Loan & EMI Calculator
Monthly payment (EMI), total interest and total repayment for a fixed-rate loan.
Calculate monthly loan EMI, total interest and payoff schedule for any loan amount, rate and tenure. See the first-month principal/interest split and your exact payoff date.
How to calculate a loan EMI
Enter the principal amount, annual interest rate, and loan tenure. The calculator shows the regular monthly payment, total repayment, total interest, and an amortization schedule.
Use the result to compare loan amounts, rates, and terms. A longer tenure usually reduces the monthly payment but increases the total interest paid.
Full guide: How to calculate loan EMI, step by step
Formula: standard reducing-balance amortization (EMI = P r (1+r)^n / ((1+r)^n - 1)).
Example
Amount ₹10,00,000, rate 8.5%, tenure 20 years:
- Monthly EMI: ₹8,678.23
- Total interest: ₹10,82,775.76
- Total payment: ₹20,82,775.76 (interest share 52.0%)
Shortening the tenure to 15 years raises the EMI to ₹9,847.40 but cuts total interest to ₹7,72,531.20. Full walk-through, including prepayments, in the EMI guide.
How to use the Loan / EMI Calculator
- Enter the loan amount, annual interest rate and tenure.
- Monthly payment, total interest and total repayment appear instantly.
- Check the first-month split and payoff date.
Frequently asked questions
How is EMI calculated?
Using the standard amortization formula: EMI = P x r x (1+r)^n / ((1+r)^n - 1), where r is the monthly interest rate.
What is the EMI for a 5 lakh loan at 8.5% for 10 years?
Rs 6,199 per month — enter the values above to confirm and see the full breakdown.
Does the EMI include insurance?
No — this is pure principal plus interest. Add any insurance or fees separately.
Can I prepay the loan?
That depends on your bank's policy, not on this calculation. Prepayment reduces principal and shortens tenure.
Fun facts about Loan Calculator
- The word 'mortgage' comes from the French 'mort' (death) and 'gage' (pledge) — literally a 'death pledge,' referring to the deal ending when the debt is paid or the borrower defaults.
- The concept of compound interest was known to ancient Babylonian mathematicians around 2000 BC — it's one of the oldest mathematical concepts still in daily use.
- Albert Einstein reportedly called compound interest 'the eighth wonder of the world' — though there's no verified source for this quote.
- On a 30-year loan at 7% a year, you repay about 2.4 times the amount borrowed: interest alone comes to roughly 1.4 times the principal.
- The Rule of 72 is a quick shortcut: divide 72 by the interest rate to estimate how many years it takes for a debt (or investment) to double.