EMI calculator
Your monthly EMI, the total interest, and the whole schedule, year by year and month by month. A loan of ₹10,00,000 at 8.5% a year for 20 years has an EMI of ₹8,678.23, and you pay ₹10,82,777 in interest over the 240 months.
Add prepayments to see the interest and months they save, and download the schedule as a CSV file.
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Your figures
Results
Monthly EMI
₹8,678.23
for 20 years · 240 EMIs
- Principal
- ₹10,00,000
- Total interest
- ₹10,82,777
- Total of all payments
- ₹20,82,777
Last EMI in .
The last EMI is ₹8,679.66: it takes up the paise left over from rounding. Interest is 52% of what you pay.
With your prepayments of ₹0
- Interest saved
- ₹0
- Loan ends sooner by
- 0 months
- EMI after prepaying
- ₹8,678.23
Fix the figure marked above, and the results will follow.
The link keeps your figures after its # sign, a part browsers never send to a server.
Principal and interest
- Principal₹10,00,00048%
- Total interest₹10,82,77752%
What you pay each year
- Principal
- Interest
Loan balance over time
Amortisation schedule
| Year | Opening balance | EMIs paid | Principal | Interest | Closing balance | Loan paid off |
|---|---|---|---|---|---|---|
| Year 1 | ₹10,00,000.00 | ₹1,04,138.76 | ₹19,902.27 | ₹84,236.49 | ₹9,80,097.73 | 2% |
| Year 2 | ₹9,80,097.73 | ₹1,04,138.76 | ₹21,661.44 | ₹82,477.32 | ₹9,58,436.29 | 4.2% |
| Year 3 | ₹9,58,436.29 | ₹1,04,138.76 | ₹23,576.13 | ₹80,562.63 | ₹9,34,860.16 | 6.5% |
| Year 4 | ₹9,34,860.16 | ₹1,04,138.76 | ₹25,660.03 | ₹78,478.73 | ₹9,09,200.13 | 9.1% |
| Year 5 | ₹9,09,200.13 | ₹1,04,138.76 | ₹27,928.15 | ₹76,210.61 | ₹8,81,271.98 | 11.9% |
| Year 6 | ₹8,81,271.98 | ₹1,04,138.76 | ₹30,396.74 | ₹73,742.02 | ₹8,50,875.24 | 14.9% |
| Year 7 | ₹8,50,875.24 | ₹1,04,138.76 | ₹33,083.55 | ₹71,055.21 | ₹8,17,791.69 | 18.2% |
| Year 8 | ₹8,17,791.69 | ₹1,04,138.76 | ₹36,007.81 | ₹68,130.95 | ₹7,81,783.88 | 21.8% |
| Year 9 | ₹7,81,783.88 | ₹1,04,138.76 | ₹39,190.58 | ₹64,948.18 | ₹7,42,593.30 | 25.7% |
| Year 10 | ₹7,42,593.30 | ₹1,04,138.76 | ₹42,654.66 | ₹61,484.10 | ₹6,99,938.64 | 30% |
| Year 11 | ₹6,99,938.64 | ₹1,04,138.76 | ₹46,424.94 | ₹57,713.82 | ₹6,53,513.70 | 34.6% |
| Year 12 | ₹6,53,513.70 | ₹1,04,138.76 | ₹50,528.51 | ₹53,610.25 | ₹6,02,985.19 | 39.7% |
| Year 13 | ₹6,02,985.19 | ₹1,04,138.76 | ₹54,994.75 | ₹49,144.01 | ₹5,47,990.44 | 45.2% |
| Year 14 | ₹5,47,990.44 | ₹1,04,138.76 | ₹59,855.80 | ₹44,282.96 | ₹4,88,134.64 | 51.2% |
| Year 15 | ₹4,88,134.64 | ₹1,04,138.76 | ₹65,146.51 | ₹38,992.25 | ₹4,22,988.13 | 57.7% |
| Year 16 | ₹4,22,988.13 | ₹1,04,138.76 | ₹70,904.87 | ₹33,233.89 | ₹3,52,083.26 | 64.8% |
| Year 17 | ₹3,52,083.26 | ₹1,04,138.76 | ₹77,172.21 | ₹26,966.55 | ₹2,74,911.05 | 72.5% |
| Year 18 | ₹2,74,911.05 | ₹1,04,138.76 | ₹83,993.52 | ₹20,145.24 | ₹1,90,917.53 | 80.9% |
| Year 19 | ₹1,90,917.53 | ₹1,04,138.76 | ₹91,417.80 | ₹12,720.96 | ₹99,499.73 | 90.1% |
| Year 20 | ₹99,499.73 | ₹1,04,140.19 | ₹99,499.73 | ₹4,640.46 | ₹0.00 | 100% |
| Total | ₹10,00,000.00 | ₹20,82,776.63 | ₹10,00,000.00 | ₹10,82,776.63 | ₹0.00 | 100% |
How this is calculated
The EMI is the fixed monthly payment that repays the loan and its interest in the number of months you choose:
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
where P is the loan amount, r is the monthly interest rate (the yearly rate ÷ 12 ÷ 100) and n is the number of months. At 8.5% a year, r is 0.0070833.
Each month, interest is charged on the balance still owed, and the rest of the EMI repays the principal:
Interest this month = balance × r and principal repaid = EMI − interest
So early EMIs are mostly interest, and later ones mostly principal.
- Paise, like a bank. The EMI and each month’s interest are rounded to the paisa, and the last EMI is whatever clears the balance. That’s why it can differ from the others by a few paise, and why the principal column adds up to the loan exactly.
- Prepayments are paid just after the EMI you pick. Reduce tenure keeps the EMI the same, so the loan ends sooner. Reduce EMI keeps the end date and works out a new, lower EMI for the months left.
- Fixed rate. The rate is assumed to stay the same for the whole loan. With a floating rate, your lender changes the EMI or the tenure when the rate moves.
- Not included: processing fees, insurance, prepayment charges and the pre-EMI interest some lenders charge before the first EMI.
Questions
Why does my bank’s EMI differ by a rupee or two?
Banks round differently. Some round the EMI up to the next rupee, some count interest by days rather than months, and some start with a broken-period interest charge before the first EMI. The difference is usually small, and the bank’s schedule is the one that counts.
Is it better to reduce the EMI or the tenure after a prepayment?
Reducing the tenure saves more interest, because the bigger EMI keeps paying the loan down faster. Reducing the EMI gives you more room each month. Add a prepayment and switch between Reduce tenure and Reduce EMI to compare the two, or use the loan prepayment calculator, which shows them side by side.
Why is most of my early EMI going to interest?
Interest is charged on what you still owe. At the start you owe the most, so the interest part is biggest. Each month a little more principal is repaid, so the interest falls and the principal part grows.
What do the financial year totals help with?
Interest paid on a home loan, and the principal repaid, can count towards income tax deductions under rules that change from year to year. Set the first EMI month, group the schedule by Financial year, and you have the April to March figures. Check the current rules, or ask a tax adviser, before you claim anything.
How do I share these figures?
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Quilleaf tracks your loan EMIs from bank SMS
Quilleaf is a free app for Android that keeps your money ledger on your phone, with no sign-up. Add a home, car or personal loan, or one you’re already paying: Quilleaf works out the EMI and the schedule from the amount, the rate and the months.
- Your bank’s EMI notices, like “scheduled for debit”, become the EMI’s reminder. They’re never added as money spent.
- Mark EMI paid keeps the loan and your bank account in step.
- What if you prepay? shows the interest you’d save, beside your debt-free date.
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What a monthly SIP could grow to, with an optional yearly step-up.
Emergency fund calculator
How much to keep aside for a rainy day, and how long it takes to get there.
These figures are estimates to help you plan, not financial advice. Banks, lenders and fund houses round and time things their own way, and rates change: check with them before you decide.