How to calculate an EMI
- Type the loan amount, the interest rate and the tenure.
- Read the EMI, total interest and the schedule.
- Add a prepayment if you want to see the interest saved.
About this tool
Enter the loan amount, the yearly interest rate and the tenure to see your monthly EMI, the total interest and the total you will repay. A full schedule shows every instalment split into principal and interest, by month or by year, and you can download it. Try a one-time or monthly prepayment to see how much interest you save.
Common questions
What is the EMI formula?
EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan, r is the monthly rate (yearly rate / 12 / 100) and n is the number of months.
Why does my bank's EMI differ by a few rupees?
Banks round differently, may count days, or use a floating rate that changes. Fees such as processing charges are not included here.
Does prepaying always save money?
Paying extra towards principal cuts the interest charged on the balance. Choose to keep the EMI and finish sooner, or to keep the tenure and lower the EMI, and compare.
Is it free to use?
Yes. There's no sign-up, and you can use it as often as you like.
Is my text uploaded anywhere?
No. This tool runs inside your browser, so what you enter stays on your device.
Do I need to install anything?
No. It works in your browser on a computer or a phone.