EMI Calculator — Calculate Home Loan & Car Loan EMI
Whether you are planning to buy a house, a car, or need a personal loan, knowing your monthly EMI upfront helps you budget confidently. This calculator lets you plug in your loan amount, interest rate, and tenure to instantly see your monthly instalment, total interest payable, and a full amortization breakdown. You can compare different scenarios — for instance, how much you would save by choosing a 15-year home loan over a 20-year one, or how prepaying a portion affects your total interest cost.
EMI Calculator
Loan EMI calculator
Results
Adjust the sliders and click Calculate
Frequently Asked Questions
How is EMI calculated?
EMI is calculated using the formula: EMI = P x R x (1+R)^N / ((1+R)^N - 1), where P is the principal loan amount, R is the monthly interest rate, and N is the number of monthly instalments. In the early months, a larger portion of your EMI goes toward interest, and over time, more goes toward repaying the principal.
What factors affect my EMI amount?
Three main factors determine your EMI: the loan amount (principal), the interest rate, and the loan tenure. A higher loan amount or interest rate increases your EMI, while a longer tenure reduces it — though you end up paying more total interest. Your credit score also indirectly affects EMI because it influences the interest rate you are offered.
What is the difference between fixed and floating interest rates?
A fixed interest rate stays the same throughout the loan tenure, so your EMI never changes. A floating rate is linked to a benchmark like the RBI repo rate and can go up or down over time. Floating rates are usually lower initially but carry the risk of increasing. Most home loans in India are on floating rates, while personal loans often use fixed rates.