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EMI Calculator — monthly loan payment for any loan, any currency

Work out your monthly EMI, total interest, and a full year-by-year amortisation schedule for home, vehicle, personal, or education loans. Uses the standard reducing-balance formula, supports ten currencies, and runs entirely in your browser.

By Induwara AshinsanaUpdated May 11, 2026
Calculate your EMIUniversal · any currency
PV-identity verified · 2026-05-11

EMI math is identical in every currency.

Rs

Total amount you want to borrow.

%

Reducing-balance rate, per year.

yrs

In years. 1 month–50 years supported.

Quick presets
Monthly EMI
Rs 22,244
Total interest
Rs 334,667
Total payment
Rs 1,334,667
60 monthly instalments
Interest share
25.07%
Rs 33 interest per Rs 100 borrowed

Principal vs interest

Principal
Interest
Principal 74.93% · Rs 1,000,000Interest 25.07% · Rs 334,667

Year-by-year amortisation

YearOpening balancePrincipal paidInterest paidClosing balance
1Rs 1,000,000Rs 155,290Rs 111,643Rs 844,710
2Rs 844,710Rs 174,985Rs 91,948Rs 669,725
3Rs 669,725Rs 197,177Rs 69,756Rs 472,547
4Rs 472,547Rs 222,184Rs 44,749Rs 250,363
5Rs 250,363Rs 250,363Rs 16,570Rs 0

Showing 5 of 5 years. Early years are interest-heavy; the principal share grows each year as the balance falls.

What this assumes

The calculator uses the standard fixed-rate reducing-balance EMI formula (P × r × (1+r)n / ((1+r)n − 1)) and cross-checks every result against the present-value-of-annuity identity. It models a single, fixed-rate, fully-amortising loan and does not account for processing fees, insurance, late penalties, step-up schedules, or floating-rate resets. Verified 2026-05-11.

How it works

An Equated Monthly Instalment, or EMI, is the fixed amount you repay to the lender each month. Every instalment is split into two parts — interest on the outstanding balance, and principal that pays the loan down. The interest portion is large at the start and shrinks each month as the balance falls, which is why the schedule is called a reducing balance.

The closed-form expression for a fixed-rate, fully-amortising EMI is a result that drops out of the present-value-of-annuity identity in corporate finance:

EMI = P × r × (1 + r)^n
      ─────────────────
        (1 + r)^n − 1

Here P is the principal (loan amount), r is the monthly periodic rate (the annual rate divided by 12), and n is the total number of monthly instalments. The result is in the same currency as the principal — the formula has no currency baked into it.

The amortisation schedule is then built one month at a time. For each month, the interest portion is opening balance × r, the principal portion is EMI − interest portion, and the closing balance is opening balance − principal portion. The calculator aggregates these monthly steps into a year-by-year table and snaps any sub-unit floating-point residual onto the final principal payment so the schedule closes at exactly zero.

Every EMI shown on this page is cross-checked against the present-value-of-annuity identity P = EMI × (1 − (1 + r)^−n) / r. Re-deriving the principal from the computed EMI should return the original loan amount; if it does not, the “PV-identity verified” badge in the calculator card will not light up.

Worked examples

Example

Rs 1,000,000 personal loan at 12% over 5 years

  1. Principal P = 1,000,000
  2. Monthly rate r = 12% / 12 = 0.01
  3. Number of instalments n = 5 × 12 = 60
  4. (1 + 0.01)^60 = 1.816697
  5. EMI = 1,000,000 × 0.01 × 1.816697 / 0.816697 ≈ 22,244.45
  6. Total payment = 22,244.45 × 60 ≈ 1,334,667
  7. Total interest ≈ 334,667 — about 33.5% of the principal.

Example

Rs 10,000,000 home loan at 10% over 20 years

  1. Principal P = 10,000,000
  2. Monthly rate r = 10% / 12 ≈ 0.008333
  3. Number of instalments n = 20 × 12 = 240
  4. (1.008333)^240 ≈ 7.328074
  5. EMI ≈ 10,000,000 × 0.008333 × 7.328074 / 6.328074 ≈ 96,502.21
  6. Total payment ≈ 23,160,530 over 20 years
  7. Total interest ≈ 13,160,530 — you pay back ≈ 2.3× the principal.

Example

Edge case: interest-free Rs 120,000 over 12 months

  1. Principal P = 120,000
  2. Monthly rate r = 0 — falls back to EMI = P / n
  3. EMI = 120,000 / 12 = 10,000
  4. Total payment = principal, total interest = 0.
  5. Useful as a sanity test — the divide-by-zero in the main formula is short-circuited.

Frequently asked questions

Sources & references

The EMI formula is universal and identical at every commercial bank in the world. The cited sources document the same formula and its underlying present-value identity. Last cross-checked on 2026-05-11.

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