EMI Calculator
Work out the monthly EMI on a home, personal or car loan, plus the total interest you'll pay.
20 yr
Monthly EMI
₹26,034.70
Interest cost
108.28%
of the loan amount, paid in interest
Year-by-year repayment schedule
Early years are mostly interest; later years mostly principal. Total interest ₹32,48,327 on ₹30,00,000 borrowed.
| Year | Principal paid | Interest paid | Total payment | Balance left |
|---|---|---|---|---|
| 1 | ₹59,707 | ₹2,52,709 | ₹3,12,416 | ₹29,40,293 |
| 2 | ₹64,984 | ₹2,47,432 | ₹3,12,416 | ₹28,75,309 |
| 3 | ₹70,728 | ₹2,41,688 | ₹3,12,416 | ₹28,04,580 |
| 4 | ₹76,980 | ₹2,35,436 | ₹3,12,416 | ₹27,27,600 |
| 5 | ₹83,785 | ₹2,28,632 | ₹3,12,416 | ₹26,43,815 |
| 6 | ₹91,190 | ₹2,21,226 | ₹3,12,416 | ₹25,52,625 |
| 7 | ₹99,251 | ₹2,13,166 | ₹3,12,416 | ₹24,53,374 |
| 8 | ₹1,08,024 | ₹2,04,393 | ₹3,12,416 | ₹23,45,351 |
| 9 | ₹1,17,572 | ₹1,94,844 | ₹3,12,416 | ₹22,27,779 |
| 10 | ₹1,27,964 | ₹1,84,452 | ₹3,12,416 | ₹20,99,815 |
| 11 | ₹1,39,275 | ₹1,73,141 | ₹3,12,416 | ₹19,60,540 |
| 12 | ₹1,51,586 | ₹1,60,831 | ₹3,12,416 | ₹18,08,954 |
| 13 | ₹1,64,985 | ₹1,47,432 | ₹3,12,416 | ₹16,43,969 |
| 14 | ₹1,79,568 | ₹1,32,849 | ₹3,12,416 | ₹14,64,402 |
| 15 | ₹1,95,440 | ₹1,16,977 | ₹3,12,416 | ₹12,68,962 |
| 16 | ₹2,12,715 | ₹99,701 | ₹3,12,416 | ₹10,56,247 |
| 17 | ₹2,31,517 | ₹80,899 | ₹3,12,416 | ₹8,24,730 |
| 18 | ₹2,51,981 | ₹60,435 | ₹3,12,416 | ₹5,72,749 |
| 19 | ₹2,74,254 | ₹38,163 | ₹3,12,416 | ₹2,98,495 |
| 20 | ₹2,98,495 | ₹13,921 | ₹3,12,416 | ₹0 |
Lowest home loan rates right now
See all bank rates →#1
7.10%
Bank of India
Rates page ↗#2
7.15%
LIC Housing
Rates page ↗#3
7.15%
Canara Bank
Rates page ↗#4
7.20%
Bank of Baroda
Rates page ↗#5
7.30%
State Bank of India
Rates page ↗
Rates updated as of 28 Jul 2026 · p.a. · Confirm with the bank before investing.
EMI tips
- A shorter tenure costs more each month but far less in total interest.
- Even a small prepayment early in the loan can save a surprising amount of interest.
- Compare the annual rate and processing fees across lenders, not just the EMI.
How it's calculated
The Equated Monthly Installment (EMI) is:
EMI = P × r × (1 + r)n / ((1 + r)n − 1)
where P is the loan principal, r is the monthly interest rate (annual ÷ 12 ÷ 100) and n is the tenure in months. The maths is identical for home, personal and car loans — only typical rates and tenures differ, which the loan-type toggle sets for you. Total interest = EMI × n − principal.
Example
A ₹30,00,000 home loan at 8.5% for 20 years works out to an EMI of roughly ₹26,035/month — over the full tenure, that's about ₹62,48,327 paid in total, of which ₹32,48,327 is interest.
About EMIs
An EMI (Equated Monthly Installment) is the fixed monthly amount you pay to repay a loan — home, personal, or car — combining both principal and interest into one predictable figure for the entire tenure. It's how nearly every term loan in India is structured.
How it works
Each EMI payment is split between interest (calculated on the outstanding balance) and principal repayment. Early in the loan, most of each EMI goes toward interest since the outstanding balance is largest; as the balance shrinks, more of each EMI goes toward principal. The EMI amount itself stays constant — only the interest/principal split shifts over time.
How to use this calculator
- Pick your loan type — Home, Personal, or Car — the calculator adjusts to typical ranges for each.
- Set the loan amount, interest rate, and tenure.
- Check the amortization schedule below the result to see how the interest/principal split changes over the loan's life.
Strategies worth knowing
- Shorter tenure, same EMI budget — if you can afford a higher EMI, a shorter tenure saves substantially on total interest, since less time means less interest accrual.
- Prepay early — because early EMIs are interest-heavy, a prepayment made early in the loan saves far more interest than the same prepayment made later. See our Loan Prepayment Calculator.
- Compare the true cost — processing fees, prepayment penalties, and insurance add-ons can meaningfully change a loan's real cost beyond the headline rate.
Important caveats
- This calculator assumes a fixed interest rate for the full tenure — a floating-rate loan's EMI or tenure can change if rates move.
- It doesn't include processing fees, insurance, or other charges some lenders bundle into the loan.
- Home loan interest may qualify for tax deductions (Sections 24 and 80C) — not reflected in this calculator's output.
Why the EMI amount doesn't change
The EMI formula is designed so that a fixed monthly payment, combined with the principal balance shrinking after each payment, exactly pays off the loan (principal + all interest) by the end of the tenure — no more, no less. That's what makes it "equated": the same number every month, even though the interest/principal mix inside it changes.
Benefits
- Predictable, fixed monthly payment makes budgeting straightforward.
- Widely available across home, personal, and vehicle loans in India, with well-understood terms.
- The amortization schedule makes it easy to see exactly how prepayment or tenure changes affect your total interest.
Home loan rates — top banks
Rates updated as of 28 Jul 2026
| Bank | Rate (p.a.) | Tenure | Notes |
|---|---|---|---|
| Bank of India | 7.10% | Starting rate for eligible profiles | Starting rate for eligible profiles |
| LIC Housing | 7.15% | Starting rate for eligible profiles | Starting rate for eligible profiles |
| Canara Bank | 7.15% | Starting rate for eligible profiles | Starting rate for eligible profiles |
| Bank of Baroda | 7.20% | Starting rate for eligible profiles | Starting rate for eligible profiles |
| State Bank of India | 7.30% | Starting rate for eligible profiles | Starting rate for eligible profiles |
| ICICI Bank | 7.50% | Starting rate for eligible profiles | Starting rate for eligible profiles |
| HDFC Bank | 7.75% | Starting rate for eligible profiles | Starting rate for eligible profiles |
| Axis Bank | 8.00% | Starting rate for eligible profiles | Starting rate for eligible profiles |
| Punjab National Bank - PNB | 8.25% | Starting rate for eligible profiles | Starting rate for eligible profiles |
Personal loan rates — top banks
Bank rate comparison coming soon.
We verify and publish EMI-Personal rates from the top banks monthly, each with the date it was checked. We never show an unverified rate — see our methodology.
Car loan rates — top banks
Bank rate comparison coming soon.
We verify and publish EMI-Car rates from the top banks monthly, each with the date it was checked. We never show an unverified rate — see our methodology.
Frequently asked questions
How is EMI calculated?
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the tenure in months. Each EMI covers both interest and a part of the principal.
Is the EMI formula different for home, personal and car loans?
No — the maths is identical. What differs is the typical interest rate and tenure. The loan-type toggle simply sets sensible starting values for each; you can adjust them to match your actual offer.
How does tenure affect my EMI and total interest?
A longer tenure lowers the monthly EMI but increases the total interest you pay, because you owe the balance for longer. A shorter tenure raises the EMI but reduces total interest.
What is total interest?
Total interest is the sum of all interest across the loan: EMI × number of months − principal. It shows the true cost of borrowing on top of the amount you receive.
Why does most of my early EMI go toward interest?
Interest is calculated on the outstanding balance each month, and that balance is largest at the start of the loan. As you pay down principal, the balance (and therefore the interest portion of each EMI) shrinks, so later EMIs shift toward paying more principal.
Can my EMI change during the loan?
For a fixed-rate loan, no — the EMI stays constant for the full tenure. For a floating-rate loan, the bank may adjust either your EMI or your remaining tenure when the benchmark rate changes; check your loan agreement for which one your lender adjusts.
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