How to calculate your EMI
- Enter the loan amount you plan to borrow.
- Enter the annual interest rate quoted by your lender.
- Enter the tenure and choose whether it's in years or months.
- Read the result: your monthly EMI, the total interest, the total payment and how that total splits between principal and interest.
- Check the repayment schedule below the result. It shows one row per year; switch on "Show every month" for a row per instalment, or press "Download CSV" to save the monthly schedule for a spreadsheet.
Features
- Monthly EMI, total interest and total payment in one view.
- Principal and interest split, shown as a bar and as percentages.
- Yearly repayment schedule, with principal paid, interest paid and the balance left at the end of each year.
- Month-by-month view of every instalment.
- CSV download of the monthly schedule, ready for Excel or Google Sheets.
- Tenure in years or months, with automatic conversion when you switch.
- Works with a 0% rate, for interest-free instalment plans.
The EMI formula, with a worked example
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
- P is the loan amount.
- r is the monthly interest rate: the annual rate ÷ 12 ÷ 100.
- n is the number of monthly instalments.
Take a home loan of 1,000,000 at 10% a year for 20 years. The monthly rate is 10 ÷ 12 ÷ 100 = 0.008333, and there are 240 instalments. Putting those into the formula gives an EMI of about 9,650.22. Over 240 months you pay about 2,316,052 in total, so the interest comes to roughly 1,316,052, more than the amount borrowed.
The schedule shows why. In the first year, about 99,255 of your payments go to interest and only about 16,547 reduce the loan. Because interest is charged on the reducing balance, the interest part shrinks every month and the principal part grows.
How to lower your total interest
- Choose a shorter tenure if you can afford it. On the same 1,000,000 loan at 10%, a 10-year tenure raises the EMI to about 13,215 but cuts the total interest to about 585,808, less than half the 20-year figure.
- Compare rates carefully. A difference of one percentage point can change the total interest by a large amount over a long loan. Enter each offer and compare the total payment, not only the EMI.
- Make part-prepayments when allowed. Paying extra reduces the balance that interest is charged on. Check your lender's rules and any prepayment charges first.
- Put down a bigger down payment. Borrowing less reduces both the EMI and the interest.
- Ask about all charges. Processing fees, insurance and other costs aren't part of the EMI formula, but they add to what the loan costs you.
Why use Fileora's EMI calculator
Before you sign for a home loan, a car on instalments or a personal loan, it helps to see the full cost, not just the monthly figure. Try a shorter tenure or a lower rate and you can see how much interest it saves. The schedule and CSV download make it easy to compare offers from different banks side by side.
The calculator is free, needs no sign-up and works on your phone. Your loan details stay on your device and are never uploaded.
To compare interest rates or work out a down payment as a share of the price, use the percentage calculator. To count the exact days or months between two dates, such as a loan's start and end, try the date difference calculator.
These results are estimates for planning and aren't financial advice. Confirm the final figures with your lender, and read our disclaimer for more.