EMI Calculator
Calculate the monthly EMI on a loan, with a full amortization schedule, total interest and total repayment. Compare Reducing Balance vs Flat Rate, model extra or lump-sum prepayments to see interest and time saved, and put two loan offers side by side.
Input
Loan Details
Prepayment / Extra Payment (optional)
Model extra payments to see how much interest and time you save. Available for Reducing Balance loans.
Paid on top of the EMI every month.
Which month the lump sum is applied. Defaults to month 1.
Loan Comparison (optional)
Fill in both loans to compare two offers side by side (Reducing Balance).
Loan A
Loan B
Output
| Month | EMI | Principal | Interest | Balance |
|---|---|---|---|---|
| No data yet | ||||
Estimates for informational purposes only, not financial advice. Actual EMIs depend on your lender's day-count convention, fees and rounding.
Guides
The EMI Calculator works out the Equated Monthly Installment on any loan — a home loan, car loan, personal loan or student loan — and shows you the full picture behind that single monthly number: total interest, total repayment, a month-by-month amortization schedule, how much a prepayment would save you, and a side-by-side comparison of two competing offers.
What is an EMI?
An EMI (Equated Monthly Installment) is the fixed amount you pay your lender every month until the loan is cleared. Each payment covers part interest and part principal. Early on, most of the EMI is interest; as the balance shrinks, more of it goes to principal. This calculator uses the standard reducing-balance formula:
EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)
where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly payments.
How to use it
- Enter the loan amount, annual interest rate and tenure (in years or months).
- Choose a calculation method — Reducing Balance (how nearly all real loans work) or Flat Rate (interest charged on the original principal for the whole term).
- Read your Monthly EMI, total interest and total amount payable, then scroll the amortization schedule to see how each payment splits between principal and interest. Copy the results or download the schedule as CSV.
Two optional sections extend the basics:
- Prepayment analysis — add a monthly extra payment and/or a one-time lump sum to see how many months and how much interest you would save.
- Loan comparison — fill in Loan A and Loan B to compare EMIs, total interest and total cost, and see which offer is cheaper.
Reducing Balance vs Flat Rate — which should I pick?
Reducing Balance charges interest only on the outstanding balance, so it costs less over the life of the loan. Flat Rate charges interest on the full original principal every month, which makes the headline rate look lower while the effective cost is nearly double. Most mortgages, auto loans and home loans use reducing balance.
Does prepaying really help?
Yes — because interest is charged on the remaining balance, every extra dollar of principal you pay early removes all the future interest that dollar would have accrued. The prepayment section quantifies exactly how many months you cut off and how much interest you keep. (Prepayment modelling applies to reducing-balance loans.)
Why does my lender quote a slightly different EMI?
Small differences come from rounding rules, day-count conventions (30/360 vs actual days), processing fees and insurance bundled into the loan. Treat this tool's figures as an accurate estimate for planning, not a contractual quote.
Privacy
This calculator runs entirely in your browser. Your loan amounts, rates and any figures you enter are never uploaded, logged or stored — the math happens locally on your device.