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EMI calculator

Work out the monthly EMI for a home, car or personal loan, the total interest you will pay, and how the balance falls year by year.

₹

30 lakh

%
yrs

Monthly EMI

₹26,035

for 240 months

  • Principal 48%
  • Interest 52%
Loan amount
₹30,00,000
Total interest
₹32,48,327
Total you repay
₹62,48,327
Year-by-year repayment
YearPrincipal paidInterest paidBalance
1₹59,707₹2,52,709₹29,40,293
2₹64,984₹2,47,432₹28,75,309
3₹70,728₹2,41,688₹28,04,580
4₹76,980₹2,35,436₹27,27,600
5₹83,785₹2,28,632₹26,43,815

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How to use the EMI calculator

Enter the loan amount, the yearly interest rate from your lender and the tenure in years. The calculator shows your monthly EMI, total interest and total amount paid, plus a yearly split of principal and interest.

Tenure changes everything

A longer tenure lowers the EMI but sharply raises total interest. On a ₹30 lakh loan at 8.5%, moving from 20 to 30 years cuts the EMI by about ₹3,000 a month but adds roughly ₹20 lakh in interest. Try both in the calculator before you sign.

Floating rates

Most home loans are linked to the repo rate. When rates change, banks usually keep the EMI and change the tenure. Re-run the numbers whenever your bank revises the rate.

Questions

How is loan EMI calculated?

EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r the monthly interest rate and n the number of months. A ₹30 lakh home loan at 8.5% for 20 years has an EMI of about ₹26,035.

Why is most of my early EMI going to interest?

Interest is charged on the outstanding balance, which is highest at the start. As you repay, the interest share falls and the principal share rises — the yearly table shows this clearly.

Should I prepay my home loan or invest?

Prepaying saves interest at your loan rate, risk-free. If your loan costs 8.5% and you are unlikely to earn clearly more after tax elsewhere, prepaying is a solid choice. Floating-rate home loans for individuals have no prepayment penalty.

What EMI can I afford?

A common rule is to keep all EMIs together under 40% of your take-home pay, and under 30% if your income is irregular.

Is home loan interest tax-deductible?

In the old regime, up to ₹2 lakh of interest on a self-occupied home is deductible each year, plus principal within the ₹1.5 lakh limit. The new regime gives no deduction for a self-occupied home.

Estimates for planning only — not tax, legal or investment advice. Rates and rules change; confirm with your bank, fund house or a chartered accountant before acting.