EMI Calculator
Estimate monthly EMI, total interest, and overall payout for a home, car, or personal loan.
Year-by-year schedule
| Year | Principal paid | Interest | Balance |
|---|---|---|---|
| 1 | ₹18,727 | ₹89,240 | ₹9,81,273 |
| 2 | ₹20,484 | ₹87,483 | ₹9,60,789 |
| 3 | ₹22,405 | ₹85,562 | ₹9,38,384 |
| 4 | ₹24,507 | ₹83,460 | ₹9,13,877 |
| 5 | ₹26,806 | ₹81,161 | ₹8,87,070 |
| 6 | ₹29,321 | ₹78,646 | ₹8,57,750 |
| 7 | ₹32,071 | ₹75,896 | ₹8,25,679 |
| 8 | ₹35,080 | ₹72,887 | ₹7,90,599 |
| 9 | ₹38,370 | ₹69,597 | ₹7,52,229 |
| 10 | ₹41,970 | ₹65,997 | ₹7,10,259 |
| 11 | ₹45,907 | ₹62,060 | ₹6,64,352 |
| 12 | ₹50,213 | ₹57,754 | ₹6,14,139 |
| 13 | ₹54,924 | ₹53,044 | ₹5,59,215 |
| 14 | ₹60,076 | ₹47,891 | ₹4,99,140 |
| 15 | ₹65,711 | ₹42,256 | ₹4,33,428 |
| 16 | ₹71,875 | ₹36,092 | ₹3,61,553 |
| 17 | ₹78,618 | ₹29,349 | ₹2,82,935 |
| 18 | ₹85,993 | ₹21,974 | ₹1,96,942 |
| 19 | ₹94,059 | ₹13,908 | ₹1,02,883 |
| 20 | ₹1,02,883 | ₹5,084 | ₹0 |
How this is calculated
EMI = P × r × (1+r)n / ((1+r)n − 1), where r is the monthly rate and n is the number of months. This is the principal-and-interest instalment only.
Worked examples
₹20 lakh home loan at 8.5% for 20 years
- Reducing-balance EMI = P × r × (1+r)^n / ((1+r)^n − 1)
- P is principal, r is monthly rate, n is months
₹17,356 / month · interest ₹21,65,552 · total ₹41,65,552
Same ₹20 lakh at 8.5%: 15 years instead of 20
- Only the tenure changes: n = 180 months instead of 240
- A shorter tenure raises the EMI but cuts the interest paid
₹19,695 / month (₹2,338 more) · interest ₹15,45,062 (₹6,20,489 less)
₹8 lakh car loan at 9.5% for 5 years
- n = 60 months, r = 9.5% ÷ 12 per month
₹16,801 / month · interest ₹2,08,089 · total ₹10,08,089
Useful for
- Home loan
- Car loan
- Personal loan — principal and interest only
Learn more
Questions
How is EMI calculated?
Janooji uses the standard reducing-balance formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where r is the monthly rate and n is the number of months.
Does this include processing fees or insurance?
No. This is the principal-and-interest instalment only. Fees, GST on fees, and insurance are extra.
Why might a lender quote a different EMI?
Banks add processing fees, insurance, different day-count or rounding, and sometimes a floating rate. This is not a bank quote.
Why does the calculator show paise when my bank shows whole rupees?
The calculator shows the exact formula result. Lenders usually round the instalment and may compute interest on actual days, so the loan statement can differ by a few rupees.
Does a longer tenure save money?
It lowers the monthly EMI but raises the total interest, because the balance stays outstanding for longer. Compare the total payment, not only the EMI.