Calculators · Loans
EMI calculator
Monthly instalment, total interest and a year-by-year repayment schedule.
Monthly EMI
₹21,247
For 60 months
Principal
₹10 lakh · 78%
Total interest
₹2.75 lakh · 22%
- Loan amount
- ₹10,00,000
- Total interest
- ₹2,74,823
- Total you repay
- ₹12,74,823
Year by yearShow 5 rowsHide
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹1,62,268 | ₹92,696 | ₹8.38 lakh |
| 2 | ₹1,79,260 | ₹75,705 | ₹6.58 lakh |
| 3 | ₹1,98,031 | ₹56,934 | ₹4.6 lakh |
| 4 | ₹2,18,767 | ₹36,198 | ₹2.42 lakh |
| 5 | ₹2,41,675 | ₹13,290 | ₹0 |
How it works
Your EMI is the same every month, but its make-up changes: early instalments are mostly interest, and as the balance falls more of each payment goes towards the principal. The year-by-year schedule shows exactly how.
The calculation uses a reducing balance — interest is charged only on what you still owe — which is how banks and housing finance companies price home, car and personal loans in India.
Formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- P — loan amount
- r — monthly interest rate (annual rate ÷ 12 ÷ 100)
- n — number of monthly instalments
Questions
What is an EMI?
An equated monthly instalment — the fixed amount you pay every month until the loan is repaid. Each EMI covers that month's interest and repays part of the principal.
How can I reduce my EMI?
Borrow less, choose a longer tenure, or get a lower rate. A longer tenure lowers the EMI but raises the total interest you pay; part-prepayments reduce both.
What is the difference between flat and reducing rates?
A flat rate charges interest on the original amount for the whole term; a reducing rate charges it only on what you still owe. A flat rate of 6% costs roughly as much as a reducing rate of 11%, so always compare reducing rates.
Results are estimates for planning, not tax, legal or investment advice. Rates and rules were checked on 4 October 2026; confirm the figures that apply to you with your bank, fund house or tax adviser.