EMI Calculator — Loan EMI, Interest & Amortization
Compute monthly EMI, total interest, and a full amortization schedule for home, car, and personal loans. Donut chart of principal vs interest. ₹/$/€/£ supported.
Amortization schedule
Showing first 12 of 240 months. Each row shows how the EMI splits between principal and interest, and the remaining balance.
| Month | EMI | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | ₹9,321.31 | ₹1,404.65 | ₹7,916.67 | ₹9,98,595.35 |
| 2 | ₹9,321.31 | ₹1,415.77 | ₹7,905.55 | ₹9,97,179.59 |
| 3 | ₹9,321.31 | ₹1,426.97 | ₹7,894.34 | ₹9,95,752.62 |
| 4 | ₹9,321.31 | ₹1,438.27 | ₹7,883.04 | ₹9,94,314.35 |
| 5 | ₹9,321.31 | ₹1,449.66 | ₹7,871.66 | ₹9,92,864.69 |
| 6 | ₹9,321.31 | ₹1,461.13 | ₹7,860.18 | ₹9,91,403.56 |
| 7 | ₹9,321.31 | ₹1,472.70 | ₹7,848.61 | ₹9,89,930.86 |
| 8 | ₹9,321.31 | ₹1,484.36 | ₹7,836.95 | ₹9,88,446.50 |
| 9 | ₹9,321.31 | ₹1,496.11 | ₹7,825.20 | ₹9,86,950.39 |
| 10 | ₹9,321.31 | ₹1,507.95 | ₹7,813.36 | ₹9,85,442.43 |
| 11 | ₹9,321.31 | ₹1,519.89 | ₹7,801.42 | ₹9,83,922.54 |
| 12 | ₹9,321.31 | ₹1,531.93 | ₹7,789.39 | ₹9,82,390.61 |
About this tool
An Equated Monthly Instalment (EMI) is the fixed monthly payment a borrower makes on an amortising loan — the amount stays constant, but the split between interest and principal shifts every month. In the early months interest dominates because the outstanding balance is highest; by the last few months almost the entire EMI is principal.
WRRK's EMI calculator computes the standard textbook EMI formula, generates a complete month-by-month amortization schedule, and visualises where every rupee of your total payment ends up — how much is principal recovery versus interest cost. Useful for comparing two banks, evaluating tenure options (the same loan over 15 vs 25 years can mean lakhs of rupees in extra interest), and understanding what you're actually paying for over the life of the loan.
Note: this is the loan-side EMI. Processing fees, GST on fees, credit-life insurance, MODT charges (for home loans in India), and prepayment penalties are extra. The calculator uses a fixed rate; for floating-rate loans, re-run after each rate reset.
How to calculate EMI (5 steps)
- Pick currency. ₹ for India, or $/€/£ for other markets. Affects display formatting only.
- Enter loan amount. The principal — the amount the lender disburses (before any processing fee deduction).
- Enter interest rate. The annual interest rate as a percentage. The calculator converts this to a monthly rate internally.
- Set tenure. Loan duration in years or months — toggle to switch units. Common: home loans 15-30 years, car 5-7 years, personal 1-5 years.
- Read the breakdown. Right panel shows EMI, total payment, total interest, and a donut of principal vs interest. Below: full month-by-month amortization (first 12 expanded; tap to see all).
Typical loan ranges (India, illustrative)
| Loan type | Typical rate | Typical tenure |
|---|---|---|
| Home loan | 8.5 - 9.5% | 15 - 30 years |
| Car loan | 9 - 11% | 3 - 7 years |
| Personal loan | 11 - 18% | 1 - 5 years |
| Education | 9 - 13% | 5 - 15 years |
| Gold loan | 9 - 14% | 3 mo - 3 years |
Use cases
- Comparing offers from two banks — pick the lower total interest
- Choosing tenure — see how a shorter loan slashes interest
- Affordability check — does the EMI fit your income?
- Refinance / balance transfer evaluation
- Prepayment planning (run before and after to see savings)
- Budgeting for a car or home purchase
- Understanding the amortisation curve before signing
- Generating a schedule to share with your CA or financial planner
Frequently asked questions
+−What is the EMI formula?
EMI = [P × R × (1+R)^N] ÷ [(1+R)^N − 1], where P is the principal, R is the monthly interest rate (annual rate ÷ 12 ÷ 100), and N is the number of monthly instalments. The calculator computes this live and breaks down each instalment into principal and interest.
+−Why is the interest portion so high in early EMIs?
EMIs are equal in size, but in early months the outstanding balance is highest, so the interest portion (balance × monthly rate) is largest and the principal portion is smallest. Over time the balance falls, interest shrinks, and more of each EMI goes to principal. This is visible in the amortization table.
+−Should I choose a longer or shorter tenure?
A longer tenure gives a smaller monthly EMI but much higher total interest. A shorter tenure has a higher EMI but you pay far less interest overall. Try the same loan with two tenures in this calculator and compare 'Total interest' to see the trade-off.
+−Does this account for processing fees, GST or insurance?
No. EMI is just principal + interest. Processing fees (typically 0.5-2% of loan), GST on the fees, credit-life insurance, and prepayment charges are extra. Banks usually deduct fees from disbursal, so you receive less than the principal but pay EMI on the full amount.
+−What happens if I make a prepayment?
A prepayment reduces the principal directly, which cuts future interest. Most lenders let you choose: keep the EMI same and finish faster, or keep the tenure same and reduce the EMI. The amortization table here is for a vanilla loan without prepayment — recompute after each prepayment for an updated schedule.
+−How do floating-rate loans differ from this calculation?
This calculator uses a fixed rate. For a floating-rate loan, the EMI (or tenure) changes when the lender's reference rate changes. You can re-run the calculator with the new rate after each reset to see the updated EMI.
+−Why does my bank's EMI differ by a few rupees?
Banks use slightly different rounding conventions and may compound monthly using a 30/360 day-count instead of true monthly. The mathematical EMI here matches the standard textbook formula and is usually within ₹1-5 of a bank's quoted EMI.