Loan EMI Calculator

Calculate monthly loan EMI, total interest, and complete year-by-year amortization schedule for home, car, or personal loans.

Loading interactive Loan EMI Calculator interface...

How to Use Loan EMI Calculator

  1. Enter Loan Amount (Principal).
  2. Enter Annual Interest Rate (%).
  3. Enter Loan Tenure in Years or Months.
  4. Instantly see your monthly EMI, total interest payable, and principal vs interest ratio chart.

Technical Specifications & Formula

EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P = Principal, R = Monthly interest rate (Annual Rate / 12 / 100), N = Number of monthly installments.

Worked Example: Calculating EMI for a ₹25,00,000 Home Loan

Scenario: Borrowing ₹25,00,000 at 8.5% annual interest for a duration of 20 years (240 monthly installments).

Calculation / Steps: P = 2,500,000, R = 8.5 / 12 / 100 = 0.0070833, N = 240 months. EMI = [P × R × (1+R)^N] / [(1+R)^N - 1]

Result: Monthly EMI = ₹21,696; Total Interest = ₹27,07,040; Total Repayment = ₹52,07,040

Important Guidelines & In-Browser Limitations

  • Calculations use standard reducing-balance amortized interest. Bank processing fees, stamp duty, insurance, or prepayment penalties are not included in base EMI.

Frequently Asked Questions

Is this formula the standard used by banks?

Yes, this is the standard reducing balance EMI formula used by all commercial banks and housing finance corporations.

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