KitJade
Calculators & ProductivityRuns in your browser

EMI Calculator

Monthly EMI plus a full amortisation schedule.

Use the EMI Calculator tool

Runs in your browserUpdated Report a problem

What this emi calculator does

EMI Calculator computes the fixed monthly instalment for a loan using the standard reducing-balance formula. It also shows how much interest you will pay over the full tenure and how the split between principal and interest changes over time.

The amortisation schedule reveals the part most borrowers underestimate: in the early years most of each instalment is interest. A shorter tenure raises the EMI but cuts total interest sharply. The calculator lets you compare tenures with real numbers rather than rules of thumb.

Why use it

  • Compare loan offers with different rates and tenures on equal terms.
  • See how much a prepayment or shorter tenure could save.
  • Check that a lender's quoted EMI matches the reducing-balance formula.

How to use it

  1. 1Enter the loan amount, annual interest rate and tenure.
  2. 2Choose months or years for the tenure.
  3. 3Read the EMI, total interest and total payment.
  4. 4Open the schedule to see the yearly principal/interest split.

Worked examples

Five-year loan

Input

₹5,00,000 · 9% per year · 60 months

Output

EMI ₹10,379 · total interest ₹1,22,751 · total repayment ₹6,22,751

Common mistakes

  • Comparing a flat-rate quote with a reducing-balance EMI; flat rates look cheaper but cost more.
  • Ignoring processing fees, insurance and other charges when comparing offers.
  • Assuming the EMI stays fixed on floating-rate loans — it can change when the benchmark rate moves.

Frequently asked questions

What formula is used?
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is principal, r is the monthly interest rate and n is the number of months.
Does the schedule include prepayments?
No. It models a fixed-rate loan with equal instalments. Prepayments reduce the outstanding principal and therefore the remaining interest.
Is GST included?
No. GST may apply to fees and charges on some loans but not to the principal or interest itself in the usual retail lending case.

Related tools

All tools

SIP Calculator

Project SIP growth from monthly amount and return.

Runs locally

GST Calculator

Add or remove GST with the CGST/SGST breakdown.

Runs locally

Percentage Calculator

Percent of a number, percent share and percent change.

Runs locally

Age Calculator

Exact age plus a next-birthday countdown.

Runs locally