Calculate your monthly loan EMI (Equated Monthly Installment), total interest payable, and view a complete amortization schedule. Whether you are planning a home loan, car loan, personal loan, or education loan, this calculator gives you a clear picture of your repayment obligations. Enter your loan amount, interest rate, and tenure to see exactly what you will pay each month.
Monthly EMI
₹1,736
Pay this every month
Total Payment
₹4,16,555
Total Interest
₹2,16,555
108% of principal
Key Insight: For a ₹2,00,000 loan at 8.5% for 20 years, you pay ₹1,736/month. Total interest is ₹2,16,555 — that's 108% extra.
EMI stands for Equated Monthly Installment — it is the fixed amount you pay to your lender every month until the loan is fully repaid. Each EMI payment consists of two parts: a principal component (which reduces your outstanding loan balance) and an interest component (which is the cost of borrowing).
EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly installments. This formula ensures equal payments throughout the loan tenure.
In the early months of your loan, a larger portion of your EMI goes toward interest. As you progress through the tenure, the principal component increases while the interest component decreases. This is why prepaying a loan early in its tenure saves significantly more interest than prepaying later.
Make a larger down payment to reduce the principal. Choose the shortest tenure you can comfortably afford — a 15-year mortgage saves tens of thousands in interest compared to a 30-year term. Make prepayments whenever you have surplus funds. Consider refinancing if interest rates drop significantly below your current rate.
Fixed rates remain constant throughout the loan tenure, providing predictable EMIs. Floating rates change with market conditions, which means your EMI may increase or decrease. Floating rates are typically lower initially but carry the risk of rising over time.