EMI Calculator
Calculate your Equated Monthly Installment with a full year-by-year repayment breakdown.
EMI stands for Equated Monthly Installment — the fixed amount you pay every month until a loan is fully repaid. The EMI Calculator takes your loan amount, annual interest rate and tenure in years, and instantly returns your monthly installment, the total amount you will pay and, crucially, the total interest that makes borrowing so expensive.
Most personal, home, auto and education loans use this structure: every month your payment splits between the interest accrued on the outstanding balance and a principal reduction. Early installments are mostly interest; the final ones are almost all principal. A year-by-year summary table shows your cumulative payments and remaining balance across the whole tenure, making the repayment curve easy to understand.
The calculation uses the standard EMI formula (the same annuity math banks use) and runs entirely in your browser. Results assume a fixed interest rate for the full tenure — floating-rate loans will differ as rates change. Use it to compare tenures and down payments before you commit to a loan.
Any currency — results shown in $.
Monthly EMI
$17,356.46
240 payments
Total payment
$4,165,551.52
Total interest
$2,165,551.52
Loan of $2,000,000.00 at 8.5% per year for 20 years.
Year-by-year repayment summary
| Period | Cumulative paid | Of which interest | Balance remaining |
|---|---|---|---|
| Year 1 | $208,277.58 | $168,472.99 | $1,960,195.42 |
| Year 2 | $416,555.15 | $333,427.62 | $1,916,872.47 |
| Year 3 | $624,832.73 | $494,552.90 | $1,869,720.17 |
| Year 4 | $833,110.30 | $651,510.34 | $1,818,400.03 |
| Year 5 | $1,041,387.88 | $803,931.54 | $1,762,543.66 |
| Year 6 | $1,249,665.46 | $951,415.55 | $1,701,750.10 |
| Year 7 | $1,457,943.03 | $1,093,525.97 | $1,635,582.93 |
| Year 8 | $1,666,220.61 | $1,229,787.80 | $1,563,567.20 |
| Year 9 | $1,874,498.18 | $1,359,684.11 | $1,485,185.92 |
| Year 10 | $2,082,775.76 | $1,482,652.22 | $1,399,876.46 |
| Year 11 | $2,291,053.34 | $1,598,079.74 | $1,307,026.41 |
| Year 12 | $2,499,330.91 | $1,705,300.17 | $1,205,969.26 |
| Year 13 | $2,707,608.49 | $1,803,588.07 | $1,095,979.58 |
| Year 14 | $2,915,886.06 | $1,892,153.88 | $976,267.81 |
| Year 15 | $3,124,163.64 | $1,970,138.25 | $845,974.61 |
| Year 16 | $3,332,441.22 | $2,036,605.90 | $704,164.68 |
| Year 17 | $3,540,718.79 | $2,090,538.83 | $549,820.04 |
| Year 18 | $3,748,996.37 | $2,130,829.10 | $381,832.74 |
| Year 19 | $3,957,273.94 | $2,156,270.83 | $198,996.88 |
| Year 20 | $4,165,551.52 | $2,165,551.52 | $0.00 |
How to use the EMI Calculator
- Enter the loan amount you intend to borrow (any currency — results shown in $).
- Type the annual interest rate as quoted by the lender.
- Choose the loan tenure in years.
- Read your monthly EMI, total payment and total interest.
- Scan the year-by-year table to see how the balance falls and how much interest you pay in total.
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) and n is the number of monthly installments. This is the standard formula used by banks for fixed-rate loans.
Will a longer tenure reduce my EMI?
Yes — stretching the tenure spreads the principal over more installments, lowering each monthly payment. But it also raises total interest substantially. For example, the same loan at 8.5% for 15 years versus 20 years can differ by tens of thousands in total interest, so choose the shortest tenure you can afford.
Does prepayment affect my EMI?
Depending on your lender, part-prepayment either reduces your EMI or shortens the tenure while keeping the EMI the same. Either way, prepayment cuts total interest because you retire principal early. Check whether your lender charges a prepayment penalty before doing the math on savings.
Is this calculator suitable for floating-rate loans?
Floating (variable) rate loans change their EMI whenever the lender revises the base rate, so no fixed calculator can predict them exactly. Use the current rate as an estimate, and keep some buffer in your budget for rate increases.
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