EMI Calculator
Calculate the monthly EMI, total interest and full amortization schedule for any loan.
Assumes a fixed rate and equal instalments. A floating rate, part prepayment or missed payment will change the schedule.
Monthly EMI
- Total Interest
- ₹10,82,775.76
- Total Payment
- ₹20,82,775.76
- Interest % of Payment
- 51.99%
EMI = (P · r (1+r) to the power n) divided by ((1+r) to the power n - 1)
P- Principal loan amount
r- Monthly interest rate = annual rate / 12 / 100
n- Total number of monthly instalments = years x 12
A 10,00,000 loan at 8.5% for 20 years gives an EMI of about 8,678.
How is EMI calculated?
EMI uses the reducing balance formula P x r x (1+r)^n / ((1+r)^n - 1), where r is the monthly rate and n the number of months.
Does a longer tenure reduce EMI?
Yes, a longer tenure lowers the monthly EMI but increases the total interest you pay over the loan.