Loan EMI Calculator
Calculate your monthly EMI for home, car or personal loans — plus total interest and a year-by-year repayment schedule.
Year-by-year amortization schedule
Early EMIs mostly pay interest; later EMIs mostly repay principal. This is why prepaying in the first few years saves the most money.
| Year | Principal Paid | Interest Paid | Balance |
|---|
EMI formula used by banks
EMI = P × r × (1 + r)ⁿ ÷ ( (1 + r)ⁿ − 1 )
where P = loan amount, r = monthly rate, n = months
Example: ₹50 lakh at 8.5% for 20 years → EMI ≈ ₹43,391, total interest ≈ ₹54.1 lakh. The interest can exceed the loan itself on long tenures — always check the donut chart above.
EMI FAQs
How can I reduce my EMI?
Three levers: negotiate a lower rate (or transfer the balance to a cheaper bank), extend the tenure (costs more interest overall), or make a larger down payment. A 0.5% rate cut on ₹50 lakh/20 yr saves about ₹3.8 lakh.
Is EMI fixed for the whole tenure?
With floating-rate loans (most home loans), banks usually keep the EMI constant and change the tenure when repo rates move. Fixed-rate loans keep both constant but start ~1-2% costlier.
What percentage of income should EMI be?
Lenders cap total EMIs at 50–60% of net monthly income; financial planners recommend staying under 40% so savings and emergencies aren't squeezed.