All tools

EMI Calculator

Monthly installment for a loan.

Monthly EMI
₹4,339
Total payable
₹10,41,388
Total interest
₹5,41,388

EMI is the fixed monthly payment that clears a loan of principal P at monthly rate r over n months. r is the yearly rate divided by 1200. If r is 0, EMI is P divided by n.

The formula is P × r × (1+r)^n / ((1+r)^n − 1). Total payable is EMI × n. Interest is that total minus P. Nothing is sent to a server.

Worked example: ₹8,00,000 at 9% for 20 years. Monthly rate is 0.0075. n is 240. EMI comes out near ₹7,200. Total payable is EMI times 240. Interest is that total minus 8 lakh. Processing fees and insurance are not in this number. Add them on paper if the bank quotes them separately.

Home loans in India are often floating. Recalculate when the rate letter arrives. Prepayment reduces principal. This tool does not model a part-prepayment schedule.

Also