EMI Calculator
Calculate your monthly EMI, total interest, and total payment for any loan.
How much you'll pay each month
Monthly EMI
₹10,501
EMI × months
60
Interest / loan
26%
Rate
9.50%
📅 Repayment schedule
| Year | Principal | Interest | Total paid | Balance |
|---|---|---|---|---|
| Year 1 | ₹82,022 | ₹43,990 | ₹1,26,011 | ₹4,17,978 |
| Year 2 | ₹90,162 | ₹35,849 | ₹1,26,011 | ₹3,27,817 |
| Year 3 | ₹99,110 | ₹26,901 | ₹1,26,011 | ₹2,28,706 |
| Year 4 | ₹1,08,947 | ₹17,064 | ₹1,26,011 | ₹1,19,759 |
| Year 5 | ₹1,19,759 | ₹6,252 | ₹1,26,011 | ₹0 |
Downloads carry the MyStudyVerse header — the Excel file keeps live formulas you can edit.
🏦What an EMI actually is
An EMI (Equated Monthly Installment) is the fixed amount you pay a lender every month until a loan is fully repaid. Each installment is the same size, but its make-up shifts over time: in the early months most of your EMI goes toward interest, and as the outstanding balance falls, more of each payment chips away at the principal. This calculator shows that split month by month, and — unlike most tools — it works in reverse too.
🔁Solve for any variable
A loan has four connected numbers: the loan amount, the interest rate, the tenure, and the EMI. Know any three and the fourth is fixed. Use the mode switch at the top to choose what you want to find:
- Monthly EMI — the classic: how much you'll pay each month.
- Loan amount — work backwards from an EMI you can comfortably afford.
- Tenure — how many months it takes to clear a loan at a chosen EMI.
- Interest rate — the effective annual rate hidden inside an EMI offer (great for spotting expensive 'no-cost' deals).
🧮The formula, and how it works
Here P is the loan amount, n is the number of monthly installments, and r is the monthly interest rate — the annual rate divided by 12 and by 100. The term (1 + r)ⁿ is compound growth: it captures how interest accrues on the shrinking balance each month. Rearranging this one equation is how the calculator solves for the loan amount or tenure; the interest rate can't be isolated algebraically, so it's found numerically by fast iteration.
📅Reading the repayment schedule
The schedule (amortization table) lists every payment across the life of the loan. Two things surprise most first-time borrowers:
- Interest front-loading: early EMIs are mostly interest, so paying a little extra in the first years saves far more than the same amount paid later.
- Total interest can rival the loan itself: on long tenures you often repay 1.5–2× what you borrowed. Lowering the EMI by stretching the tenure feels easier month-to-month but costs much more overall.
Download the schedule as a branded PDF to print or share, or as an Excel file with live formulas you can edit — change the loan amount or rate and the whole sheet recalculates.
💡 Frequently Asked Questions
How is EMI calculated?+
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 installments.
Can this find the interest rate or tenure instead of the EMI?+
Yes. Use the mode switch to solve for the loan amount, the tenure, or the effective annual interest rate — just enter the three values you know and the fourth is calculated instantly.
Does a longer tenure mean a cheaper loan?+
No. A longer tenure lowers each monthly EMI but increases the total interest you pay over the life of the loan. Compare the 'Total interest' figure across tenures before deciding.
Does the EMI change if interest rates move?+
For a fixed-rate loan the EMI stays the same. For a floating-rate loan, lenders usually keep the EMI fixed and adjust the tenure instead, or revise the EMI at reset dates. This tool models a fixed rate.
Is my data sent anywhere?+
No. Every calculation, chart, and download is generated entirely in your browser. Nothing you type is uploaded or stored.