RupeeMath

EMI Calculator — Calculate Your Loan EMI

Find out exactly how much you'll pay each month for your home loan, car loan, or personal loan. See the principal vs interest breakdown.

Loan Details

₹
₹1,00,000₹20.00 L₹1,00,00,000
%
4%8.5%24%
mo
12 mo20 yrs (240 mo)360 mo

₹17,356

Monthly EMI

₹21.66 L

Total Interest

₹41.66 L

Total Payment

Loan Breakdown

Principal Amount₹20.00 L
Total Interest₹21.66 L
Principal %48.0%
Interest %52.0%

Principal vs Interest Split

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What is an EMI?

An Equated Monthly Instalment (EMI) is the fixed amount you pay to your lender every month until the loan is fully repaid. Each EMI has two components: a principal portion (which reduces your outstanding loan balance) and an interest portion (the cost of borrowing). In the early months of a loan, the majority of your EMI goes toward interest. As you pay more instalments, the principal component rises and the interest portion decreases — this is called an amortizing loan. EMI-based loans are used for home loans, car loans, personal loans, and consumer durable loans across all major Indian banks and NBFCs.

How to Use the RupeeMath EMI Calculator

  • 1.Loan Amount: Enter the total loan amount you need (e.g., ₹30,00,000 for a home loan).
  • 2.Interest Rate: Enter the annual interest rate offered by your bank (e.g., 8.5%). Check your sanction letter or bank website for the current rate.
  • 3.Loan Tenure: Enter the repayment period in months (e.g., 240 months = 20 years for a home loan).
  • 4.View results: See your Monthly EMI, Total Amount Payable, and Total Interest instantly. The pie chart shows the split between principal and interest.
  • 5.Compare scenarios: Adjust the tenure slider to see how a shorter or longer loan period affects your EMI and total interest cost.

EMI Formula Explained

The standard reducing balance EMI formula used by all Indian banks is:

EMI = P × r × (1 + r)ⁿ / [(1 + r)ⁿ – 1]
  • P — Principal loan amount (e.g., ₹30,00,000)
  • r — Monthly interest rate = Annual rate ÷ 12 ÷ 100 (e.g., 8.5% → 0.007083)
  • n — Number of monthly instalments (e.g., 20 years → 240 months)

Example: ₹30 lakh at 8.5% for 20 years → EMI ≈ ₹26,035/month. Total payable ≈ ₹62.5 lakh. Interest cost ≈ ₹32.5 lakh — more than the original loan.

Frequently Asked Questions