, including car, home, personal and education loans and mortgages.
What if the interest rate is 0%?
The calculator divides the loan amount equally across the months, so a 1,20,000 loan over 12 months is 10,000 a month with no interest.
How much do extra payments save?
Enter an amount in Extra payment each month. The results show how much interest you save and how many months earlier the loan ends.
Can I download the schedule?
Yes. Press Download CSV for the monthly schedule, or switch to Yearly summary first to download yearly totals.
Is my loan information saved?
No. Everything is calculated in your browser and nothing is sent or stored.