🏦 Instant EMI Calculator

Calculate Your Loan EMI Instantly

Home · Car · Personal · Education · Gold · Business loans — with amortization schedule, prepayment savings, and rate comparison.

🏠 Home Loan Calculator

Typical rate: 8.75%
₹₹25.00 L
₹1.00 L₹5.00 Cr
% p.a.
1%30%
1 Year30 Years
%
0%3%
Monthly EMI
₹22,093
for 20 years @ 8.75% p.a.
47%Principal
Principal
₹25,00,000
Total Interest
₹28,02,264
₹53,02,264
Total Cost
₹28,02,264
Total Interest
112%
Interest Ratio
₹3,864
1st EMI Principal

📅 Monthly Payments

Monthly EMI₹22,093
1st Month Interest₹18,229
1st Month Principal₹3,864
Tenure (Months)240

💰 Totals

Loan Amount₹25,00,000
Total Interest₹28,02,264
Total Repayment₹53,02,264

📈 Rate Analysis

Annual Rate8.75%
Monthly Rate0.73%
Interest / Principal112%
Break-even Month146

🏦 Loan Info

Loan Type🏠 Home Loan
Principal₹25.00 L
Loan ClosesAug 2046
Annual Outgo₹2,65,113

Frequently Asked Questions

What is EMI?

EMI (Equated Monthly Instalment) is a fixed payment made every month to repay a loan. It includes both principal repayment and interest charged by the bank or NBFC.

What is the EMI formula?

EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments.

How can I reduce my EMI?

You can reduce EMI by: (1) negotiating a lower interest rate, (2) increasing your loan tenure, (3) making a higher down payment, or (4) making periodic prepayments to reduce the outstanding principal.

What is an amortization schedule?

An amortization schedule is a table that shows each monthly EMI payment broken down into principal and interest components, along with the outstanding balance after each payment.

Should I choose a longer or shorter tenure?

A longer tenure reduces your monthly EMI but increases total interest paid. A shorter tenure means higher EMI but lower total interest. Choose based on your monthly cash flow comfort and overall cost sensitivity.

What is a processing fee?

A processing fee is a one-time charge by the lender for processing your loan application. It typically ranges from 0.5% to 2% of the loan amount and is deducted upfront from the disbursed amount.

What is break-even month?

The break-even month is when your principal component in the EMI equals the interest component. Before this month, you pay more interest than principal. After it, more of your EMI goes toward reducing the principal.

How are home loan interest rates set in India?

Most floating-rate retail loans from banks are linked to an external benchmark — usually the RBI policy repo rate — under the external benchmark framework the RBI made mandatory for new retail loans from October 2019. Your rate is that benchmark plus a spread the lender sets from your credit score, loan-to-value ratio, income stability and employment category, so two borrowers at the same bank on the same day can be quoted different rates. Because the benchmark moves whenever the repo rate is revised, and because spreads differ by lender and by borrower, no rate published on any website stays accurate for long — check the lender’s own current rate card and your sanction letter for the rate that applies to you. Housing finance companies and NBFCs sit outside the external benchmark framework and price off their own benchmark, so they reprice on different logic. Every figure this calculator produces is an estimate, not a quote or an offer; see /disclaimer.

Developer guide

Complete guide to EMI calculation, amortization and prepayment

An EMI (Equated Monthly Instalment) is the single fixed amount you pay a lender every month until a loan closes. What is fixed is the instalment, not what it buys: every month the lender first takes interest on whatever principal is still outstanding, and only the remainder reduces the loan. Because the outstanding balance falls a little each month, the interest portion shrinks and the principal portion grows — which is why two loans with an identical EMI can cost wildly different amounts in total.

Braxik's EMI calculator is built on the standard reducing-balance annuity formula and then builds the actual month-by-month schedule rather than approximating it. You choose a loan type (home, car, personal, education, gold, or business), set the principal, annual interest rate and tenure in years or months, and optionally a processing fee as a percentage of the loan. Four panels sit below the result: Breakdown, Amortization (yearly or monthly), Prepayment, and Rate Compare.

The numbers are usually larger than people expect. On a Rs 50,00,000 loan at 9% per annum for 20 years the EMI works out to about Rs 44,986, and the total interest is about Rs 57,96,711 — more than the amount borrowed. In the first twelve months you hand over Rs 5,39,832 in instalments, of which roughly Rs 4,46,200 is interest; the outstanding balance falls only to about Rs 49,06,364. Just 1.87% of the loan is repaid in year one. This is normal amortization arithmetic, not a bad deal, but it is the reason the schedule is worth reading before you sign.

One thing to be clear about from the start: the EMI is not the cost of the loan. Processing and documentation fees, legal and valuation charges, GST on those charges, bundled or mandatory insurance, and — for property — stamp duty and registration all sit outside the instalment. The tool models the processing fee as a separate line and adds it to Total Cost; everything else you have to add yourself. The honest way to compare two offers is on effective cost (APR-style), not on the advertised rate.

How it works

The EMI comes from the reducing-balance annuity formula E = P x r x (1+r)^n / ((1+r)^n - 1), where P is the principal, n is the number of monthly instalments, and r is the monthly interest rate expressed as a decimal — the annual rate divided by 12, then divided by 100. A 9% annual rate gives r = 9 / 12 / 100 = 0.0075. For P = 50,00,000 and n = 240, (1.0075)^240 = 6.009152, so E = (50,00,000 x 0.0075 x 6.009152) / (6.009152 - 1) = 2,25,343.18 / 5.009152 = Rs 44,986.30. The tool computes r exactly this way, and returns P divided by n when the rate is set to zero.

The amortization schedule is then generated one month at a time. Interest for the month is the opening balance multiplied by r; the principal component is the EMI minus that interest; the closing balance is the opening balance minus the principal component. On the 50 lakh example, month one splits as Rs 37,500 interest and Rs 7,486 principal — only 16.6% of the instalment reduces the loan. The Breakdown panel reports the break-even month, the first month where the principal component finally exceeds the interest component: for this loan it is month 149 of 240. Stretch the same loan to 30 years and break-even moves out to month 269 of 360. The Amortization tab shows the same rows aggregated by year or listed month by month.

The Prepayment tab simulates one lump sum applied at a month you choose. It subtracts the lump sum from the outstanding balance before that month's interest is charged, holds the EMI constant, and lets the loan finish early. Prepaying Rs 5,00,000 at month 13 on the 50 lakh example ends the loan in 190 months instead of 240 and cuts total interest from about Rs 57,96,711 to about Rs 40,26,760 — a saving of roughly Rs 17,69,951. Note what this models: tenure reduction. If you instead asked the lender to keep the 20-year end date and lower the instalment, the same Rs 5,00,000 would drop the EMI from about Rs 44,986 to about Rs 40,402 and save only about Rs 5,45,262. Same money, roughly Rs 12,24,689 less benefit. Reducing tenure almost always saves more interest, because interest is charged on time as well as on principal.

The Rate Compare tab runs three rates you type in against the same principal and tenure and reports EMI, total interest and total payment for each. It makes small rate differences legible: on the 50 lakh 20-year loan, moving from 9.00% to 9.25% costs about Rs 807 a month, which looks trivial, but Rs 1,93,691 across the full tenure. The processing fee input is treated the way lenders usually treat it — a percentage of the sanctioned amount, shown separately and added to Total Cost, not rolled into the EMI. That separation matters for comparison: a 1% processing fee on the 50 lakh 20-year loan at 9% pushes the effective cost to roughly 9.14%, because you service interest on money the lender never actually handed you.

Common uses

  • Test whether a home loan EMI fits your monthly cash flow before you start house hunting, by working backwards from a comfortable instalment to the principal it supports.
  • Compare 15, 20 and 30-year tenures on the same loan to see exactly what the lower EMI costs in total interest before choosing a tenure.
  • Decide whether an annual bonus is better used as a loan prepayment, using the Prepayment tab to see months saved and rupees of interest avoided.
  • Put two sanction letters side by side in the Rate Compare tab at the same principal and tenure, so the comparison is on cost rather than on which lender presented the number better.
  • Convert a dealer or NBFC flat-rate quote into a reducing-balance equivalent before agreeing to vehicle or personal loan finance.
  • Find the outstanding principal after a given number of years from the Amortization tab, which is the figure a balance transfer or top-up loan is actually priced on.
  • Check the break-even month before committing to a loan on an asset you may sell within a few years, since everything paid before that point is mostly interest.
  • Sanity-check the EMI a lender or a sales agent quoted you against the arithmetic, and query any difference that is more than a few rupees.

Before you rely on the result

  • Every figure this tool produces is an estimate from a clean textbook schedule. Before you sign anything, ask the lender for their own amortization sheet against your sanction letter and reconcile it — that document, not this page, is what governs your loan.
  • The Typical rate shown on each loan-type pill is a prefill to get the sliders into a sensible range. It is not a quote, it is not tracked against any lender's rate card, and it should be replaced with the rate on your own sanction letter or the lender's currently published rate before you read anything into the result.
  • The EMI is not the cost of the loan. Add processing and documentation fees, legal and valuation charges, GST on those charges, any bundled or mandatory insurance premium, and stamp duty and registration for property. Compare competing offers on effective cost, not on the headline interest rate.
  • Never compare a flat rate against a reducing-balance rate as though they were the same number. A flat rate charges interest on the original principal for the whole tenure, so the equivalent reducing-balance rate is far higher — often close to double at typical retail tenures. Always ask for the reducing-balance rate in writing.
  • This calculator holds one rate constant for the entire tenure. A floating-rate loan linked to an external benchmark reprices on a reset cycle, so the real schedule will diverge from this one after the first reset. Re-run the calculation with the new rate and the then-outstanding balance each time your loan reprices.
  • Expect the lender's figures to differ slightly. This tool uses a monthly rate of annual divided by 12 and an unrounded instalment; lenders round the EMI to the rupee, may compute interest on an actual-days basis, usually charge broken-period (pre-EMI) interest from the disbursement date to the first instalment date, and make the final instalment a residual amount. On the 50 lakh 9% example, 44 days of broken-period interest is about Rs 54,247 that never appears anywhere in this calculator.
  • The Prepayment tab models exactly one lump sum with the EMI held constant. It does not model recurring extra payments, EMI-reduction prepayment, moratorium or pre-EMI periods on education loans and under-construction property, tranche-wise disbursement, step-up or step-down EMIs, or foreclosure charges. The RBI has for many years restricted foreclosure and prepayment charges on floating-rate term loans to individual borrowers, and the scope of that restriction has been revised more than once, so check both your sanction letter and the current RBI circular rather than assuming.